JOHANNESBURG (AP) - A South African mining company owned by an ethnic group in northern South Africa has soared in its first day of trading on the Johannesburg Stock Exchange.
The company's stock jumped 7.2 percent in its debut, advancing to 64.85 rand ($9.60) from 60.50 rand ($8.90) at midday trading Monday.
Royal Bafokeng Platinum bases mining operations in South Africa's North West province, where the Bafokeng homeland sits on a reserve holding the world's largest known deposit of platinum group metals. The reserve produces 55 percent of the global output, though the supply is expected to be exhausted by 2050.
The Johannesburg-based company said it priced its initial public offering of approximately 49.3 million shares.
Shares sold in the initial offering raised about 2.98 billion rand ($439.9 million).