Originally published at www.seclive.com
Platinum Group Metals Ltd. (NYSEMKT:PLG) announced its financial results for the third quarter of the 2014 fiscal year, reporting a narrowing net loss. The company, which is focused primarily on the construction, exploration, and engineering on platinum deposits in South Africa, posted a net loss of $0.02 per share, down from $0.04 per share a year ago. Platinum Group is currently constructing Project 1, mining the newly-discovered Waterberg platinum deposit. The company has faced several issues recently, including the protected walkout of 220,000 metalworkers of the National Union of Metalworkers of South Africa, and could potentially delay the project schedule if prolonged. Arbitration hearings and proceedings recently concluded related to Platinum Group's partner, Africa Wide, which failed to pay $43.32M for its 26% share to fund Project 1. Africa Wide's position was estimated to dilute to 17.1% and a judgment is expected soon.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.