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Date : 26/01/2021

Platina Resources (ASX:PGM) Shares Soared 28.85% Today

Platina Resources (ASX:PGM) Shares Soar

PGM traded 28.85% higher to AUD 0.067 on 25 January 2021 at AEDT: 03:16 PM. This surge today was on the back of news breaking out that Platina Resources is on its course to realise the full potential of its Platina scandium project that is located in NSW.

The news comes as there has been a resurgence in the interest for the mineral. Scandium is mainly used in the oxide fuel market, and it is now also being adopted as an aluminium alloy due to its lightweight properties. The use case scenarios in sectors such as – aerospace, marine, military, and automobile – all sectors and segments that involve very high annual investments from governments and private organisations.

Platina Resources is now considering to update its scandium market study and fund a definitive feasibility study in order to target investment partners and potential offtake agreements.

The Platina scandium project has the potential to be Australia’s first scandium producer with a shallow depth allowing open-pit mining, exceptionally high scandium grades and appreciable cobalt, platinum and nickel credits. It is expected to produce 20 tonnes of the material annually with initial capital expenditures of $50 million.


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