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MODERN MINING
November 2015
MINING News
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
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.
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
Primary crusher and conveyor system at Project 1 (photo: Platinum Group Metals).
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.
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.
Shaking hands on the transaction are Nombini
Mehlomakulu, MD of Lwazi Capital, and Graham
Trusler, CEO of Digby Wells.