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.