Johannesburg, South Africa — 10 April 2012 – TSX-listed Platinum Group Metals (PTM) has announced that it has been granted a mining right for its Maseve JV development with Wesizwe Platinum.
Miningmx reports that the two partners have already commenced and funded a US$100 million equity investment into the venture, involving site establishment and underground development to reach ore, under a bulk-sample permit. This project has been under development since May of last year.
A project finance debt facility of US$260 million is being negotiated to fund expanded underground development and to construct a milling, concentrating and tailings treatment facility. The total capital cost estimate for the project is US$443 million.
“We are very pleased to have been granted a mining right, as it provides the opportunity to move forward to the next steps in mine construction and development,” said PTM CEO Michael Jones.
The company said commencement of the south box cut for underground access would get underway this quarter, together with securing off-take for concentrate, as well as the US$260 million loan facility.
Source: Miningmx. For more information, click here.