A platinum group metals (PGMs) producer in southern Africa. Company has interests in 5 operations and project located on both the world-renowned Bushveld Complex in South Africa and the Great Dyke in Zimbabwe. Its primary operation Kroondal Mine is one of the lowest cost and most efficient PGM producers in the world. Its second operation in South Africa, the Marikana Mine, is currently making the transition from a pure open cast operation to a mixed underground operation. Its third mine in South Africa, the Everest Mine is currently under construction with commissioning and first production expected by the end of 2005.

Upper graph = 12 month share price with 6 month moving average Lower graph = 12 month volume (red line = volume average).

I have to agree with you on the cheapness of this one. I've been watching it for a while now, waiting for an entry point. Bought before the close today and will hold awhile. Brokers rate the company well - Seymour Pierce recently initiated coverage with a price target of 1786p - and with a value of 1.2 billion the company is steadily working its way towards the FTSE.

Bad news for the environment means good news for platinum-plated catalytic converters and fuel filters which counteract environmental damage caused by car engines and industrial motors. Legislation has ensured that more than 90pc of all new vehicles are fitted with a catalytic convertor. In addition to an increasing use of catalysts, car manufacturing is on the rise especially in the Far East. Demand from vehicle-catalyst makers tends to keep platinum prices steadier than other metals during times of economic uncertainty. All that demand has been pushing up platinum prices. The demand is not going to go away - it can only increase - which means profit growth, company growth and share price growth.

A very cheap sp for such a very strong performer.