Platinum Group Metals will invest $100m for the construction of the Western Bushveld joint venture (WBJV) project 1 platinum mine.
The proposed budget has been approved by the Board of Maseve Investments 11, the WBJV operating company where Platinum Group holds the right to increase its interest to 74% and Wesizwe Platinum holds a 26% interest.
According to the company, DRA Mining has been awarded the engineering, procurement and construction management contract for surface infrastructure and underground development planned at the WBJV.
WBJV is a 275,000oz-per-annum mine that produces platinum, palladium, rhodium and gold with a 22-year mine plan.
Project 1 is located near Rustenburg, South Africa, and adjoins the Wesizwe platinum mine construction.