Southern Palladium secures A$8m to fast-track Bengwenyama mine development
Southern Palladium said on Thursday it had raised A$8 million (R93m) in a share placement to accelerate development of its Bengwenyama platinum group metals (PGM) project in South Africa.
Image: AFP
Southern Palladium said on Thursday it had raised A$8 million (R93m) in a share placement to accelerate development of its Bengwenyama platinum group metals (PGM) project in South Africa.
The company issued 16 million new shares at A$0.50 apiece, matching its last closing price on June 6 and representing a 10.5% premium to its 10-day volume-weighted average price (VWAP). No options were attached to the placement.
One of the company's largest shareholders provided A$4.6m as a cornerstone investment, with the remainder backed by new and existing institutional investors.
Southern Palladium said the funds would support the next phase of its Definitive Feasibility Study (DFS) and staged mine development at Bengwenyama, following recent environmental approval for a Mining Right.
"This strategic placement provides the group with targeted funding support at an important juncture as we execute on the transition of Bengwenyama, a tier-one PGM project globally, towards staged mine development,' executive chairman Roger Baxter said in a statement. "In particular, we are pleased to have attracted such strong support from our existing institutional investors, led by a cornerstone investment from one of our largest shareholders, while also attracting new institutional investment - marking a vote of confidence for both the quality of the resource and our stated development strategy for the Bengwenyama PGM project"
The company plans to publish an optimised Pre-Feasibility Study (PFS) shortly, incorporating a two-stage development strategy aimed at reducing initial capital costs.
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Advertisement
Next
Stay
Close ✕
Ad loading
Baxter said the placement would give the company a strong cash runway as it progresses towards early-stage mine development at what he described as 'one of the last premier greenfield PGM opportunities in the Bushveld Complex.'
Shares issued under the placement will rank equally with existing shares and be listed on the Australian Securities Exchange. The placement was conducted within the company's existing issuance capacity under ASX Listing Rules 7.1 and 7.1A.
BUSINESS REPORT
Visit: https://businessreport.co.za/
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
19 hours ago
- IOL News
SA's iconic protea flower relocates as climate warms
Protea flower grower Nico Thuynsma poses for a photograph next to one of the Protea flower species growing at his fam in Cullinan, east of Pretoria on June 3, 2025. Thuynsma is experimenting with different seed varieties to find out which ones can thrive in drier, hotter conditions. His farm has become a testing ground for the future of the species, as climate zones shift northward. On his farm two hours north of Johannesburg, Nico Thuynsma gestured towards thousands of orange, yellow and pink proteas in flower and thriving 1,500 kilometres (930 miles) from their natural home at the southern tip of Africa. Image: Phill Magakoe / AFP On his farm two hours north of Johannesburg, Nico Thuynsma gestured towards thousands of orange, yellow and pink proteas in flower and thriving 1,500 kilometres (930 miles) from their natural home at the southern tip of Africa. "They're all different," the 55-year-old farmer said of the assorted blooms from the diverse Proteaceae family that has more than 350 species in South Africa, from firework-like "pincushion" varieties to delicate "blushing brides". He picked out a majestic pink and white crown, nearly the size of his head, that has taken four years to reach its impressive size. "The King Proteas are very slow to grow," Thuynsma said. The largest of the proteas, the King Protea, is South Africa's national flower. It has lent its name to the national cricket team and countless brands. It features on the currency and is the logo for South Africa's presidency this year of the G20 group of leading economies, which convenes a summit in November. It is also the country's largest flower export with more than 10 million stems sent abroad last year, worth close to 275 million rand ($15 million), according to the Cape Flora industry organisation. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Its status offers the King Protea some protection but almost half of South Africa's other protea species face extinction because of pressures on their native habitats in the mountains of the Cape, according to South Africa's National Biodiversity Institute (SANBI). These include habitat loss to agriculture, the proliferation of invasive alien species and "changes to natural fire cycles", SANBI said in a 2021 report. Icon Protea flower grower Nico Thuynsma poses for a photograph inside a greenhouse at his fam in Cullinan, east of Pretoria on June 3, 2025. Thuynsma is experimenting with different seed varieties to find out which ones can thrive in drier, hotter conditions. His farm has become a testing ground for the future of the species, as climate zones shift northward. On his farm two hours north of Johannesburg, Nico Thuynsma gestured towards thousands of orange, yellow and pink proteas in flower and thriving 1,500 kilometres (930 miles) from their natural home at the southern tip of Africa. Image: Phill Magakoe / AFP "People come to South Africa to see proteas," Nigel Barker, a professor in plant sciences at the University of Pretoria, told AFP. "It's the plant equivalent of the elephant or the lion." Most proteas are endemic or semi-endemic to the Cape Floral Kingdom biome of "fynbos" ("fine bush") that stretches across the southern tip of South Africa and is one of the world's richest flora biodiversity hotspots. But climate projections predict "hotter, drier conditions", Barker said. "We'll be looking at a completely different vegetation type in the future, semi-desert almost in some places." "Many species, because they're so range-restricted, will probably go extinct under those scenarios," he said. "The only solution we have is to cultivate them artificially... in greenhouses or farms where you control irrigation," Barker said. An example is Thuynsma's farm in the grasslands of the north, where he began planting proteas three decades ago. Here, winters are dry and frosty, and the summers rainy -- conditions very different to those in the far south where the proteas are at home. Gel for irrigation Through trial and error, Thuynsma has been able to cultivate close to 200 protea varieties, including some long forgotten and abandoned by farmers in their original habitats. In his latest experiment, he has planted 36 varieties with just two litres (four pints) of saturated gel for irrigation. "I hope to unlock the power of some of these varieties," Thuynsma said. "They come from the Western Cape out of very harsh conditions, so they do have it in them." "I learn from them, I learn with them. And, hopefully, in the future I can advise my nursery public -- and even estates -- how to plant this lovely fynbos without irrigation," he said. "I don't think I have a solution for climate change," he joked, crouched over a small seedling in freshly turned soil. "But I do have a solution: to plant proteas." A few metres (yards) away, in a warm nursery, thousands of protea sprouts awaited their turn in the soil. "I love them, I protect them, I collect them," Thuynsma said. "The protea is part of South Africa's DNA." AFP
IOL News
a day ago
- IOL News
Crude sinks as Trump delays decision on Iran strike
A fire blazes in the oil depots of Shahran, northwest of Tehran, on June 15 after further attacks from Israel. Speculation had been swirling that Trump would throw his lot in with Israel, but on Thursday he said he would decide "within the next two weeks" whether to involve the United States, giving diplomacy a shot to end the hostilities. Image: Atta Kenare / AFP Oil prices tumbled Friday and equity traders fought to end a volatile week on a positive note after Donald Trump said he would consider over the next two weeks whether to join Israel's attacks on Iran. Speculation had been swirling that Trump would throw his lot in with Israel, but on Thursday he said he would decide "within the next two weeks" whether to involve the United States, giving diplomacy a shot to end the hostilities. While tensions are sky high amid fears of an escalation, the US president's remarks suggested the crisis could be prevented from spiralling into all-out war between the Middle East foes. Since Israel first hit Iran last Friday, the two have exchanged deadly strikes and apocalyptic warnings, though observers said the conflict has not seen a critical escalation. European foreign ministers were due to meet their Iranian counterpart on Friday in Geneva. In a statement read out by White House Press Secretary Karoline Leavitt, the president said: "Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks." Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading Leavitt added: "If there's a chance for diplomacy the president's always going to grab it, but he's not afraid to use strength as well." Both main oil contracts were down around two percent Friday but uncertainty prevailed and traders remained nervous. "Crude still calls the shots, and volatility's the devil in the room -- and every trader on the street knows we're two headlines away from chaos," said Stephen Innes at SPI Asset Management. "Make no mistake: we're trading a geopolitical powder keg with a lit fuse. "President Trump's two-week 'thinking window' on whether to join Israel's war against Iran is no cooling-off period -- it's a ticking volatility clock." Stocks were mixed following a public holiday in New York, with Hong Kong, Taipei, Mumbai and Bangkok all up with London, Paris and Frankfurt. Seoul's Kospi led the gains, rising more than one percent to break 3,000 points for the first time in nearly three and a half years. The index has risen every day except one since the June 4 election of a new president, which ended months of political crisis and fuelled hopes for an economic rebound. Tokyo fell as Japanese core inflation accelerated, stoked by a doubling in the cost of rice, a hot topic issue that poses a threat to Prime Minister Shigeru Ishiba ahead of elections next month. There were also losses in Shanghai, Sydney, Singapore, Manila and Jakarta. The Middle East crisis continues to absorb most of the news but Trump's trade war remains a major obstacle for investors as the end of a 90-day pause on his April 2 tariff blitz approaches with few governments reaching deals to avert them being imposed. "While the worst of the tariffs have been paused, we suspect it won't be until those deadlines approach that new agreements may be finalised," said David Sekera, chief US market strategist at Morningstar.
IOL News
2 days ago
- IOL News
SA markets under pressure as geopolitical tensions escalate and US Fed signals caution
Johannesburg Stock Exchange JSE The rand fell 0.6% to R18.12 against the US dollar during early morning trade but still remained above the R18-mark by late afternoon while the JSE All Share Index eased by 0.2% to 94 785 points. Image: Gianluigi Guercia / AFP South African markets traded on the backfoot on Thursday on the back of geopolitical risks arising from the war in the Middle East and the US Federal Reserve (Fed) revised down its growth forecasts for the US. The rand fell 0.6% to R18.12 against the US dollar during early morning trade but still remained above the R18-mark by late afternoon while the JSE All Share Index eased by 0.2% to 94 785 points. The markets have remained on edge across the world as the war between Israel and Iran has intensified, pushing global oil prices to their highest in four months. An Iranian missile barrage left at least 240 people wounded as they struck several sites across Israel, damaging a hospital in the country's south while targeting a military site. Israel also attacked Iran's Arak heavy water nuclear reactor as the two countries traded fire for a seventh consecutive day. The war in the Middle East saw the Brent crude oil price rising 1.7% above $78 per barrel on Thursday as the main concern for the oil market remains the Strait of Hormuz, a vital route for a fifth of global crude. Oil prices are now trading nearly 9% higher since Israel's initial strikes on Iran, with energy markets increasingly pricing in the chance of deeper supply disruptions. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Adding to tensions, senior US officials are reportedly preparing for a possible strike on Iran in the coming days, signaling Washington's readiness to enter the conflict. However, mixed signals remain, as the White House has given little indication of whether the US would support strikes on Tehran's nuclear facilities. Nigel Green, CEO of deVere Group - an independent financial advisory and asset management firm - said global financial markets were likely to suffer a rapid and sharp selloff if the US launches direct military strikes against Iran. Green said a direct US military intervention could push crude significantly higher, especially if key infrastructure or shipping lanes are affected. 'The world economy is not in a strong position to absorb another energy shock,' Green said. 'If oil spikes from here, inflation expectations will shift, interest rate cut expectations will fade, and that would create a double blow for equities already priced for perfection.' Separately, the US Fed on Wednesday kept interest rates unchanged at 4.25%–4.50% for a fourth consecutive meeting but signaled two possible cuts by year-end. However, the Fed trimmed one cut for both 2026 and 2027, with the bank raising its inflation outlook and lowering its growth forecast. It comes as policymakers take a cautious stance to fully evaluate the economic impact of US President Donald Trump's policies, particularly those related to tariffs, immigration, and taxation. The Fed noted that the increases in tariffs this year are likely to push up prices and weigh on economic activity, adding that the effects on inflation could be short-lived—reflecting a one-time shift in the price level— and could instead be more persistent. It said the effects of tariffs will depend, among other things, on their ultimate level. Expectations of that level, and thus of the related economic effects, reached a peak in April and have since declined.
