South African platinum miner Wesizwe has signed a deal with a Chinese consortium to provide an $877m financing package to be used for the development of its Frischgewaagd-Ledig project.
The consortium, which includes the Jinchuan Group and the China-Africa Development Fund, will pay $227.5m for a 51% stake in Wesizwe Platinum and provide $650m in loans to finance the Frischgewaagd project.
Under the agreement Jinchuan will purchase all the platinum-group metals concentrate from the project.