JOHANNESBURG (miningweekly.com) – TSX- and JSE-listed Platinum Group Metals (PTM) on Monday reported that it had received a consideration of $17.2-million from Impala Platinum (Implats) for the sale of an 8.6% interest in its Waterberg project, while Japan Oil, Gas and Metals National Corporation (Jogmec) had received $12.8-million for the sale of a 6.4% interest in the project.
“We are very pleased to close the first phase of this transaction and to welcome Implats to the Waterberg team,” said PTM CEO Michael Jones in a statement.
He noted that if Implats exercises its call option to advance to a 50.01% interest in Waterberg Resources, Jogmec would retain a 5% interest and certain metal marketing rights to final metal related to the project, while Vancouver-based PTM would retain a 31.96% direct and indirect interest in Waterberg Resources.
The transaction agreements also provide for the transfer of equity and the issuance of additional equity to one or more broad-based black empowerment partner/s, at fair value.