“As part of this process the company should consider the merits of
spinning off its Northern Limb, Everest North and iron ore mining projects.”

Africa Asia Capital (AAC) – Sylvania’s largest shareholder – has major ties to
listed miner Eurasian Natural Resources Corporation (ENRC) and is seen by
many as a natural fit for a buyer. Platinum has the lowest extraction costs
in the mining sector because it is processed by treating chrome dumps.

It costs roughly $400 (£246) to produce platinum and sells for more than
$1,800, creating huge profit margins.

Audley Capital has had a stake for some time but has increased its position in
recent weeks. Other shareholders include Crispen Odey.

Sylvania could not be reached for comment.