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Platinum Group Metals Ltd. and Ajlan & Bros Company for Mining Enter Memorandum of Understanding with the Ministry of Investment of Saudi Arabia as Part of the Global Supply Chain Resilience Initiative for a Proposed PGM Smelter and Base Metal Refinery in Saudi Arabia
Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - November 26, 2024) ...
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":"Platinum Group Metals Ltd. and Ajlan & Bros Company for Mining Enter Memorandum of Understanding with the Ministry of Investment of Saudi Arabia as Part of the Global Supply Chain Resilience Initiative for a Proposed PGM Smelter and Base Metal Refinery in Saudi ArabiaVancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - November 26, 2024) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) (\"Platinum Group\" or the \"Company\") reports that a memorandum of understanding (\"MOU\") has been executed between the Company, Ajlan & Bros Company for Mining, a subsidiary of Ajlan & Bros Holding (\"Ajlan\"), and the Ministry of Investment of Saudi Arabia (\"MISA\") as a part of the Global Supply Chain Resilience Initiative (\"GSCRI\"), for the setup of a proposed platinum group metals smelter (\"PGM Smelter\") and base metal refinery (\"BMR\") to be located in Saudi Arabia. The Company's Vice President, Corporate Development, Kris Begic, executed the MOU on behalf of the Company at a signing ceremony held in Riyadh on November 26, 2024 during the 28th World Investment Conference.According to the terms of the MOU, MISA will offer strategic guidance and study potential financial support to the proposed PGM Smelter and BMR to be located in Saudi Arabia and the Waterberg Project located in South Africa. The establishment of a PGM Smelter and BMR in Saudi Arabia are being considered due to their potential to support the Kingdom of Saudi Arabia's Vision 2030 initiative to develop the mining and minerals industry to become the third pillar of the Kingdom's gross domestic product.The MOU with MISA aligns with initiatives already underway between Ajlan and Platinum Group, who together entered a Cooperation Agreement (the \"Cooperation Agreement\") in December 2023 to study the establishment of a PGM Smelter and BMR in Saudi Arabia. The Cooperation Agreement encompasses three phases: a global PGM concentrate market study (the \"Market Study\"), a Definitive Feasibility Study (\"Smelter DFS\") for the construction and operation of PGM Smelter and BMR in Saudi Arabia, and an option to form an incorporated 50:50 joint venture following the completion of the Smelter DFS. The Smelter DFS will assume the export of PGM concentrate from the Waterberg Project in South Africa to a port facility in Saudi Arabia.The M...