WESIZWE Platinum has a depreciating asset on its books that it would appear it is struggling to sell.The asset is a 17.1% stake in Maseve Investments, the company owned and operated by Canada’s Platinum Group Metals, which is building a platinum mine near Wesizwe’s Bakubung mine.Wesizwe, which is 45%-owned by the China Africa Development Fund and Jinchuan, was the empowerment partner in the Maseve project and the sale of the stake has put Platinum Group Metals in a difficult position.The reluctance of Wesizwe to be involved in Maseve came to a head in October 2013, when it declined to fund R213m due to Maseve for its 26% stake in the company and contribute towards the construction of a mine.In an arbitration hearing, it was ruled that Wesizwe’s stake would drop to 21% and then to 17.1% after it again declined to stump up a further R234m towards the project.Platinum Group Metals has subsequently produced its first concentrate from the shallow underground mine last month — long before...
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