Platinum Group Metals has sought a $260m loan to develop the Western Bushveld joint venture project in South Africa.

The company will receive the loan from Barclays Capital, Standard Bank of South Africa, West LB AG and Caterpillar Financial SARL along with additional working capital facility of $25m.

The mine has a production rate of 275,000 4E ounces per year, which includes platinum, palladium, rhodium and gold that will developed at a cost of $443m.

Currently the surface establishment and underground decline development programme at the mine is underway, at a cost of $100m.