Platinum group metals miner Northam Platinum will spend 130 million rand of capital on projects between now and next June after revising its original investment plans.

More cash had been earmarked for schemes such as shaft upgrading, but the stengthening rand has limited the company's re-investment budget.

In comparison, R171.5 million was spent by the company on various projects in the year ending June 2003, when conditions were more favourable.

As well as the shaft upgrade and other infrastructure projects, the company intends to contribute between R80 and 90 million to the development of the Pandora pgm mine, in which it will have a five per cent stake.

Anglo Platinum, Lonmin and a black empowerment group will hold the balance of the equity.

'Our participation in the Pandora joint venture has now been agreed, and the parties are awaiting the granting of a mining licence', said chairman Tokyo Sexwale.

He went on to say that Northam is 'actively exploring other growth opportunities to diversify its operational base and bring down costs.'