Independence Platinum Limited (IPt) - Formation And Objectives

Atomaer (Pty) Ltd is a technology-driven company with interests in Western Australian nickel. Atomaer (RSA) Pty Ltd is a process technology company operating in Southern Africa. It is a subsidiary of Atomaer Holdings Pty Limited (Atomaer), which has operating companies in Australia, Africa, South America, and Europe. In addition, Atomaer has substantial shareholdings in Braemore Resources Plc, a nickel company with interests in sulphide nickel projects in Western Australia and Southern Africa listed on the Alternative Investment Market of London Stock Exchange (AIM); Mintails Limited, a gold company with interests in gold operations in South Africa listed on the Australia Stock Exchange; and Brinkley Mining Plc, a uranium company with interests in Southern Africa listed on the AIM. Independence Platinum Limited (IPt) has been formed by Atomaer to undertake the commercial development and exploitation of Mintek's ConRoast technology with the strategic objective of providing independent smelting and refining facilities with lower capital and operating costs for the treatment and processing of platinum concentrates, including those with high chrome and/or nickel and/or low platinum group metal values, for the development of platinum projects by junior resource companies in South Africa. The platinum mines of South Africa have traditionally exploited the Merensky Reef of the Bushveld Complex for platinum production. However, the mining of this reef is reaching depths that require significant vertical shaft systems and costly refrigeration for access to the ore bodies at deeper levels. In the past decade, all of the platinum producers have begun to mine the UG2 reef because of its cheaper mining costs. UG2 ore usually has lower platinum group metal contents and higher chrome values. The new junior resource companies have gained access primarily to UG2 reefs. Consequently, platinum mining is becoming more UG2-based and the resulting concentrates contain high levels of chromitite. UG2 concentrates are difficult to smelt in the current six-in-line submerged arc furnaces, and this leads to increased capital and operating costs for those smelting operations. The platinum mines of South Africa produce the majority of the world's platinum metal used in automotive catalysts and jewellery. As the platinum market is forecast to grow at a healthy rate into the future, the SA producers Anglo Platinum, Impala, Lonmin, and Northam are planning to expand mining operations in the next decade. Furthermore, a number of smaller new producers who are accessing other mineral resources are entering the buoyant market and will produce platinum concentrates for purchase or toll treatment. Hence, a shortage in both smelting and refining capacities is anticipated. Further smelting and refining facilities independent of the major platinum producers will be required in South Africa by 2010. Mintek's ConRoast technology is best suited to fill the need to treat a high proportion of UG2 concentrates in a cost-effective and technically efficient manner. Atomaer base metals technology has been developed for rapid leaching of nickel and other base metals from alloy. Significant reductions in capital and operating costs are expected from the combination of the two advances in process technology compared with that installed at the existing smelters and refineries that were established over 20 years ago. Independence Platinum will be listed on AIM and the Johannesburg Stock Exchange (JSE) in 2007, and developed as an independent, vertically-integrated platinum company using its independent smelting and base metals refining facilities as a strategic platform to promote the development and mining of platinum projects by junior resource companies in South Africa through technical co-operation, strategic alliances, joint ventures, off-take, toll-refining, and marketing agreements.