Platinum Group Metals Pushing Forward After Funding Debacle

The Globe and Mail reported that although Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) has faced some setbacks — most recently, one of its partners pulled out of funding its $506-million platinum project — it has not yet stopped work at the project, which is located in South Africa.

As quoted in the market news:

Platinum Group president Michael Jones says his company will try to find new financing to push ahead with its mine in the western limb of the Bushveld complex in South Africa, despite the loss of $21.8-million in planned funding from its partner, Wesizwe Platinum, which holds 26 per cent of the project.

Platinum Group has warned that it might have to delay or halt the project. But in the meantime it still has $90-million in cash, enough to continue construction of the mine, where about 1,000 workers are still employed in the construction phase. ‘As of this time, we haven’t stopped the work,’ Mr. Jones said in an interview.

Click here to read the full report from The Globe and Mail.