International news within the industry of mining and metal, Oct, 19 2018
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South African platinum producer pockets $58M for mine sale

Photo: Platinum Group Metals
Photo: Platinum Group Metals
Published by
Jaroslaw Adamowski - 13 Apr 2018

South Africas 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.