Platinum Group Metals Ltd. announced on November 26, 2024, the execution of a Memorandum of Understanding (MOU) with Ajlan & Bros Company for Mining and the Ministry of Investment of Saudi Arabia (MISA). This MOU is part of Saudi Arabia's Global Supply Chain Resilience Initiative.
The agreement focuses on the potential establishment of a platinum group metals smelter and base metal refinery in Saudi Arabia. MISA will offer strategic guidance and study potential financial support for both the proposed facilities and the Waterberg Project in South Africa.
This MOU aligns with the existing Cooperation Agreement between Platinum Group and Ajlan, reinforcing the strategic intent to develop downstream processing capabilities and support Saudi Arabia's Vision 2030 to diversify its economy.
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