Africa Wide shareholding in Maseve diluted to 22.5%
JOHANNESBURG (miningweekly.com) – Wesizwe Platinum subsidiary Africa Wide Mineral Prospecting and Exploration’s 26% shareholding in Maseve Investments would be diluted to 22.5%, owing to the subsidiary’s decision not to fund a R213-million cash call for its share of a six-month forward budget for the Western Bushveld joint venture (WBJV) Project 1, Wesizwe said on Tuesday.
Maseve is the operating company of the project and, according to its shareholder agreement, any nonparticipation in the funding by Africa Wide and the subsequent continued funding by Platinum Group Metals (PTM), which owns 74% of the project, could result in a dilution of Africa Wide’s equity interest in Maseve.
However, the dilution of Africa Wide’s shareholding would be subject to the completion of an agreed arbitration process to confirm the correctness of the calculation methodology applied in determining the dilution, Wesizwe stated.
PTM on Monday announced that it had entered into a mandate letter with Barclays Bank, Absa Corporate and Investment Bank, Caterpillar Financial and Societe Generale Corporate & Investment Banking, that would provide the company with $195-million in project finance to further develop the WBJV Project 1.
“We are pleased to move forward with an experienced global set of financial institutions in a structure for the WBJV Project 1 that does not require the direct participation of Wesizwe Platinum,” PTM president and CEO Michael Jones said.
PTM further stated that it planned to sell the diluted points in the WBJV Project 1 mine to a fully qualified black economic-empowerment company to satisfy the empowerment aspects of the Mining Charter in South Africa.
Comments
Research Reports
Latest Multimedia
Latest News
Showroom
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
