Wired News – Platinum Group Metals Receives Approval from South African Authorities to Divest its Interest in Maseve Mine
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LONDON, UK / ACCESSWIRE / April 24, 2018 / Active-Investors.com has just released a free research report on Platinum Group Metals Ltd (NYSE: PLG) ("PLG"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PLG as the Company's latest news hit the wire. On April 20, 2018, the Company announced that it has received the approval of the South African authorities to divest its interest in the Maseve Mine. The two-part transaction was first announced in September 2017, and was valued at approximately $74 million at that time. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Commenting on the completion of the sale of the Maseve Mine, R. Michael Jones, Chief Executive Officer (CEO) of PLG, said:
"The Board of Directors of Platinum Group appreciates the DMR's timely approval. The sale of the Maseve Mine is important for Platinum Group to reduce debt and allow us to focus on our large-scale bulk, Waterberg palladium discovery. RBPlat will be able to preserve jobs and combine Maseve with their adjacent operations."
Details of the Transaction
PLG had announced the sale of its interest in the Maseve Mine to Royal Bafokeng Platinum Ltd ("RBPlat") on September 06, 2017, for approximately $74 million, and later a final agreement was signed on November 23, 2017.
As per the terms of the agreement, PLG will sell 100% of its shares in the Maseve Investments 11 (Pty) Ltd, the holding Company of the Maseve Mine, to RBPlat. RBPlat had also agreed to assume the loans taken by Maseve Investments from its shareholders. RBPlat agreed to pay off the shareholders in a mix of cash plus shares of RBPlat, which, together, had a value of approximately $16 million as on the date of announcement of sale, on September 06, 2017.
The entire transaction was to be completed in two trenches. In the first part, PLG completed the sale of the Maseve concentrator plant and certain surface rights to RBPlat on April 05, 2018, in cash. The second part of the transaction involves the acquisition of 100% interest in the Maseve Mine; shares in the holding Company, Maseve Investments; and assumption of all shareholder debts of the Maseve holding Company.
The transfer of shares of from Maseve Investments to RBPlat required the approval from the South African authorities.
Approval Details
The South African Department of Mineral Resources (DMR) needs to approve such transactions, as Maseve Investments is the holder of the mining rights for the Maseve Mine. The DMR has approved the transfer of share capital of Maseve Investments from PLG plus one minority shareholder to RBPlat. The DMR's approval came in after PLG met with all its requirements. The DMR granted the approval as per the provisions of section 11 of the Mineral and Petroleum Resources Development Act. With the receipt of approval from the DMR, PLG can now complete the second part of the sale transaction.
The Company expects the deal to be completed by the end of April 2018. Once the second part of the transaction is completed, the Company will be relieved of all obligations and commitments with regards to the Maseve Mine.
The Company plans to use the proceeds from the asset sale to pay off its credit facility with Liberty Metals & Mining Holdings, LLC ("LMM"). However, the Company has cautioned that the realization of the funds from the sale could take several more months and affect the payment to LMM accordingly.
About Royal Bafokeng Platinum Ltd (RBPlat)
Johannesburg, South Africa-based RBPlat is a mid-tier platinum group metals (PGMS) producer. It is a joint venture between Anglo American Platinum and Royal Bafokeng Holdings, also known as the Bafokeng Rasimone Platinum Mine JV. The Company mines PGMS in the Merensky and UG2 reefs on the Boschkoppie, Styldrift, and Frischgewaagd farms in the Rustenburg area. RBPlat's assets are the only known significant shallow high-grade Merensky resources and reserves still available for mining in South Africa.
About Platinum Group Metals Ltd (PLG)
Vancouver, Canada-based PLG is a mining Company focused on the production of platinum and palladium. The Company is currently focused on the Waterberg Project, which it discovered in November 2011. The Waterberg project is in South Africa on the Northern Limb of the Bushveld Complex, and represents a large-scale PGMS resource. The Company is the operator of the Waterberg project, the latter having the potential to be a low-cost dominantly palladium mine. The project recently received strategic investment from Impala Platinum Holdings Ltd, a smelter and refiner of PGMS.
Stock Performance Snapshot
April 23, 2018 - At Monday's closing bell, Platinum Group Metals' stock declined 2.13%, ending the trading session at $0.23.
Volume traded for the day: 342.22 thousand shares.
After yesterday's close, Platinum Group Metals' market cap was at $35.24 million.
The stock is part of the Basic Materials sector, categorized under the Industrial Metals & Minerals industry. This sector was flat at the end of the session.
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