Platinum Group Metals Announces $110 Million Mine Financing Deal

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After confirming an extension of its Waterberg, South Africa, deposit on Friday, Platinum Group Metals announced Tuesday afternoon that it has secured $110-million in bought-deal financing.

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Platinum Group has also executed a term sheet for a $40-million senior secured operating loan facility with Sprott Resource Lending Partnership. Proceeds from the agreements will fund the completion of its Western Bushveld Joint Venture (WBJV) Project 1 platinum mine there.

Decreasing 2.4% made Japanese palladium bar the biggest mover of the day, finishing at JPY 3,158 ($26.17) per gram on Tuesday, December 9. The price of US palladium bar flattened at $798.00 after two days of improvement. The price of Chinese palladium bar remained essentially flat at CNY 177.00 ($28.67) per gram.

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Japanese platinum bar finished the day down 0.9% to JPY 4,735 ($39.24) per gram. Chinese platinum bar saw its price rise 0.4% to CNY 260.00 ($42.11) per gram. US platinum bar held its value yesterday at $1,228 per ounce.

At CNY 239.30 ($38.76), the price of Chinese gold bullion finished the market day up 1.2% per gram. Following a two-day drop, the price of US gold bullion increased by 0.9% to $1,204 per ounce. The price of Japanese gold bullion fell 0.5% to JPY 4,636 ($38.42) per gram. The price of Indian gold bullion declined 0.5% to INR 26,609 ($430.25) per 10 grams.

Indian silver closed 1.7% lower at INR 37,337 ($603.72) per kilogram. After a 0.6% increase, US silver finished the day at $16.38 per ounce. At JPY 629.00 ($5.21) per 10 grams, Japanese silver fell 0.2% on Tuesday. Chinese silver prices saw a 0.1% decline to CNY 3,480 ($563.61) per kilogram.

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