Jogmec, Hanwa consolidate shareholding, equity investments in the Waterberg JV project
Canadian miner Platinum Group Metals (PTM) says two of its joint venture (JV) partners in the Waterberg project, Japan Organisation for Metals and Energy Security (Jogmec) and Hanwa, have established a special purpose company – HJ Platinum Metals – to hold and fund their future equity interests in the venture.
The combined interests of Jogmec, at 12.1%, and Hanwa, at 9.7%, have been consolidated into a 21.95% interest for HJ Platinum going forward.
Jogmec will fund 75% of future equity investments into HJ Platinum and Hanwa the balance.
The other JV partners in the Waterberg project are Impala Platinum (15%) and Mnombo Wethu Consultants (26%). PTM is the majority shareholder (37.05%) and operator of the project.
About $83-million has been spent on the project since its discovery in 2011 and exploration continues to yield “intriguing” results, says CEO Frank Hallam.
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