Photo by: Creamer Media
JOHANNESBURG (miningweekly.com) – South Africa’s Department of Mineral Resources (DMR) has been granted consent in terms of Section 11 of the Mineral and Petroleum Resources Development Act for the transfer of the entire issued share capital of Maseve Investments 11, the holding company of the Maseve mine, in Rustenburg, to Royal Bafokeng Platinum (RBPlat).
With the approval, all conditions precedent to the completion of Platinum Group Metals’ (PTM’s) sale of Maseve to RBPlat have now been met.
“The board of directors of PTM appreciate the DMR’s timely approval. The sale of the Maseve mine is important for PTM to reduce debt and allow us to focus on our large-scale, Waterberg palladium discovery.
“RBPlat will be able to preserve jobs and combine Maseve with its adjacent operations,” PTM CEO R Michael Jones said in a separate statement on Friday.
PTM and RBPlat first announced the transaction in September last year, with RBPlat CEO Steve Phiri stating, at the time, that the Maseve mine, which borders its Styldrift I project, will provide RBPlat with immediate access to an operational concentrator to treat Styldrift I ore.
He added that the transaction would also provide RBPlat with early access to its Frischgewaagd orebody at the Styldrift mine.