Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – Platinum Group Metals (PTM) this week tabled its timeline for the delivery of the Waterberg Joint Venture (JV) project, located within the Bushveld Igneous Complex, indicating that production would likely start in 2018.
Following the conclusion in March of a preliminary economic assessment, which indicated “robust economics”, the group aimed to spend the remainder of 2014 completing a prefeasibility study on the proposed project.
The R100-million study would include additional exploration drilling, geological modelling, metallurgical testwork, an environmental-impact assessment, permitting and improving the business case, besides others.
By 2015, the TSX- and NYSE-listed exploration group, which hiked the estimated inferred mineral resources of its 49.9%-owned deposit to 29-million ounces of platinum, palladium, rhodium and gold in June, aimed to file a mining right application and embark on a feasibility study.
Project construction was set to start in 2015, with first production in 2018.
The project was expected to cost about R11.8-billion to full production of 600 000 t/m by 2020, while sustaining capital was expected to reach R6-billion.
The Japan Oil, Gas and Metals National Corporation holds a 37% interest and private empowerment partner Mnombo Wethu Consultants a 26% stake in the project.