New MD for Nkwe as it completes funding with Chinese investor
PERTH (miningweekly.com) – South Africa-focused platinum developer Nkwe Platinum has appointed a new MD and nonexecutive director after completing a A$20-million convertible bond transaction with China’s Zijin Mining Group.
In 2013, Nkwe announced the strategic partnership with a subsidiary of Zijin Mining, Jin Jiang Mining, under which Jin Jiang invested A$20-million in Nkwe, through the placement of three-year convertible bonds, to develop its flagship Garatau project in South Africa.
Following the issue of convertible bonds, Nkwe and Jin Jiang in March this year agreed to the immediate conversion of the bonds, with Nkwe issuing more than 202.5-million shares to Jin Jiang.
The conversion meant that Nkwe expedited the previous debt-to-equity timelines with Jin Jiang, providing Nkwe with a strong balance sheet.
As part of the partnership with Zijin, Abraham Li has been appointed MD of Nkwe, while Robin Wang has been appointed a nonexecutive director of the ASX-listed company.
Sharif Pandor has also been appointed as nonexecutive chairperson.
Nkwe said on Monday that former MD Maredi Mphahlele would remain as an executive director of the company.
“The strategic partnership with Zijin will allow Nkwe to fulfill its key goal of developing its world class platinum group metal assets, and in particular the Garatau project, and to become a significant producer of platinum group metals,” newly appointed Pandor said.
A bankable feasibility study has estimated a capital requirement of about A$641-million to fund the development of a 3.6-million-ton-a-year operation, producing about 330 000 oz/y of platinum over an initial 17 years, at Garatau.
Nkwe previously said it hoped the project could be in production by 2015.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
