https://www.miningweekly.com
Africa|Financial|Mining|Platinum|PROJECT
Africa|Financial|Mining|Platinum|PROJECT
africa|financial|mining|platinum|project

Wesizwe needs Chinese approval to secure Bakubung funding

8th January 2025

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

Font size: - +

JSE-listed platinum mine developer Wesizwe announced on Wednesday that its funding application for the Bakubung project required approval from the China National Development and Reform Committee (NDRC).

The company said it was working with its consortium majority shareholders Jinchuan Hong Kong and Jinchuan Group to finalise the updated funding application report for the Bakubung project and that it expected completing this process by the end of June 2025.

Wesizwe's majority shareholder has made loan advances of $90.75-million to it for the Bakubung project since the company's previous update statement in October. This was in line with its commitment to support the company financially, Wesizwe said.

Wesizwe's Chinese consortium majority shareholder includes Jinchuan Mining and the China-Africa Development Fund.

"The majority shareholder has reaffirmed their commitment to providing financial support to Wesizwe to meet its financial obligations. This includes extending the loans totalling $156-million that expired in December 2024 by three years to December 2027," it added.

Wesizwe’s board expressed confidence that, with the continued support from its majority shareholders and the anticipated NDRC approval, the company would secure the required funding to meet its financial obligations and achieve the operational completion of the Bakubung project.

Previously, in its '14 October 2024 – Going Concern Update', Wesizwe  reported that auditors could not conclude the company’s interim results due to missing agreements from

Edited by Creamer Media Reporter

Comments

Showroom

Nebula Safety Boot
BOVA Safety Wear

BOVA cemented their reputation in Africa by delivering high quality engineering through their range of safety footwear. 21 years after producing...

VISIT SHOWROOM 
Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.077 0.105s - 142pq - 2rq
Subscribe Now