JOHANNESBURG (miningweekly.com) – Platinum-miners Wesizwe and Platinum Group Metals (PTM) have concluded the acquisition of their respective interests in the Western Bushveld Joint Venture (WBJV) from Rustenburg Platinum Mine (RPM), a subsidiary of Anglo Platinum.

South African mining company Wesizwe gained full ownership of the Frischgewaagd-Ledig project, while retaining a 26% interest in the WBJV 1 and 3 projects.

TSX- and Amex-listed PTM acquired a 74% interest in the WBJV 1 and 3 projects, which included the feasibility stage 275 000-oz/y Project 1 Platinum Mine.

“We are now in a position to advance the Project 1 Platinum Mine and make a final decision on our strategic alternatives in the weeks ahead. We have a high degree of interest in the project from several different global players and financing groups at a time when the fundamentals for platinum and palladium have never been better,” PTM CEO R Michael Jones said in a statement.

The Canadian miner held rights for up to 74% of the 8,2-million four element (4E) ounces, which comprised platinum, palladium, rhodium and gold, in the measured and indicated categories in Project 1, as well as 1,9-million 4E ounces in the inferred category at project 3.

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