[miningmx.com] — PLATINUM exploration and development company Wesizwe Platinum on Monday announced that it has received interim funding of R91m.
The company said the interim funding facility was signed with the Bank of China’s Johannesburg branch on Friday.
“The facility will be used for ongoing capital construction of the Frischgewaagd-
Ledig Project while the company is concluding negotiations for the comprehensive
funding of the project,” Wesizwe said in a statement to the JSE.
It added that the facility was agreed at “very favourable” terms and would be repaid once the full funding for the project has been secured.
The company’s flagship Frischgewaagd-Ledig Project is on the Western limb of the
Bushveld Complex.
A feasibility study conducted on the project outlines a resources of 13 million platinum group metal (PGM) ounces with the potential to produce 350,000 PGM
ounces a year.
Wesizwe is busy finalising a deal with a Chinese consortium to inject capital of R6.6bn into the project.
