Loss-making Wesizwe Platinum shares to remain suspended for now
Wesizwe Platinum won't publish its results until the end of next month.
Image: IOL
JSE-listed Wesizwe Platinum has pushed out the date to finalise its annual financial statements for the year to December, saying the previous deadline is “no longer achievable”.
On June 3, the JSE told shareholders that the platinum company had failed to publish its results within the specified six-month period and, as a result, trade in its shares would be suspended.
On the same day, Wesizwe committed to publishing these results as well as its Integrated Annual Report incorporating the notice of Annual General Meeting by the end of this month.
It has now said that this won’t happen and, instead, its financial figures will be out closer to the end of next month “due to the current status of the audit, which includes outstanding specialist inputs and the completion of mandatory review process”.
Wesizwe’s anchor project is the Bakubung Platinum Mine, a significant underground mining development located north of Rustenburg along the platinum-rich Merensky Reef in the North West province.
Bakubung is expected to reach full production in January 2026 and has been funded through a $650 million (R11 billion) loan from the China Development Bank.
The miner’s share price last traded at 45c and it is down 62% over the past three years, although up 32.62% over the past half a decade.
Wesizwe’s most recent annual results, for the 2023 year, showed it made a R25m loss and did not earn any revenue on a group level.
IOL Business