The R10.69 billion project, which involves a Chinese investor consortium made up of Jinchuan and China Africa Development Fund (CADFund) holding a 45% interest in the company, was showcased as a tangible example of a successful BRICS strategic partnership in action.
BRICS refers to the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
Wesizwe officially launched the Bakubung Platinum Mine development project on 4 July 2011. The mine will comprise of an underground mine with a twin vertical shaft system - a main shaft and a ventilation shaft which will also function as the second escape route - and a process plant.
Speaking at the 2nd Annual North West BRICS Expo International Investment and Tourism Conference gala dinner in Mahikeng on Friday evening, WeSizwe Platinum Executive for Corporate Affairs and Investor Relations, Hamlet Morule, said the structuring of successful Chinese South African strategic mining partnerships and the harnessing of specialist mining expertise and practices from both China and South African mining sectors were some of the valuable lessons that could be learnt from the project.
Morule said an optimisation study conducted by WeSizwe's management team made up of both Chinese mining industry expertise and highly experienced South African mining industry and corporate executives had resulted in 26 month reduction in time to full production of 250ktpm by October 2020 instead of December 2022.
North West MEC for Economic Development, Environment, Conservation and Tourism, Motlalepula Rosho, said: "We must always remember that economic prosperity, sustainable development, as well as enhanced trade and investment opportunities are inextricably linked and depended on each other."
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