HomeNewsWesizwe obtains interim funding

Wesizwe obtains interim funding

Diamond core drilling
underway at Wesizwe’s
Johannesburg, South Africa — MININGREVIEW.COM — 24 August 2010 – Platinum exploration and development company Wesizwe Platinum has announced that it has received interim funding of R91million.

Revealing this in a statement to the JSE, the company said the interim funding facility had been signed with the Bank of China’s Johannesburg branch.

“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,” the statement added.

It went on to say that the facility had been agreed at very favourable terms and would be repaid once the full funding for the project had 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 outlined a resource 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 R6.6 billion into the project.