Local miner Wesizwe Platinum believes future still looks bright for platinum sector WESIZWE Platinum on Monday secured a $650m loan from China Development Bank to build its Bakubung mine despite the turmoil in the South African platinum mining sector.The funding for Wesizwe was part of a deal struck when a consortium of Chinese investors agreed in 2010 to an $877m investment to acquire a stake in the company.The Chinese consortium comprises Jinchuan Group — China’s largest nickel and platinum group metal producer — and China-Africa Development Fund. Jianke Gao, a former senior Jinchuan employee, is CEO of Wesizwe.The credit committee of the China Development Bank has approved the $650m loan central to the transaction."Given all the chaos in the sector subsequent to that transaction, we are heartened that they have come through and expressed support for the project and the Wesizwe development plan," Wesizwe chief operating officer Paul Smith said on Monday.The finalisation of the fun...
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