Wesizwe needs Chinese approval to secure Bakubung funding
JSE-listed platinum mine developer Wesizwe announced on Wednesday that its funding application for the Bakubung project required approval from the China National Development and Reform Committee (NDRC).
The company said it was working with its consortium majority shareholders Jinchuan Hong Kong and Jinchuan Group to finalise the updated funding application report for the Bakubung project and that it expected completing this process by the end of June 2025.
Wesizwe's majority shareholder has made loan advances of $90.75-million to it for the Bakubung project since the company's previous update statement in October. This was in line with its commitment to support the company financially, Wesizwe said.
Wesizwe's Chinese consortium majority shareholder includes Jinchuan Mining and the China-Africa Development Fund.
"The majority shareholder has reaffirmed their commitment to providing financial support to Wesizwe to meet its financial obligations. This includes extending the loans totalling $156-million that expired in December 2024 by three years to December 2027," it added.
Wesizwe’s board expressed confidence that, with the continued support from its majority shareholders and the anticipated NDRC approval, the company would secure the required funding to meet its financial obligations and achieve the operational completion of the Bakubung project.
Previously, in its '14 October 2024 – Going Concern Update', Wesizwe reported that auditors could not conclude the company’s interim results due to missing agreements from
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