Oct. 28 (Bloomberg) -- Wesizwe Platinum Ltd., a South African platinum explorer, said it's reviewing the Frischgewaagd- Ledig mining project because of a decline in commodity prices and the company's shares.

``There are a number of options available to Wesizwe that are being considered,'' the company said in a statement to the Stock Exchange News Service in Johannesburg today.

Wesizwe shares slumped 86 percent this year, as platinum prices slumped to a five-year low on concern that a global recession will reduce car sales. Platinum is used in auto catalysts to reduce noxious tailpipe emissions.

The company rose 18 cents, or 17 percent, to 1.26 rand at the close in Johannesburg, valuing the company at 714 million rand ($67 million).

Wesizwe is taking ``appropriate steps to keep the project on track,'' Mike Solomon, chief executive officer, said in the statement. Output at the mine is expected to reach 350,000 metric tons annually, the company said.

Worsening credit markets and commodity prices may lead mining companies to defer $50 billion of development projects for a year, Credit Suisse Group AG said yesterday. Wesizwe said March 31 it appointed a group of banks to raise finance to build the mine in South Africa's North West province.

To contact the reporter on this story: Ron Derby in Johannesburg at rderby1@bloomberg.net

Last Updated: October 28, 2008 11:11 EDT