the most undervalued miner on the asx?

First off, let's deal with the issue of the weak dollar against the rand. Is it really such a big deal for PLA?

The rand has reached a yearly high but in years gone by the rand has always been around this level. In 2005-06 it was mid 6s. 2007 it was low 7s. First half of 2008 was mid 7s. And it's now back to it's 2007-mid 08 level, mid 7's. The anomaly was Nov 2008 to April 2009 when the dollar spiked to high 9s/low 10s but that spike was the exception and it was always going to drop back.

So here's the situation. The rand is now the same level it was in 2007 whilst the platinum price is also back to its 2007 level. But back then PLA shares were $2! That tells you how undervalued this share is right now.

Of course the global economy has devalued companies and hit miners hard but even taking that into account PLA is still massively undervalued. The share price will easily push past $1 on the back of good news and growing sentiment and when it does we could be in for a steep ride upwards. It's only a matter of time before $1 is left behind for good.