Despite their past poor-cousin status, platinum group metals(PGMs) are gaining respect as "clean" metals, given their role inreducing car emissions (as catalytic converter components) and in fuel cells.
PGMs (mainly platinum, palladium and rhodium) are used widelyin silicone production, dental alloys, electronics, glass manufacture andsurgical applications."It's a fantastic metal, it's a metal for thefuture," says Platina Resources executive chairman Robert Mosig.
While global production is dominated by five main producersin South Africa, the US and Russia, local investors can get a slice of theaction through two listed stocks.
There's been solid investor interest in Platina, a HelixResources spin-off which raised $6 million at 20c apiece in its May listing.Former JB Were resources heavyweight Peter Woodford recently lifted his staketo 12.9 per cent, while legendary rock-kicker Mark Creasy also lurks on theregister.
Platina's third asset is a recently-acquired patch of turf inGreenland, called Skaergaard. The previous owners Galahad Resources claimed aninferred resource of 50 million ounces, a combination of PGMs and gold.Given Galahad wrote off a massive $150 million on the asset,there's a few questions about the viability of the deposit.Mosig says Skaergaard's not a spending priority and if itdoes firm up as a monster prospect Platina will need deep-pocketed partners."It is certainly not something we are going to do alone."
PGM Price at posting:
6.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
