WESIZWE PLATINUM LIMITED - Bakubung Platinum Mine Construction Progress Update
Bakubung Platinum Mine Construction Progress Update
WESIZWE PLATINUM LIMITED
Incorporated in the Republic of South Africa)
(Registration number 2003//02016106)
Share Code: WEZ
ISIN: ZAE000075859
(“the Company” or “Wesizwe”)
BAKUBUNG PLATINUM MINE CONSTRUCTION PROGRESS UPDATE
Dear Investors
As per the sense announcement of 8 February 2022 where investors were advised that the
mine was temporarily closed, with the efforts of all parties, Bakubung Platinum Mine was able
to restart mine construction from mid-February 2022. Although an agreement has not been
reached with the Community, Bakubung Platinum Mine is engaging with the Community to
find a solution.
Bakubung Platinum Mine is currently behind in its construction schedule. The mine did not
complete the construction of the phase 1 concentrate processing plant during December 2021
as planned. Some of the underground construction projects have also been delayed. As
Bakubung Platinum Mine has not achieved operational status, it therefore has no operating
income while still being contractually obliged to repay the principle and interest of its loan as
it comes due and thus needs additional funds.
The impact of the Covid-19 pandemic, community protests and funding shortage has
aggravated the mine’s already delayed project construction schedule, management are
reviewing the new construction schedule and will communicate it in the Integrated Annual
Report 2022.
Wesizwe Platinum Limited’s management is doing its best to overcome difficulties to ensure
that construction progresses and to solve the shortfall funding issue.
Board of Wesizwe Platinum Limited
Johannesburg
18 March 2022
Sponsor
PSG Capital
Date: 18-03-2022 03:48:00
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