South Africa's Wesizwe Platinum will look at consolidation with neighbouring mines as it aims for full production at its new mine by 2021, its chief executive said on Thursday.
The company is currently developing its new Frischgewaagd-Ledig mine, which is expected to eventually produce 350,000 ounces a year in platinum group metals (PGMs).
The project is partly financed by China's Jinchuan Group Ltd (JNMC), which gives resource-hungry China access to South Africa's coveted platinum industry.
The conclusion of the transaction gives platform to talk about consolidation more aggressively. There are opportunities for consolidation and it will ultimately happen, Arthur Mashiatshidi told journalists.
He added that the mine is expected to hit full production by 2021, from the earlier estimated timeline of having full output 2020.
Wesizwe plans to finance the project together with JNMC, the China-Africa Development Fund (CADFund) and Micawber, a special purpose vehicle owned by an empowerment trust that was formed to boost black participation in Wesizwe.
As part of the deal, the Chinese consortium would take a 45 percent stake in Wesizwe and Micawber 6 percent.