Platinum Group Metals (TSE:PTM,NYSE:PLG) announced that it has appointed Mr. AJ Ali as project finance advisor for the Project 1 Platinum Mine in South Africa.
Platinum Group Metals (TSX:PTM,NYSE:PLG) announced that it has appointed Mr. AJ Ali as project finance advisor for the Project 1 Platinum Mine in South Africa.
The press release is quoted as saying:
Platinum Group is currently involved in discussions with multiple international banks in relation to debt financing for the outstanding portion of capital required to complete the Project 1 Platinum Mine. In November of 2010, the Company completed a $143.8M (CAD) equity financing to begin mine implementation. The Company has purchased all required surface rights and is in process to establish site infrastructure. An EPCM firm has been appointed to complete detailed designs and, with final detailed permits expected shortly, Platinum Group will start excavations for underground development.
R. Michael Jones,President and CEO of Platinum Group, said:
“AJ Ali is a key addition to our team. The ability to harness his wealth of knowledge, experience and global relationships will give Platinum Group’s management team the ability to negotiate the best possible terms as we complete the overall Project Finance package. At the same time as the banking process is proceeding we will be advancing the project with our funded equity investment into underground development. All of this is happening at a very positive and pivotal time in the Platinum supply demand market.”