Podium seeks to break PGM hoodoo

MIDWEST explorer Podium Minerals has begun trading on the ASX after raising A$5.5 million from its initial public offer, and it is planning to launch into drilling by the first week of April, with an ambitious plan to become first Australia based platinum producer, starting development within a year.

Podium seeks to break PGM hoodoo Podium seeks to break PGM hoodoo Podium seeks to break PGM hoodoo Podium seeks to break PGM hoodoo Podium seeks to break PGM hoodoo

While the platinum price slipped over the past week, the precious metal is still up some 15% since the IPO was launched late last year, largely off the back of South Africa's mining difficulties, and Podium remains unconcerned given what it sees as the anticipated competitive cost of production given the close to surface target resource – assuming it can break Australia’s PGM hoodoo and achieve its goals. 

The price was last trading at US$982.70 per ounce, up from its 52-week low of $874/oz, and close to its recent high of $1037.40/oz. 

With the metal’s price as a backdrop, Podium’s shares hit the market yesterday afternoon, and given the late start just 2000 were traded, leaving the company unchanged at A20c at close, however its shares were off 17% top 16.5c this mornin...