Africa Wide shareholding in Maseve diluted to 22.5%
JOHANNESBURG (miningweekly.com) – Wesizwe Platinum subsidiary Africa Wide Mineral Prospecting and Exploration’s 26% shareholding in Maseve Investments would be diluted to 22.5%, owing to the subsidiary’s decision not to fund a R213-million cash call for its share of a six-month forward budget for the Western Bushveld joint venture (WBJV) Project 1, Wesizwe said on Tuesday.
Maseve is the operating company of the project and, according to its shareholder agreement, any nonparticipation in the funding by Africa Wide and the subsequent continued funding by Platinum Group Metals (PTM), which owns 74% of the project, could result in a dilution of Africa Wide’s equity interest in Maseve.
However, the dilution of Africa Wide’s shareholding would be subject to the completion of an agreed arbitration process to confirm the correctness of the calculation methodology applied in determining the dilution, Wesizwe stated.
PTM on Monday announced that it had entered into a mandate letter with Barclays Bank, Absa Corporate and Investment Bank, Caterpillar Financial and Societe Generale Corporate & Investment Banking, that would provide the company with $195-million in project finance to further develop the WBJV Project 1.
“We are pleased to move forward with an experienced global set of financial institutions in a structure for the WBJV Project 1 that does not require the direct participation of Wesizwe Platinum,” PTM president and CEO Michael Jones said.
PTM further stated that it planned to sell the diluted points in the WBJV Project 1 mine to a fully qualified black economic-empowerment company to satisfy the empowerment aspects of the Mining Charter in South Africa.
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