Platinum Group Metals, Ltd. (NYSEMKT:PLG)
This article is an update to my previous article on Platinum Group Metals on December 1, 2016.
Note: WBJV Project 1 will be named the Maseve Mine.
Investment Thesis:
Platinum Group Metals is a small start-up mining company established in Vancouver, Canada, with two main interests in South Africa.
- The Maseve mine that has laboriously started its condensate production. PLG held an 82.9% working interest as of 11/30/16.
- The New Waterberg JV which is an interesting project, three to four year before completion and commercial production. PLG held 58.62% of the working interest of the New Waterberg JV as of 11/30/16.
I will talk essentially about the Maseve mine in this article, but it's become more and more obvious that the main asset and only potential gain for actual shareholders will be the New Waterberg future mine, assuming the company stops the bleeding and leaves something tangible to be shared with shareholders, at the end of this painful journey.
The Maseve mine has been plagued by sheer incompetence and lack of adequate supervision by a management totally cut off from the mine's daily needed requirements. While Michael Jones, CEO, was sitting in its Vancouver office doing "who knows what," the mine completion and production schedule has been beaten out by recurring delays, due to a lingering incompetence from mining contractors left without any adequate control and leadership, in my opinion of course.
However, let's examine if this investment presents sufficient positive elements to justify the risk of dealing with so much incompetence?
Commentary:
PLG released its 1Q'17 results on January 13, 2017. To access the last form 6-K filing, please click here.
| November 30, 2016 | August 31, 2016 | May 31, 2016 | February 29,2016 | Reverse split 1:10 on January 28, 2016 | November 31,2015 | August 31,2015 |
