(Updated with share price information)
NEW YORK (
) -- Billionaire investor
Platinum Group Metals
the Soros bump.
In a bullish sign on platinum, Soros recently raised his stake in Platinum Group to 9.7% according to a filing with the
Securities and Exchange Commission.
Shares of the mining company have responded today by bidding up 4% to $ 2.08 in Tuesday morning trading.
Soros Fund Management now owns 15.5 million Platinum Group shares, up from just 1.5 million shares in his last disclosed quarterly portfolio, and significant enough for it to become the company's largest shareholder.
Platinum Group chiefly looks for platinum resources and has mineral rights in Canada and South Africa. It recently raised C$125 million to increase its stake in a platinum mine expansion project to 75%.
The company also recently said it's open to various "strategic" options, including a potential sale or merger, partnerships and the creation of a platinum stream, which might have also prompted an investment from the hedge fund titan.
Platinum and palladium have been rallying along with other precious metals. While gold has received the most interest because of its status as a safe haven, platinum is in demand as sales of automobiles in emerging markets continue to rise.
Soros still has big exposure to gold but has also been quoted as saying that the yellow metal is in an ultimate bubble.
Separately, Soros Fund Management also disclosed that it has raised its stake in
(FHCO - Get Report)
to 5.1% from 4.8% previously.
--Written by Shanthi Venkataraman in New York
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