Japan Oil, Gas and Metals National (JOGMEC) has signed a memorandum of understanding (MoU) to transfer part of its interest in the Waterberg joint venture (JV) project in the Bushveld Complex of South Africa to trading firm Hanwa.

The palladium, platinum, gold, rhodium (PGM), copper and nickel project is currently operated by Platinum Group Metals with a 37.05% interest, while JOGMEC, Mnombo Wethu Consultants and Impala Platinum Holdings (Implats) own 21.95%, 26% and 15%, respectively.

Go deeper with GlobalData

Go deeper with GlobalData

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

The MoU was signed after Hanwa won the competitive bidding process for the sale.

"The acquisition is slated to grant Hanwa the right to a supply of refined platinum group metals for exhaust emission catalytic converters and fuel cells for cars."

Negotiations are now set to begin on the terms of the transfer of a 9.755% interest.

The acquisition is slated to grant Hanwa the right to a supply of refined platinum group metals for exhaust emission catalytic converters and fuel cells for cars, as well as nickel and other metals that find application in rechargeable batteries.

Platinum Group Metals CEO Michael Jones said: “Hanwa’s experience in the global metals and industrial complex adds another dimension to our JV.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

“We acknowledge that JOGMEC is satisfying its mandate and is following its stated desire to secure critical mineral supplies to Japanese companies and industry.”

The deal is expected to help secure a stable supply of metals to Japanese industries.

Implats previously completed the $30m acquisition of a 15% interest in the Waterberg project in November last year.

Implats also holds an option to increase its stake in the project to a total of 50.01%.

A definitive feasibility study (DFS) for the project is scheduled to be completed in the first half of 2019.

The project is said to have platinum group element (PGE) probable reserves of 12.3 million ounces (oz).

Mining Technology Excellence Awards - Nominations Closed

Nominations are now closed for the Mining Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact

Excellence in Action
Dual-award winner in the 2025 Mining Technology Excellence Awards, Propeller is redefining geospatial intelligence and safety in mining. Explore how its AeroPoints and DirtMate solutions deliver survey-grade mapping, live haul metrics, and safer, more efficient operations across mines and quarries worldwide.

Discover the Impact