Japan to Obtain Rights to Platinum in Africa
Source: AFP (10/9/09)
"Japan has in recent years worked to strengthen ties with African countries to ensure. . .resources, including precious metals."
The government-backed Japan Oil, Gas and Metals National Corp. (JOGMEC) has signed a contract with Discovery Metals in Australia to jointly develop nickel and platinum mines in northeast Botswana, it said in a statement.
It has inked another deal with Canadian firm Platinum Group Metals to explore for platinum in South Africa.
It will pay 3 million Australian dollars (2.7 million U.S. dollars) to Discovery Metals over three years for exploration costs, in return for 60% of the rights to the metals.
JOGMEC will pay 3.2 million U.S. dollars to Platinum Group Metals over four years for a 37% share, it said in a statement.
Japan has in recent years worked to strengthen ties with African countries to ensure supplies of resources, including precious metals.