Media Announcements

EARLY HANDOVER OF BAKUBUNG PLATINUM MINE (BPM) PROJECT

30 September 2016

WESIZWE PLATINUM LIMITED ANNOUNCEMENTS TO THE SHAREHOLDERS                     

30 SEPTEMBER 2016

 

EARLY HANDOVER OF BAKUBUNG PLATINUM MINE (BPM) PROJECT

 

Wesizwe Platinum Limited and Aveng Mining (an operating group of Aveng Africa (Pty) Ltd.) entered into an Engineering and Construction Contract in September 2012 for the development of Wesizwe’s BPM in the North West province of South Africa. In 2012, Aveng Mining was awarded the shaft-sinking contract for the BPM; the scope of works included sinking, lining and equipping of the main and ventilation shafts and related development, and equipping of the stations and levels for the client. 

Due to commercial imperatives it was decided to implement a reduction of scope of works which will bring the completion date of the contract forward to May 2017.

The implications and effect of signing the Addendum include that Aveng shall be compensated on a revised payment agreement, enabling the Parties to jointly optimise the costing on the Project. Following an amicable agreement, both Parties have agreed to suspend their respective rights and entitlement associated with currently lodged adjudication and arbitration proceedings. Aveng remains liable and committed to complete the contracted works on the revised scope, timeline and conditions.

The completion of Phase 1 commissioning in May 2017 will be followed by Phase 2, a multi-billion rand flat development scope which entails the planned capital footprint development, this is linked to production build up to steady state in 2022.  Wesizwe will then embark on a new contracting model for specialist scopes for these packages constituting both surface and underground works until the project is fully commissioned in line with the critical timeline identified.

The main commissioning of the mine is scheduled for the fourth quarter of 2018, with full production anticipated by 2021. 

WESIZWE PLATINUM LIMITED ANNOUNCES THE APPOINTMENT OF TWO NEW NON-EXECUTIVE DIRECTORS, EFFECTIVE TUESDAY, 21 SEPTEMBERR 2016

 

Wesizwe is also pleased to announce the appointment of Mr. Li Pengfei and Ms. Zhou Xiaoyin as Non-Executive Directors of the Board. Mr. Pengfei holds a PhD qualification in Industry Economics from the China Renmin University, School of Management. His expertise includes project valuation, investment instruments, business negotiation and project implementation. He has over 16 years of multinational working experiences, including 10 years in Africa.

 

Ms. Zhou Xiaoyin holds a Bachelor of Laws Degree from Lanzhou Commercial College. She is currently an in-house counsel for Jinchuan Group and has extensive experience in international law. Her expertise includes engaging in the legal work involved in the overseas investments and financing.

 

Both newest non–executive directors bring talent, expertise and skill to the table and Wesizwe would like to welcome and wish them well.

 

WESIZWE ANNOUNCES THE RESIGNATION OF ITS TWO DIRECTORS: NON-EXECUTIVE DIRECTOR AND FINANCE DIRECTOR

The Wesizwe Board of Directors would like to inform all shareholders about the resignation of its two Directors, Mr. Liliang Teng and Mr. Wenliang Michael Ma. Mr. Teng served the Wesizwe board as non-executive director, until his resignation on the 13 September 2016. The resignation of Finance Director, Mr. Wenliang Michael Ma was effective from the 15 September 2016.

The Board would like to thank both directors for their valuable contribution to the Company and wishes them well on their future endeavours.

End/

 

Note to the editors:

About Wesizwe Platinum Limited

Wesizwe Platinum is a public company incorporated in the Republic of South Africa with its shares listed on the JSE Securities Exchange (JSE). Wesizwe Platinum’s intention is to enter into PGM mining in South Africa as the launch pad for growing into a significant multi-commodity mining company that sets new benchmarks for sustainable mining practices. The development of a new underground mine to access one of the last remaining sizeable and viable Merensky and Upper Group 2 (UG2) Chromitite layer PGM ore bodies is our flagship project. Located on the Western Limb of the Bushveld Complex, near the town of Rustenburg in the North West province, is the Bakubung Platinum Mine (BPM) site, home of our flagship project. We also hold a 17.1% interest in neighbouring Projects 1 and 3 of Maseve Investments 11 (Pty) Limited (Maseve), held through a subsidiary company, Africa Wide Mineral Prospecting and Exploration (Pty) Limited. Maseve is operated by Platinum Group Metals Limited (PTM) Canada.

 

About Aveng Mining

Aveng Mining’s experience spans a broad range of commodities and it has worked successfully in remote and difficult locations. Aveng Mining offers specialised services to the industry, from turnkey solutions in design and process, to shaft sinking, underground development, contract mining and surface mining, and construction of mine infrastructure. Through Aveng Mining Shafts & Underground, Aveng is a world leader in the shaft sinking and access development market.

 

For further information contact:

Thandiwe Mapi

Manager: Corporate Communications

Tel: 011 994 4600

Mobile: +27 72-949-9765

Email: thandiwe.mapi@wesizwe.com

 

Aveng Media Liaison Contact Details:

Sorita van Tonder

Aveng Communication Manager

Tel: 011 779 2800

Mobile:  +27 72-372-9854

Email: soritavt@aveng.co.za

 


Back to Media Announcements   |   Email this Page