George likes PGMs
Soros raises Platinum Group Metals stake to 9.7%
Billionaire George Soros has shown an increased interest in PGM, specifically junior explorer-project developer Platinum Group Metals.
Billionaire investor George Soros Monday raised his stake in Platinum Group Metals, a Vancouver and Johannesburg-based junior now moving its Western Joint Bushveld joint venture project into production.
With an expected mine life of 22 years, the WBJV project is expected to mine 275,000 ounces of platinum annually. Platinum Group's joint venture partner Weiszwe is to be acquired by China's Jinchuan.
Project 1 of the joint venture is believed to have measured resources of 2.8 million ounces and indicated resources of 5.4 million ounces 4E. Project 3 recently released a resource calculation of 1.938 million 4E ounces (platinum, palladium, rhodium and gold) in the indicated category.
Thys Uys was recently appointed project manager for the WBJV Project 1, which is located near PGM operations belongs to Anglo Platinum and Impala Platinum.
Platinum Group Metals (TSX: PTM; NYSE AMEX: PLG) also holds other platinum properties in both South Africa and Canada.
In addition to the Soros Fund, Platinum Group Metals counts JP Morgan, the BAC Platinum Fund, Franklin Templeton, the Canadian Pension Plan, TD Asset Management, and U.S. Global Investors among its institutional shareholders.
In a filing with the SEC, Soros Fund Management reported it now owns 15,500,000 shares of the junior company, up from 1,500,000 shares in early October.
Ironically, Platinum Group Metals had considered possibly selling the company, as well as other strategic alternatives, as recently as last June.