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Platinum Group Metals files mining right application for Waterberg JV

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Platinum Group Metals files mining right application for Waterberg JV

Platinum Group Metals Ltd. said Sept. 4 that the company, through Waterberg JV Resources (Pty.) Ltd., filed a mining right application for its 50.02%-owned Waterberg platinum group metals-copper-nickel joint venture in South Africa.

The application, submitted to South Africa's Department of Mineral Resources, consists of a mining work program, social and labor plan, and associated environmental applications.

Waterberg currently hosts probable reserves of 12.3 million ounces, comprising 61% palladium, 30% platinum, 8% gold and 1% rhodium, plus 191.2 million pounds of copper and 333 million pounds of nickel. Platinum Group, which operates the project, said a definitive feasibility study is in progress for completion in the first quarter of 2019.

Impala Platinum Holdings Ltd. has a 15% stake in the project, and has the option to increase it to 50.01% following completion of the study. Mnombo Wethu Consultants (Pty.) Ltd., which is 49.9%-owned by Platinum Group, holds a 26% interest.

Japan Oil Gas & Metals National Corp. owns a 21.95% interest and is in the process of transferring about a 9.76% stake to Japanese conglomerate Hanwa Co. Ltd.