South Africa: Platinum Group Metals to Raise $1.8B for Waterberg Project

Canada-based Platinum Group Metals Ltd. plans to raise $1.8 billion through a private placement to advance the Waterberg Project in South Africa.

The company will sell equity to existing shareholder Hosken Consolidated Investments Limited, increasing their ownership in the project to 26%.

The proceeds will be used for general corporate purposes and working capital, as well as to fund pre-construction activities, including site work, engineering and preparation for the project.

The project holds proven and probable reserves of 246.2 million tons of platinum, palladium, rhodium and gold at an average grade of 2.96 grams per ton.

Platinum Group Metals’ joint venture partners in the Waterberg Project include Impala Platinum Holdings, HJ Platinum – a consortium of Japan Oil, Gas and Metals National Corporation and Hanwa Co. – and Mnombo Wethu Consultants.