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Platinum Group Metals Ltd. Reports JOGMEC Establishes Special Purpose Company to Hold and Fund Combined Equity Interests in the Waterberg PGM Project
Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - June 9, 2023) - Pl...
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":"Platinum Group Metals Ltd. Reports JOGMEC Establishes Special Purpose Company to Hold and Fund Combined Equity Interests in the Waterberg PGM ProjectVancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - June 9, 2023) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) (\"Platinum Group\", \"PTM\" or the \"Company\") reports that the Japan Organization for Metals and Energy Security (\"JOGMEC\") and Hanwa Co. Ltd. (\"Hanwa\") have established a special purpose company, HJ Platinum Metals Ltd. (\"HJM\"), to hold and fund their future equity interests in the Waterberg platinum group metals project (\"Waterberg PGM Project\"). The combined interests of JOGMEC (12.195%) and Hanwa (9.755%) have been consolidated into a 21.95% interest for HJM going forward, with JOGMEC to fund 75% of future equity investments into HJM and Hanwa the remaining 25%. Platinum Group President and CEO Frank R. Hallam said, \"A Memorandum of Understanding regarding cooperation on the Waterberg PGM Project was signed in Cape Town during May 2022. Since then, JOGMEC and Hanwa have undertaken a project-scheme reorganization amongst themselves. With this reorganization now complete, our Japanese partners are in position to continue their support towards a development plan for the Waterberg PGM Project. Platinum, palladium, rhodium, and gold (\"PGMs\"), as well as copper and nickel, are widely used in Japanese industry, including use in fuel cells, automotive catalysis, and hydrolyzers, and are expected to play a critical role in decarbonization. The Waterberg PGM Project holds1 large-scale, shallow PGM reserves and is expected to be a cost-competitive mine based on bulk, mechanized mining methods. The Waterberg PGM Project is also expected to be a new stable PGM supply source for Japanese industry upon the commencement of production.\"About the Waterberg PGM ProjectThe Waterberg PGM Project, discovered in 2011, is a bulk underground PGM deposit located on the northern limb of the Bushveld Complex in South Africa, and is owned by Platinum Group (37.05%), Mnombo Wethu Consultants (Pty) Ltd. (\"Mnombo\") (26.0%), Impala Platinum Holdings Ltd. (15%) (\"Implats\"), and HJM (21.95%) through Waterberg JV Resources (Pty) Ltd. (\"Waterberg JV Co.). As a result of its equity interest in Mnombo, the Company has an aggregate 50.02% dire...