ASX-listed South African focused platinum company Nkwe Platinum has completed the $20 million convertible bond transaction with China’s Jin Jiang Mining.
Nkwe has formed a strategic partnership with Jin Jiang to further develop Nkwe’s South African PGM assets, in particular the flagship Garatau mining project. As part of this partnership, Jin Jiang invested $20 million in Nkwe through a placement of 3 year convertible bonds.
The conversion means Nkwe has expedited the previous debt to equity timelines with Jin Jiang and provides Nkwe with a strong balance sheet as it moves into the key project development phase. Targeted milestones over the coming months include finalising the optimised BFS, agreeing a suitable financing structure for mine development and commencement of on ground pre development activities.
As part of the strategic partnership with Zijin and with effect from Completion, Mr Abraham Li has been appointed as Managing Director and Mr Robin Wang has been appointed as a non‐executive director of Nkwe. Mr Sharif Pandor has been appointed as non‐executive Chairman of Nkwe. Mr Maredi Mphahlele will remain as an executive director of the company.
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