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Article: South Africa : Scarce funding to stall Wesizwe Platinum project.
- Article from:
- TendersInfo
- Article date:
- October 3, 2009
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Scarce finance would delay the start of Wesizwe Platinum's core project, the Frischgewaagd-Ledig platinum mine in Pilanesberg, but the company insisted yesterday that it remained healthy and the project was "strong".
Limited financing options prompted Wesizwe to announce last year that it would proceed with the R5.7 billion project in phases. But the latest decision to defer construction was taken at a board meeting last week, Wesizwe said, as it announced a first-half headline loss of 2.56c a share.
The mining junior has no mines from which to generate income.
Chief executive Michael Solomon said funding options for the 350 000 ounce a year ...