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JOHANNESBURG (miningweekly.com) – The $3,5-million exploration funding agreement between Aim- and ASX-listed Platinum Australia and the Japan Oil, Gas and Metals National Corporation (JOGMEC), would provide the necessary funding to complete the platinum company’s planned exploration programme over the next four years, MD John Lewins said on Friday.
The Japanese State-owned corporation announced on Wednesday that it had entered into a deal with the Australian mining company, in terms of which it would provide exploration funding for one of its subsidiaries operating in South Africa, Stellex Platinum.
In turn for providing Stellex, which is 49% owned by Platinum Australia and 51% by South African investment firm Batsalani Mining & Resources, with the exploration funding over a four-year period, JOGMEC would earn a 35% stake in the Stellex North platinum-group metal (PGM) project
“We are pleased to have entered into this agreement with a partner of the status of JOGMEC, which is a company owned by the Government of Japan and charged with securing a stable supply of natural resources for the country,” Lewins noted.
He added that the funding came at a time when Platinum Australia expected to put significant funding into its more advanced projects, such as the Kalplats and Rooderand projects in South Africa, to bring these into production.
The Stellex North project, which covers a strike length of 26 km of Kraaipan Greenstone belt, is situated adjacent to the Kalplats and Kalplats Extended projects, in the North West province.
An aeromagnetic survey of the project area and a detailed soil geochemistry programme would be undertaken at Stellex North this year.
