TSX- and NYSE-listed Platinum Group Metals (PTM) on Thursday reported that Japan Oil, Gas and Metals National Corporation (Jogmec) has completed the transfer of a 9.75% interest in the Waterberg palladium project, in South Africa, to Hanwa.
Jogmec previously held a 21.95% interest in the Waterberg project. Jogmec and Hanwa in October last year agreed to the transaction.
Now that the South African authorities has given its approval for the transfer, the entire transfer procedure has been completed.
Under the terms of the transaction, Hanwa has also acquired the marketing rights to solely buy all the metals produced from the Waterberg project at market prices. The transaction secures a key future source of platinum group metals (PGMs) and nickel, which are commonly used in automobile catalytic converters, fuel cells and secondary batteries, for industries in Japan.
The current measured and indicated mineral resource of Waterberg stands at 26.3-million ounces of platinum, palladium, rhodium and gold (4E), from a 242-million-tonne deposit ,with an average grade of 3.38 g/t 4E.
The deposit has among the highest palladium content of South African PGM mines, at 63.04%.
PTM, which is 19.90% owned by Hosken Consolidated Investments, continues to hold a 50.02% effective interest in Waterberg, with Jogmec’s interest now at 12.1%, Impala Platinum (Implats) holding 15% and Hanwa 9.75%. Mnombo Wethu Consultants, as an empowerment partner, holds the balance of the joint venture.