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Mining junior Pan African Resources, which harbours midtier ambitions, reports that the reserve at its Phoenix platinum project, in the North West, has been increased by 15,8%, to 469 000 oz of platinum, palladium, rhodium and gold, or four-element platinum-group metals (4E PGM).
Consulting engineering company Metallicon Process Consulting was appointed by Pan African to validate and verify all procedures relating to the resource estimate. The estimation process was carried out through a drilling, sampling and assaying programme that underpins the resource calculation.
Pan African CEO Jan Nelson reports that the increase in the total resources, assuming a 50% recovery and a production rate of 15 000 4E PGM ounces a year, extends the life of the project from 13 years to 16 years.
“In addition, the drilling programme underpins the high quality of the asset, and will further enhance the operating margin of the project and increase the value to Pan African’s bottom line,” says Nelson.
This has led the company to accelerate the advancement of a number of associated infrastructure projects.
In February, Pan African concluded an exclusivity agreement with International Ferro Metals South Africa (IFMSA) that sets out the terms and conditions under which Pan African may construct a chromite tailings retreatment plant (CTRP) on the neighbouring IFMSA property.
The site position for the CTRP was agreed in March and the detailed engineering design of the plant is ahead of schedule. Construction is expected to start during the first quarter of 2011, while first production is planned for September 2011.
