Business
Platinum Group Metals Ltd. Announces Diversified Japanese Trading Company Hanwa Co. Ltd. to Join Waterberg Joint Venture
VANCOUVER, British Columbia and JOHANNESBURG, South Africa, March 08, 2018 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (TSX:PTM) (NYSE American:PLG) (“Platin
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia and JOHANNESBURG, South Africa, March 08, 2018 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (TSX:PTM) (NYSE American:PLG) (“Platinum Group” or the “Company”) is pleased to announce that on March 8, 2018, Japan Oil, Gas and Metals National Corporation (“JOGMEC”) and Hanwa Co., Ltd. (“Hanwa”) signed a memorandum of understanding to transfer part of JOGMEC’s interest in the Waterberg Palladium, Platinum, Gold, Rhodium (“PGM”) and Copper, Nickel Project, located in the Bushveld Complex of the Republic of South Africa. The agreement is based on the result of a public tender held on February 23, 2018. The winner of the bidding was Hanwa, and JOGMEC will now start negotiation on the terms of the transfer with Hanwa. With a successful negotiation, Hanwa will secure the right to a supply of refined platinum group metals for exhaust emission catalytic converters, fuel cells for cars, and nickel and other metals for rechargeable batteries. This transaction will enable a potential significant stable supply of metals to Japanese industries. Hanwa is a leading global trading company headquartered in Tokyo Japan with over 3,000 employees and operations spanning steel, non-ferrous metals, metals and alloys, food, petroleum, chemicals, machinery, lumber and many other business sectors. Impala Platinum Holdings Ltd. (“Implats”) recently paid $30M USD for a 15% interest in the Waterberg Project including a right of first refusal for concentrate offtake. Implats also acquired an option for a $166M USD acquisition and development commitment to earn a 50.01% controlling interest upon completion of the Definitive Feasibility Study (DFS). Platinum Group holds a 50.02% direct and indirect interest. The Waterberg DFS is expected to be completed in calendar H1 2019. JOGMEC currently holds a 21.95% interest in the Waterberg Project and is planning to transfer a 9.755% interest to Hanwa. Upon completion of the transfer Hanwa will also acquire JOGMEC’s right of first refusal to certain metal produced by Implats from the Waterberg Project. Current Platinum Group Element (“PGE”) probable reserves at the Waterberg Project (100%) are 12.3 million ounces, consisting of 61% palladium, 30% platinum, 8% gold and 1% rhodium plus 191 million and 333 million pounds of copper and nickel respectively. At a 2.5 gram per tonne (“g/t”) c...