JOGMEC Participates in South African Exploration Project with PGM

Japan Oil, Gas & Metals National Corporation (JOGMEC), an incorporated administrative agency to assist upstream activities for mineral resources and energies, announced on Friday the agency concluded a cooperative exploration contract with Platinum Group Metals (PGM), Canada based mining company, to explore platinum, nickel and copper in Waterberg area of South African Republic. The cooperative exploration has already started.

Waterberg mining area is 137 square kilometers. PGM holds 100% equity of the area at present. Characteristics of deposits are found by airborne geophysics. JOGMEC and Mnombo Wethu Consultants CC, South African investing agency, concluded a farm-in contract with PGM to acquire equity of the project by investing exploration expenditure. JOGMEC will invest US$ 3.2 million and get 37% equity during next 4 years.