PTM to start WBJV Project 1 hot commissioning after closing $80m financing
Project developer Platinum Group Metals (PTM) will start hot commissioning of the Western Bushveld Joint Venture (WBJV) Project 1 plant, near Rustenburg, South Africa, after closing and drawing down $80-million in separate financing deals last week.
"We are very pleased to complete this transaction with the clear support and vision of our major shareholders. “We look forward to the ramp-up of our first mine with an eye on continued solid demand for platinum and palladium and improved markets in the near and medium term,” PTM cofounder and CEO Michael Jones states.
The TSX- and NYSE-listed company has entered into agreements with its largest shareholder, Liberty Metals & Mining Holdings, a subsidiary of Liberty Mutual Insurance, for a $40-million loan facility and has also drawn down an existing $40-million working capital facility with Sprott Resource Lending Partnership.
First concentrate delivery to Anglo Platinum's Waterval smelter, in Rustenburg, is planned for January, while underground development is ongoing.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
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















