[miningmx.com] – PLATINUM Group Metals (PTM), the Toronto-listed platinum exploration and development company, said Africa Wide’s shareholding in its Maseve joint venture had fallen to 17%.
This was after Africa Wide, which is the empowerment vehicle for Wesizwe Platinum (Wesizwe), questioned the level of dilution in Maseve after it had declined to follow its rights totaling some R448 in investment.
The matter went to arbitration with PTM today announcing the arbitrator had found in its favour with costs. Africa Wide declined to follow its rights because the investment in Maseve was below its returns criteria, it said.
Now that the level of dilution has been calculated, PTM said it would be able to seek a new empowerment partner to replace Africa Wide.
