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Southern Palladium is a small cap project developer, with its main assets a platinum-group metal prospect in the Eastern Limb of the Bushveld Complex in South Africa. The Bengwenyama prospect is adjacent to operating mines, it is high grade and most importantly is shallow, allowing for both low capital costs and quicker than usual development times to first production. SPD is fully B-BBEE (Broad-based Black Economic Empowerment) compliant with local people holding 30% of the project.


Jewel of the East: Bengwenyama Scoping Study released:

To say that the results of the Bengwenyama Scoping Study surprised us is somewhat of an understatement. Production forecasts are significantly higher than we’d thought, capital lower and opex significantly lower. This is largely attributable to an impressive 7E mineable grade of 6.55g/t, the highest UG2 grade on the Eastern Limb with the bulk of the mining inventory under 500m vertical depth. Using relatively conservative commodity prices, project economics are impressive, with an NPV8 of just under US$700m (100% basis, after tax) and an IRR of 21%. This is a special project – in our view the best greenfield PGM project globally - and one which deserves far more attention than the market is currently paying.