JOHANNESBURG (miningweekly.com) - A sod-turning ceremony was held on Thursday to mark the start of development at the R10,3-billion Styldrift project.

The project is a 50:50 joint venture between world number-one platinum producer, Anglo Platinum (Angloplat) and Royal Bafokeng Holdings (RBH).

Speaking at the sod-turning event, Angloplat CEO Neville Nicolau said that the project would boost the company’s production profile.

The project would double the Bafokeng Rasimone platinum mine’s current production profile from 220 000 oz/y to 450 000 oz/y.

With an estimated reserve of 68-million tons, the project was anticipated to yield about 5,4-million ounces over its 27-year life-of-mine.

RBH CEO Niall Carroll said that the company was looking forward to starting the project, which would provide a significant number of sustainable job opportunities for Royal Bafokeng, as well as the greater community.

The project was expected to create up to 4 000 jobs by 2035.

Shaft sinking for the Styldrift project would start in 2009, with development and ramp up in 2013. Steady state production of platinum would be reached by 2015.

The capital expenditure for the mine would be apportioned equally shared between the two parties, and would be repaid over an eight-year period between 2008 and 2016.