THE Southern Palladium’s secondary listing on the Johannesburg Stock Exchange (JSE) has been delayed after the company said it was awaiting a revised date from the Australian Stock Exchange (ASX) when it will have a primary listing.

“A further announcement confirming the start date for the shares on the ASX and the JSE will be released in due course,” the company said in an announcement to the JSE.

Southern Palladium said on May 19 that it had raised A$19 million (R212 million) in an initial public offering it will put together for its Bengwenyama project on the eastern branch of the Bushveld complex in South Africa.

Some 38 million shares in the company have been issued at a price of 50 Australian cents per share, valuing the company at 45 million Australian dollars (504 million rand). The IPO was “heavily oversubscribed”, the company said.

Bengwenyama is rich in palladium and rhodium and is located south of the Modikwa PGM mine which is jointly owned by African Rainbow Minerals and Anglo American Platinum. Southern Palladium holds a 70% interest in the Bengwenyama project, with the balance held by Bengwenyama-ya-Maswazi, the local community.

According to an announcement made today by Southern Palladium, the company’s near-term operational objective is to convert the exploration target of 15 million to 34 million ounces of an inferred resource to an indicated resource.

Once achieved, Southern Palladium plans to conduct a pre-feasibility study on a two million ounce reserve. He intends to apply for a mining license about two years after the IPO.