PTM files preliminary economic assessment for Waterberg play
JOHANNESBURG (miningweekly.com) – Toronto- and New York-listed platinum explorer Platinum Group Metals (PTM) on Thursday filed a preliminary economic assessment (PEA) on the company's Waterberg joint venture (JV) project, located in the northern limb of the Bushveld Complex.
The report, which was released last month, confirmed the feasibility of an operation with steady-state production capability of 655 000 oz/y of platinum, palladium and gold, requiring a two-year construction period, from 2016 to 2018, at peak funding of R8.85-billion.
The project would now advance to the prefeasibility stage, which would assess the major risks of the project, develop smelting plans, determine water and power delivery mechanisms and complete geotechnical work for the mine design.
PTM president Michael Jones said in statement that the PEA identified the Waterberg project as an “exceptional opportunity” for the shallow production of safe, low-cost platinum, palladium and gold by fully mechanised mining methods using multiple decline access ramps.
“The planned 655 000 oz steady-state production is significant in the global market for platinum group elements. The peak funding estimate is modest compared with the opportunity for large-scale participation in the platinum and palladium markets.
“In addition, we see significant opportunity to expand the project's resources and to optimise it in the prefeasibility study,” he commented.
PTM holds a 49% effective interest in the Waterberg play, while the Japan Oil, Gas and Metals National Corporation holds a 37% interest.
Empowerment partner Mnombo Wethu Consultants holds the balance of the JV.
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