Investment view: The Bengwenyama project genuinely seems to be one of the “jewels’ of the Eastern Limb of the Bushveld. Viability of this long mine life, low cash cost project has been further enhanced with recent price moves by the platinum group metals (PGM) driven by on-going supply deficits and what to us looks like emerging strong investment and jewellery demand out of Asia. These price moves, sustainable in our view, underpin the attractiveness of SPD’s 70%-owned Bengwenyama project.