Business
Department of Mineral Resources and Energy Dismisses Appeals Against the Grant of Waterberg Mining Right
Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - October 24, 2022...
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":"Department of Mineral Resources and Energy Dismisses Appeals Against the Grant of Waterberg Mining RightVancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - October 24, 2022) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) (\"Platinum Group\", \"PTM\" or the \"Company\") reports that on October 13, 2022, Minister Gwede Mantashe (the \"Minister\") of the South African Department of Mineral Resources and Energy (\"DMRE\") ruled to dismiss a series of appeals filed in 2021 against the grant of the Waterberg Mining Right. The Waterberg Mining Right was granted on January 28, 2021. The Company subsequently received several objections and notices of appeal, filed by individual appellants from local communities, against the decision of the DMRE granting the Waterberg Mining Right. See the Company's news releases dated March 8, 2021, April 14, 2021, and August 2, 2021 as well as the Company's recent Financial Statements and Management's Discussion and Analysis for more details. In his ruling the Minister provided the regulatory reasons why each appeal was denied and also confirmed the DMRE's assessment that Waterberg JV Resources (Pty) Ltd. has complied with Black Economic Empowerment requirements and Social and Labour Plan community consultation processes.Platinum Group President and CEO, Frank Hallam, stated, \"We are pleased with the decision of the DMRE and that due process and regulatory oversight have been fairly applied. Through our work and consultation with local communities and their leadership we have received a great deal of support and encouragement to proceed with mine development. The Waterberg Project represents an opportunity for positive economic, social, and community impacts and the removal of unjustified hurdles is a necessary precursor to future development.\"About Platinum Group Metals Ltd. and the Waterberg ProjectThe Waterberg Project, discovered in 2011, is a bulk underground platinum and palladium deposit located in South Africa. Platinum Group Metals Ltd. is the operator of the Waterberg Project, which is owned indirectly by Platinum Group (37.05%), Mnombo Wethu Consultants (Pty) Ltd. (\"Mnombo\") (26.0%), Impala Platinum Holdings Ltd. (15%), Japan Oil, Gas and Metals National Corporation (12.195%), and Hanwa Co. Ltd. (9.755%) through Waterberg JV Co. As a result of its e...