South African platinum company Eland Platinum expects its proposed mine, near Brits, will produce one million ounces of platinum group metals (pgms) annually by 2015.

The confident projections for the mine's output are fuelled by the company's assessment into the potential of the Merensky reef, its acquisition of prospecting rights in Zilkaastneck and the purchase of a triangle of land close to the new mine.

Funding for the mine, which is expected to cost R1.5 billion, has been raised by a share issue last year which pulled in R525 million, a sum of R200 million that was raised prior to the issue and R292 million of projected profits from the company's other mines.

Eland is also currently in negotiations with Nedbank Capital to raise further capital.

News of Eland's expectations, which come not long after the company announced a loss of R39.6 million for 2006, saw its individual share price rise four per cent to R44 yesterday.

Ÿ Adfero Ltd