Japan's JOGMEC inks 3rd S.Africa platinum exploration deal

TOKYO (Reuters) - Japan Oil, Gas and Metals National Corp (JOGMEC) has signed its third deal in a year for joint exploration for platinum in South Africa, as the country seeks to secure supplies of the precious metal.

JOGMEC will pay $3.5 million over four years in a contract with Stellex Platinum Pty Ltd of South Africa and three of its related firms for obtaining a 35 percent stake in any project if mining is feasible, the state-affiliated firm said on Wednesday.

The exploration area is located on the Stella layered intrusion, about 300 km west of Johannesburg, which JOGMEC sees as promising as the Bushveld complex, where the company has already agreed to explore platinum in two joint venture projects since March 2009.

Similar to China and South Korea, Japan has a medium-term policy target to secure stable supply of metals, including platinum, crucial for Japan's high-tech and auto manufacturers.

"A fair wind blows in particular after the credit crisis). Exploration companies, many based in Canada and Australia, are having a hard time to find financial assistance to do their business," a JOGMEC spokesman said.

Stellex is a joint venture between a South African company and a unit of Platinum Australia Ltd, a Perth-based exploration company that operates the Smokey Hills platinum mine located on the Bushveld complex.