JOHANNESBURG (miningweekly.com) – Embattled junior miner Bauba Platinum has had a strong start to the calendar year since resuming production at its Moeijelijk mine, selling around 20 000 t of free-on-truck (FoT) chrome, for R79-million in the first two months.
In its results for the six months to December 31, the company noted that its outlook for the year ahead was promising, capitalising on favourable chrome ore prices and owing to it having been contracted to sell a further 10 000 t of chrome ore from February’s production at a FoT price of R3 187/t.
This will generate an estimated R31.9-million in sales.
“Our opencast production target for the six-month period to June 30 remains unchanged at 105 000 t,” it stated.
Meanwhile, the company noted that its underground mine plans were well advanced and first development was planned to start at the end of this month, building up to a stable monthly production of 30 000 t of chrome by the end of the 2018 financial year.
Estimated capital expenditure for the development of the underground mine stood at R24.5-million.
Bauba reported a loss a share of 1.50c for the interim period.