"Platfields shares have been suspended on the JSE since July 2013 after the company failed to produce financial statements on time. It last published results for the six months ended August 2012, which showed a cash balance of R2.66 million, exploration assets worth R55.2 million and long-term liabilities of R36 million. Mbindwane said the financials "are now completed and will be released in weeks". The delay is partly attributable to cash constraints in the business, he said. Various cost-cutting measures were implemented to preserve cash, including the retrenchment of all management and administration employees, the suspension of directors' fees and placing gold and platinum exploration projects on care and maintenance. Platfields' main exploration asset is the Leeuwkop project in Limpopo's Sekhukhune district. The company is seeking R100 million to define a resource at Leeuwkop and to cover the potential purchase from Amplats of the remaining area of adjacent Tigerpoort."continues
NKP Price at posting:
6.1¢ Sentiment: None Disclosure: Held