The $650m project loan from the China Development Bank (CDB) needed by Wesizwe Platinum for the construction of the Bakubung platinum mine near Rustenburg has been finalised.
The loan was announced in January but was subject to various conditions, which have now been met, reports BDLive. The Bakubung mine was originally planned in 2008 to produce 350,000oz of platinum group metals annually at a cost of R12bn. Full production was expected to be reached by 2021 and the mine has an estimated economic life of 35 years.
However, an optimisation study is under way to minimise capital spending and operating costs, and Wesizwe is hoping to set an earlier completion date for the project.
Source: BDLive. For more information, click here.