08.06.2022 09:11
Posted by khashanem

Johannesburg, 8 June 2022: In a major boost for the Johannesburg Stock Exchange’s efforts to attract international companies for a secondary listing on the bourse, shares in Australia’s Southern Palladium Limited (Southern Palladium) began trading today.

“This listing coincides perfectly with the strong appetite in the market for commodities,” Valdene Reddy, Director of Capital Markets at the JSE.

“It is encouraging that through the JSE, Southern Palladium in collaboration with the Bengwenyama community has raised capital to explore for minerals such as palladium, rhodium, platinum and iridium that support the green economy while creating much-needed jobs in the process,” Reddy added.

Southern Palladium’s JSE debut comes after the Australia-headquartered company acquired a 70% stake in a South African private company, Miracle Upon Miracle Investments (Pty) Ltd (MUM). Southern Palladium has a primary listing on the Australian Stock Exchange (ASX) and a secondary listing on the JSE.

“Southern Palladium offers investors an opportunity to participate in one of the last large, undeveloped Platinum Group Metal deposits on the prolific Eastern Limb of the Bushveld Complex. The flagship project presents relatively low capital intensity at shallow development depths, at a time when a future Green Economy has sparked a significant renewed interest in platinum,” says Johan Odendaal, Managing Director at Southern Palladium.

MUM holds 100% of a prospecting right, which permits it to explore for a wide range of minerals such as Platinum-Group metals, gold, nickel, copper and chrome.

Under the South African mining legislation, a prospecting right entitles the holder to an exclusive right to prospect for prescribed minerals over a prescribed area of land.

Southern Palladium successfully completed a A$19m (R212m) capital raise to finance its exploration programme in Limpopo’s Bushveld Complex

Southern Palladium has floated 89.75 million ordinary shares of which 39.63 million will move onto the SA register, and is trading on the Main Board under the JSE code SDL.

The listing of Southern Palladium brings the number of listed companies on the JSE to 313 with an overall market capitalisation of over R20.76 trillion.

 

ENDS

 

ABOUT THE JSE

The Johannesburg Stock Exchange (JSE) has a well-established history operating as a regulated marketplace for trading listed securities. The JSE is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself as being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent.

The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for over 130 years.

As a leading global exchange, the JSE co-creates, unlocks value and makes real connections happen.

The JSE takes your privacy seriously in accordance with the POPI Act. We endeavour to only send you relevant information that we think will be of interest to you and the media title you work at. No action is required if you are happy to continue receiving JSE news and information. Should you change your mind at any time in the future, please do let us know. If you do not wish to receive JSE news and information, please respond to this email and we will remove you from future distributions.

www.jse.co.za 

 

JSE general enquiries:

Email: [email protected]

Tel: 011 520 7000

JSE media contact:

Paballo Makhetha

Communication Specialist

Tel : 011 520 7331

Mobile : 066 261 7405

Email: [email protected]