JSE-listed Northam Platinum’s shares rose by 7.66% on Friday afternoon after it announced that it has entered into a R250-million subscription agreement with the Industrial Development Corporation (IDC), stipulating that the latter would subscribe to new domestic medium-term notes. The proceeds, which would further strengthen Northam’s balance sheet, would be applied to the development of the local platinum-group metals miner’s Booysendal expansion projects, in the Bushveld Complex.
