SA Platinum Miner Forges Ties with China

26 May 2010 (Last Updated May 26th, 2010 18:30)

South African platinum miner Wesizwe has signed a deal with a Chinese consortium to provide an $877m financing package to be used for the development of its Frischgewaagd-Ledig project. The consortium, which includes the Jinchuan Group and the China-Africa Development Fund, will pay $227.

South African platinum miner Wesizwe has signed a deal with a Chinese consortium to provide an $877m financing package to be used for the development of its Frischgewaagd-Ledig project.

The consortium, which includes the Jinchuan Group and the China-Africa Development Fund, will pay $227.5m for a 51% stake in Wesizwe Platinum and provide $650m in loans to finance the Frischgewaagd project.

Under the agreement Jinchuan will purchase all the platinum-group metals concentrate from the project.