April 14, 2011 / 8:54 PM / 7 years ago

UPDATE 1-Platinum Group posts wider Q2 loss

* Q2 loss/shr C$0.06 vs loss/shr C$0.004 year-ago

* Says talking to banks for financing its platinum project in South Africa (Adds details)

April 14 (Reuters) - Platinum Group Metals posted a wider quarterly loss, and said it was talking to banks for financing its majority owned Western Bushveld project in South Africa.

The company said there is strong interest from several banks to finance 50-60 percent of the total capital cost of the project.

For the second quarter the explorer posted a loss of 6 Canadian cents a share, compared with a loss of 0.4 Canadian cents a share, a year earlier. Last year, the company had gained C$2.7 million by selling some of its investments.

Platinum Group, which has properties in South Africa and Canada, increased its stake in the Western Bushveld joint venture — a high-grade platinum project in South Africa — to 74 percent from 54.75 percent, earlier this year.

An initial construction budget of C$100 million was set for the project by the company in December.

The company had no debt and had cash and cash equivalents of C$144.5 million, at the end of November, according to Thomson Reuters data.

Shares of the company closed at C$2.09 on Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore;Editing by Vyas Mohan)

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