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South African platinum producer pockets $58M for mine sale
South Africa’s Platinum Group Metals has obtained $58 million from the sale of the Maseve concentrator plant and certain surface rights of Maseve Investments 11 Ltd to platinum producer Royal Bafokeng Platinum, and is to obtain a further $16 million from the transaction.
Platinum Group Metals said in a statement that the funds were "used to settle outstanding contractor claims and … reduce outstanding indebtedness".
Platinum Group Metals is focused on its Waterberg Project, a bulk mineable underground deposit in northern South Africa with potential to be a low cost dominantly palladium mine, according to data from the firm.
Royal Bafokeng Platinum is listed on the Johannesburg Stock Exchange (JSE). The company says it is a mid-tier platinum group metals producer that originates from a joint venture between Anglo American Platinum and Royal Bafokeng Rasimone platinum mine JV.