[miningmx.com] — TSX-listed Platinum Group Metals (PTM) said on Wednesday it had been granted a mining right for its Maseve JV development with Wesizwe Platinum.
The two partners have already commenced and funded a $100m equity investment into the venture, involving site establishment and underground development to reach ore, under a bulk-sample permit. The project has been under development since May 2011.
A project finance debt facility fo $260m is being negotiated to fund expanded underground development and construct a milling, concentrating and tailings treatment facility.
The total capital cost estimate for the project is $443m.
“We are very pleased to be granted a mining right and it provides the opportunity to move forward to the next steps in mine construction and development,” said PTM CEO Michael Jones.
The company said the commencement of the south box cut for underground access would get underway this quarter, together with securing offtake for concentrate as well as the $260m loan facility.
