Modern Mining November 2015

MINING News

Primary crusher and conveyor system at Project 1 (photo: Platinum Group Metals).

Platinum Group Metals, listed on the TSX and NYSE, reports that it has deliv­ ered notice to Sprott Resource Lending Partnership for the drawdown of a US$40 million working capital facility executed Platinummine to deliver first concentrate in January 2016 US$40 million loan facility, subject to regulatory and disinterested shareholder approval and Waterberg project partner approval. in February 2015. The company has also entered into agreements with its larg­ est shareholder, Liberty Metals & Mining Holdings, LLC, a subsidiary of Liberty Mutual Insurance (LMM), for a further

These financings are planned to allow PlatinumGroup to complete its ramp-up at the WBJV Project 1 platinum mine (Project 1) in the Western Bushveld of South Africa and for general working capital. Cold com­ missioning of the plant is in progress and platinum and palladium concentrate pro­ duction is set to commence in the weeks ahead. First concentrate delivery to Anglo Platinum’s Waterval smelter at Rustenburg is planned for January 2016. Underground development is ongoing. PlatinumGroup says it has delivered the construction and development of Project 1 within the updated budget and schedule. At planned steady state production in 2018, Project 1 is expected to be one of the lower cost conventional PGM mines in South Africa with an expected cash cost of approximately US$625 per 4E ounce. The company continues to work on growth at the large Waterberg project, funded by the Japan Oil, Gas and Metals National Corporation, with continued drilling, resource modelling, mine design, metallurgy and infrastructure planning all underway. Exploration to expand and further delineate Waterberg is ongoing. Waterberg is dominantly a palladium deposit with associated platinum, gold, copper and nickel. 

Lwazi Capital acquires 30 % of DigbyWells Graham Trusler, CEO of Digby Wells Environmental, a multinational environ­ mental and social advisory consultancy, recently announced the 30 % acquisition of its issued share capital by Lwazi Capital, a majority black women owned and man­ aged company. This transaction makes Digby Wells compliant with the require­ ments of the South African Mining Charter

and new DTI Codes of good practice with respect to ownership. DigbyWells provides environmental and social services to the mining, resources, energy and agricultural sectors across Africa. Over the past five years, the com­ pany’s expansion plans have advanced, with offices being opened in the UK, Jersey (Channel Islands), Mali and the DRC. “This transaction has taken a long time to come to fruition, as we wanted to get it right and ensure that we have a suitable partner who shares in the company vision and who we are happy to work with in advancing the company’s growth plans,” said Trusler. “Lwazi Capital was established with a clear purpose in mind: to work in partner­ ship with company management and other shareholders to grow and add value to the companies we are invested in. Digby Wells Environmental has a solid track record; management has experience and passion for the business. The environmental and social sectors are attractive us, as business and legislation deal with these as sustain­ able business principles,” said Nombini Mehlomakulu, MD of Lwazi Capital. 

Shaking hands on the transaction are Nombini Mehlomakulu, MD of Lwazi Capital, and Graham Trusler, CEO of Digby Wells.

4  MODERN MINING  November 2015