PTM seeks new partner, continues construction at WBJV
TSX- and NYSE-listed Platinum Group Metals (PTM) plans to continue construction at the West- ern Bushveld joint venture (WBJV) Project 1 platinum mine, while it seeks a new empowerment partner for the project.
This followed an announcement last week that Wesizwe Platinum subsidiary Africa Wide Mineral Prospecting & Exploration would not fund its 26% initial cash call share – at the risk of diluting its stake in operating company Maseve.
PTM announced last week that it had initiated discussions with qualified empowerment groups for investment into the WBJV Project 1 as a replacement for Wesizwe as Maseve implemented an undisclosed dilution formula.
Despite previously having warned stakeholders that construction and work at the mine could come to a halt, PTM would now progress the project with its current contractors and would moderate any new contracts.
Wesizwe, which previously supported the proposed project loan and indicated its funding participation through Africa Wide, noted that a definitive due diligence review revealed that the project did not satisfy Africa Wide’s investment criteria under current market conditions and withdrew an intended R213-million funding injection.
PTM claimed that Wesizwe or Africa Wide did not provide any indication until recently that they would not fund their pro rata share of the project.
The 2008 Project Delta Agree-ments saw the rationalisation of rights between Anglo American Platinum, PTM – which had earned the right to increase its interest in Maseve to 74% – and Wesizwe.
The cash call to Africa Wide had been timed to coincide with the final expenditure of funds held in escrow by Maseve on behalf of Wesizwe.
Wesizwe, in a statement last week, reassured shareholders that the 100%-held Bakubung minerals project remained unaffected – “firmly on track, within budget and well- funded”.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















