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Mining & metals

02 February 2011

Wesizwe Platinum signs in Chinese equity South African platinum mine developer Wesizwe Platinum has raised $226.6 mil­lion in equity for its Frischgewaagd-Ledig project. The agreement involves Jinchuan Group and the China-Africa Development Fund paying $200 million for a 45% stake in Wesizwe, and the Wesizwe Empowerment Trust, through holding entity Micawber 809, subscribing for a 6% stake for $26.6 million. The equity agreement also involves the new Chinese shareholders assisting in the closing of $650 million in debt, likely from China Development Bank, for the project. Wesizwe signed a term sheet with the two Chinese equity providers in May 2010, and signed an interim loan with Bank of China...

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