JOHANNESBURG (miningweeky.com) – Japan Oil, Gas and Metals National Corporation (Jogmec) has signed a memorandum of understanding (MoU) with global trading company Hanwa for the transfer of a part of Jogmec’s interest in the Waterberg Joint Venture (JV) project, in the Bushveld Complex, to Hanwa.
The platinum/palladium/rhodium/gold/nickel/copper project is jointly owned by Jogmec, Platinum Group Metals (PTM), black economic empowerment partner Mnombo Wethu Consultants and Impala Platinum (Implats).
Jogmec currently holds a 21.95% interest in the project and is planning to transfer a 9.755% interest to Hanwa.
Upon completion of the transfer, Hanwa will also acquire Jogmec’s right of first refusal to certain metal produced by platinum producer Implats from the Waterberg project.
Hanwa on February 23 won a public tender to acquire an interest in the project. Jogmec and Hanwa will now start negotiations on the terms of the transfer of a part of Jogmec's stake in the Waterberg JV.
If negotiations are concluded successfully, Hanwa will secure the right to a supply of refined platinum group metals for exhaust emission catalytic converters, fuel cells for cars, and nickel and other metals for rechargeable batteries. This transaction will enable a potential significant stable supply of metals to Japanese industries.
PTM CEO Michael Jones says Hanwa’s experience in the global metals and industrial complex will add another dimension to the JV.
“We acknowledge that Jogmec is satisfying its mandate and is following its stated desire to secure critical mineral supplies to Japanese companies and industry.”