The Bakubung Platinum Mine situated in Ledig near Sun City outside Rustenburg will create 3135 jobs at full production, We Sizwe Platinum revealed at the 2nd Annual North West BRICS Expo International Investment and Tourism Conference Networking Gala Dinner held at the Mmabatho Convention Centre in Mahikeng on Friday evening. 

The R10.69 Billion Project which involves a Chinese investor consortium made up of Jinchuan and China Africa Development Fund (CADFund), holding a 45% interest in the Company was showcased as a tangible example of a successful BRICS strategic partnership in action

Structuring of successful Chinese South African strategic mining partnerships, harnessing of specialist mining expertise and practices from both China and South African mining sectors and leveraging of access to Chinese financing models and financial institutions were highlighted by We Sizwe Platinum Executive for Corporate Affairs and Investor relation, Hamlet Morule as some of the valuable lessons that could be learnt from the project.

“The 15 year loan facility with a total capital commitment of US$ 650 million, of which  the capital portion repayment only to commence after 6 years from first drawdown with an interest payable will be 6 month LIBOR plus 3.5% was made available by the China Development Bank ,” Morule emphasised in his presentation, 

 Morule said that the optimization study conducted by Wesizwe’s management team made up of both Chinese mining industry expertise and highly experienced South African mining industry and corporate executives has resulted in 26 month reduction in time to full production of 250ktpm by October 2020 instead of December 2022.

In expressing gratitude for the high level of engagements and participation in her closing remarks, MEC for Economic Development, Environment, Conservation and Tourism, Motlalepula Rosho said that the conference which had attracted over 600 delegates was by all accounts very successful and productive.

“We must always remember that economic prosperity, sustainable development ,as well as enhanced trade and investment opportunities are inextricably linked and depended on each other, ” she  emphasised.-TDN
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