Still a fairly significant difference in qty of shares.
PTM should be able to finance Waterberg through the WBJV so may not have to raise any more cash.
Ivanplats will have to raise a lot more cash and production will be years away.
There has been talk of another equity issue coming soon and likely there will be others.
The last round was to pay for its aquisitions so they won't have much left.
I'm not saying that PTM is better or worse just that there are many things to consider. See below.
Friedland is a fantatic promoter and this is his 3rd big score.
I believe that PTM is comparable so either PTM share price goes up or Ivanplats goes down.
Or better yet they both go to $20.
Be great for all of us.
402,584,542 for PTM
526,653,329 for Ivanplats
As of November 13, 2012, Ivanplats had 243,527,907 Class A common shares and 283,125,422 Class B common shares issued and outstanding for a total of 526,653,329.
On their way to at least 200-250 million more and no mine for a few years.
The plantreef will be an expensive mine to build but according to Friedland will mine platinum at zero cost. (actually at negative cost)
As of March 2011, Ivanplats had discovered an Inferred Mineral Resource, potentially amenable to selective underground mining methods, of 600 million tonnes grading 1.21 grams per tonne (g/t) of platinum, 1.30 g/t of palladium, 0.21 g/t of gold (equivalent to 2.72 g/t of platinum+palladium+gold (3PE)), 0.30% nickel and 0.15% copper, with an average thickness of 37.4 metres, at a 1.0 g/t 3PE cutoff. This represents a resource in place of 52.5 million ounces of platinum+palladium+gold, almost four billion pounds of nickel and almost two billion pounds of copper.
At a cutoff of 3.0 g/t 3PE, the inferred resource contains an estimated 175 million tonnes grading 2.09 g/t of platinum, 2.19 g/t of palladium, 0.33 g/t of gold (equivalent to 4.60 g/t 3PE), 0.41% nickel and 0.20% copper, with an average thickness of 16.8 metres. This represents a resource in place of 25.9 million ounces of platinum+palladium+gold, 1.6 billion pounds of nickel and 0.8 billion pounds of copper.
Ivanplats expects to receive an updated resource estimate for the Platreef Project in early 2013, based on the results from approximately 345,000 metres of drilling completed at Platreef from March 2011 to August 2012.
The Mineral Resource lies within a flat to gently dipping portion of the Platreef, known as the Flatreef, at relatively shallow depths of 700 to 1,100 metres. It has an average vertical thickness of 16.8 metres, for an average grade-thickness of 77 grams-metre per tonne of 3PE.
In contrast, most of the world's platinum production comes from the Bushveld's Merensky Reef and Upper Group 2 Reef (UG2), which average 4.0 to 10.0 g/t of platinum group elements (PGE) but have narrow thicknesses that average 0.4 to 1.5 metres, for a grade-thickness range of <5 to 15 grams-metre per tonne of PGE.
Ivanplats is focusing its Platreef Project development work on the Mineral Resources contained in the Flatreef Deposit. Given the thickness of the Flatreef's mineralization, the company is investigating mining scenarios that concentrate on safe, highly productive, cost-efficient, highly mechanized bulk mining.
Ivanplats Considers Secondary Listing in London
02/03/2013| 11:15pm US/Eastern
CAPE TOWN, South Africa--Canada-listed Ivanplats Ltd. (IVP.T) is considering a $1 billion secondary listing in London within the next three to four months, the company's executive chairman said Saturday.
"We are going to pursue a listing in the main board in London," Robert Friedland told an audience at the GMP Securities Mining Jamboree conference here. "I would like to do a $1 billion offering, all secondary," he added, noting that he is talking to banks and would like to do the secondary listing in a three-to-four-month horizon.
Ivanplats raised around 300 million Canadian dollars on the Toronto Stock Exchange last year when Mr. Friedland, the company's founder and largest shareholder, decided to take it public to much fanfare.
The initial public offering was the largest for a mining company since 2010. Mr. Friedland, a billionaire, has made a name for himself by developing the Voisey's Bay nickel project in Canada that was later sold to what is now called Vale Inco, a unit of Brazil's Vale SA (>> Vale SA). Mr. Friedland also discovered the massive $7 billion Oyu Tolgoi copper and gold project in Mongolia.
Ivanplats is in the process of developing three major projects in Africa, two of which have the potential to become game changers in the mining industry and the third of which will generate significant profits, according to Mr. Friedland. He said Ivanplats plans to shift its operational base to London from Vancouver and also is mulling listing its South African platinum project Platreef on the Johannesburg Stock Exchange under the name Ivanplats. It would then change the name of the holding company in London to Ivanhoe Mines, which Mr. Friedland said he still owns the rights to.
Ivanplats' Platreef project in the Bushveld region of South Africa is forecast to disrupt the platinum industry, which to date has been mired by high labor and energy costs given the depths involved in mining platinum.
"We can produce more platinum than the entire South African platinum industry at a negative cost and nobody will die. There will be zero fatalities," said Mr. Friedland.
The company has spent more than a decade mapping out a six-story-thick, flat ore body that can be mechanically mined at a negative cost given the large amount of copper, nickel and gold in the ore in addition to platinum, palladium and rhodium, Mr. Friedland said. Just mining the rock can be done for $30 a metric ton, he noted.
"It's a marenseky reef on steroids...and it goes for ever," he added, making reference to the current reef that is considered the most profitable reef in the South African mining industry.
Whereas current mine shafts go 3.2 kilometers underground, resulting in temperatures that can reach 50 Celsius, the platreef is shallow and flat, which means it can be mined using air-conditioned trucks. Mr. Friedland said such mining techniques, which haven't yet been used to mine platinum, would save lives and produce the industry's first "ethical platinum," or platinum produced with zero deaths.
Stuart Murray, the former Chief Executive of Aquarius Platinum Ltd. (APQ.AU) and chairman designate of Sylvania Platinum Ltd. (>> Sylvania Platinum Ltd) told a conference audience here that Platreef is "a very attractive ore body but the question for me is what is the ultimate capital going to be." He noted that the key to the project will be securing the necessary refining and smelting capacity without sinking a large amount of capital cost into building a new smelter.
Mr. Friedland told Dow Jones Newswires the company would first seek to use existing excess capacity in the region to process its ore. Impala Platinum Holdings and Anglo American Platinum Ltd. both have the excess refining and smelting capacity to process ore with base metals for third parties. Mr. Friedland then noted that the company would consider building a $300 million to $400 million platinum smelter over the medium term depending on its capacity needs.
"It's probably an inevitability that what were going to watch is a switch from deep level 2,000 meter mining to Platreef on a big scale and it will work economically if you have access to an already sunk capital base for smelting and refining," said Mr. Murray. He however cautioned that the existing smelting capacity may not be able to process the ore depending on the level of impurities.
Mr. Friedland said the ore met the quality specifications of the smelters in the region.
Ivanplats is also developing the Kamoa copper project in the copper-belt region of the Congo. Kamoa is ranked as one of the world's top-10 largest or high-grade deposits with an average copper grade of more than2.5% and resource base of 21.7 million tons of contained copper. The mine could produce an initial 143,000 tons of copper a year at a cash cost of $0.95 a pound, making it one of the world's lowest-cost mines. It will also produce sulphiric acid which is in high demand by mining companies to process their ore.
Mr. Friedland said that he plans to develop Kamoa in modules but ultimately could deliver a Kamoa that is the size of Oyu Tolgoi but for half the capital. Oyu Tolgoi is forecast to cost $12 billion and will be able to produce 550,000 tons of copper annually, he said.
Also, Ivanplats is developing the Kipushi zinc and copper mine, formerly called the King Leopold Mine, where zinc grades can rise as much as 40%. The mine is located in the Congo, near the Zambian border, and could be brought back into production within 12 to 18 months, he noted.
The other two projects would take about three years to bring into production, he said.
Write to Alex MacDonald at [email protected]