Northam Platinum Wants to Buy South African Mines

Reuters reported that South Africa’s Northam Platinum (JSE:NHM) wants to buy up South African platinum mines despite recording full year losses due to protracted strikes earlier this year. According to Reuters, Northam has reviewed its strategy due to what it sees as opportunities arising in the sector.

As quoted in the publication:

The mid-tier platinum producer said it would use its positive cash position and call on shareholders for funds to enable it to acquire assets. ”We do believe that we have good support from our institutional shareholders. If we have got the government right behind us – and we work shoulder to shoulder – we could be able to raise the money,” Northam chief executive Paul Dunne said at a results presentation on Thursday.

Anglo American Platinum (Amplats), the world’s top platinum producer, said in July that it plans to sell a slate of mines in its drive to recover from a five-month strike and shift towards more mechanised mining.

Click here to read the full Reuters article.