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WESIZWE PLATINUM LIMITED - Voluntary announcement: confirmation of us$650 million loan from the china development bank

Release Date: 21/01/2013 17:45
Code(s): WEZ     PDF:  
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Voluntary announcement: confirmation of us$650 million loan from the china development bank

WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2003/020161/06)
JSE code: WEZ ISIN: ZAE000075859
(the "Company" or "Wesizwe")

VOLUNTARY ANNOUNCEMENT: CONFIRMATION OF US$650 MILLION LOAN FROM
THE CHINA DEVELOPMENT BANK FOR ITS BAKUBUNG PLATINUM MINE PROJECT

Wesizwe Platinum Limited is pleased to announce that the credit
committee of the China Development Bank (CDB) has approved the
US$650 million loan for the development of the Bakubung Platinum
Mine project in November 2012. As part of the loan agreement, CDB
and Wesizwe have signed two separate US$100 million short-term
loan contracts in December 2012, which will be refunded by part of
the US$650 million long-term loan, but are separate loan
agreements. One US$100 million loan was put in place in December
2012 and the other US$100 million will be in place once the long-
term loan US$650 million precedent conditions have been finalised,
including the contract and account agreement.          

Wesizwe is commencing the negotiation process on the contracts in the 
coming weeks and the process will be finalised by end of February this
year.   The above funding arrangements are in accordance with the
terms and conditions of investment entered into between Wesizwe
and China-Africa Jinchuan Investments (Pty) Ltd, agreed to in
terms of the subscription agreement signed between the parties in
May 2011.

Wesizwe’s Bakubung Platinum Mine project, located in the Western
Limb of the Bushveld Complex close to the town of Rustenburg, is
progressing well and remains on budget and on schedule.       
Main commissioning of the mine is scheduled for 2018 and full
production is anticipated in 2023. The project is already
benefitting local people in the neighbouring Ledig area, with the
project having achieved a local employment percentage of 30.21%.
In addition, a programme of specialist training and development
initiatives to support the future employment needs of the mine has
been implemented, including a new, accredited Rock Drill Operator
Academy which took in the first local recruits in November last
year, aimed at developing a new essential mining skills training
resource for the future.

Speaking on the announcement of the funding confirmation for
Bakubung Platinum Mine, Mr Jianke Gao, Chief Executive Officer of
Wesizwe, said:
“The confirmation of our new funding arrangements for our flagship
project represents the first of several important milestones to be
reached and announced this year and demonstrates the level of
confidence in the project, and in the future of the South African
mining industry, on the part of our Chinese shareholders. This is
good news for Wesizwe and sends a positive signal to the industry
as a whole during what is currently a challenging period of time”.

For more information, or to arrange an interview, contact:
Mr Hamlet Morule
Executive: Corporate Affairs and Investor Relations
Wesizwe Platinum Limited
Telephone: 011 994 4600
Email: Hamlet@wesizwe.com
www.wesizwe.com

Johannesburg
21 January 2012

Sponsor:
PSG Capital Proprietary Limited

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