Nkwe Platinum and China's Zijin Mining to develop Bushveld platinum project, South Africa
Nkwe Platinum and Zijin Mining Group are to proceed with a strategic partnership to further the development of Nkwe's South African platinum group assets.
Nkwe Platinum (ASX:NKP) and Zijin Mining Group (SHA:601899) are to proceed with a
strategic partnership to further the development of Nkwe's South African
platinum group assets, and in particular the flagship Garatau Project, in the
Bushveld complex, South Africa.
Zijin is the largest gold miner in China, accounting for around 20% of national annual production.
Zijin, through its wholly-owned subsidiary Jin Jiang Mining, will invest $20 million in Nkwe via placement of 3 year convertible bonds in two tranches.
The first tranche of $7 million will be issued on or before 23 October 2013 and the second tranche of $13 million on or before 31 December 2013,
Zijin and Nkwe are working together to complete additional security arrangements to satisfy one of the final conditions under the original convertible bond agreement previously announced.
A total of $5 million of the funds received from the initial tranche will be used to refinance the current security package relating to the Genorah loan.
As part of this refinancing, Zijin will hold security over Genorah’s shares in NKP until completion of the note agreement. The remaining $2 million will be used for working capital requirements.
This transaction marks a significant milestone for NKP as it strives to bring the world class South African platinum assets into production.
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