JOHANNESBURG (miningweekly.com) – JSE-listed Royal Bafokeng Platinum (RBPlat) on Friday confirmed that it has made a conditional nonbinding expression of interest to Platinum Group Metals (PTM) for a “possible transaction” surrounding the Maseve business.
“The company has entered into discussions in this regard, which, if successfully concluded, may have a material effect on the company’s securities,” RBPlat said in a cautionary statement.
Dual-listed PTM last week suspended active mining at its Maseve mine, in the North West province, as it transitions the operation to a more hybrid mining method with a smaller labour force.
Earlier this month, the cash-strapped company had announced a proposed change in the primary mining method, moving away from the current higher-volume, mechanised bord and pillar mining method to a process involving mechanised access drives using the mine's current equipment, as well as conventional manual methods for stoping.
The bord and pillar mechanised mining method was not achieving the required efficiencies in some areas of the Maseve mine, specifically Block 11.