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Ivanplats has applied for a mining licence with South Africa’s Department of Mineral Resources to establish a platinum mine in the country
Robert Friedland, owner of Ivanplats, said that an empowerment partner will acquire 26 per cent stake in the Platreef project through a trust fund incorporated in South Africa and will be represented by locals.
The platinum project by Ivanplats is set to be its first large inflow of foreign capital in the country in recent years, company sources added.
Friedland did not, however, talk about the capital required and how the trusts would repay Ivanplats.
Drilling is expected to commence imminently, industry sources said.
The Toronto-listed company currently has three other key projects in Africa, including the Platreef deposit on the northern part of the Bushveld Igneous Complex, South Africa.
The other two projects - based in DR Congo - include an unused Kipushi zinc and copper mine and the Kamoa copper exploration project.