SRK to review Waterberg platinum project DFS, planning progresses
TSX- and NYSE-listed Platinum Group Metals (PTM) will, this month, submit its definitive feasibility study (DFS) for the Waterberg project for a peer review by engineering firm SRK Consulting, before publishing it before the end of the third quarter.
The company has also filed a mining right application and an application for an environmental authorisation, following successful stakeholder consultations.
Meanwhile, PTM has started detailed infrastructure planning for the Waterberg platinum and palladium project, in South Africa’s Limpopo province.
Detailed hydrological work has indicated that there is sufficient groundwater resources for both the project and to improve water accessibility to local communities. The Waterberg Joint Venture (JV) and the local Capricorn municipality are advancing plans for the development of water resources.
The establishment of servitudes for power line routes and detailed planning and permitting for an Eskom electrical service to the project are also advancing well. The company said community consultation on power line routes and the completion of an environmental-impact assessment are progressing.
PTM holds 50% of the Waterberg JV, while Impala Platinum owns 15%, Hanwa 9.7% and Japan Oil, Gas and Metals National Corporation (Jogmec) 12.1%. The balance is held by empowerment partner Mnombo Wethu Consultants.
Within 90 days of the completion and approval of the DFS by the Waterberg JV, Implats may elect to increase its stake in the project to 50.01% by additional share purchases from Jogmec for $34.8-million and a commitment to spend $130-million for development of the project.
In an independent prefeasibility study (PFS) announced by PTM in October 2016 for the Waterberg project, a 744 000 oz/y platinum, palladium, rhodium and gold mine with an 18-year mine life was modelled. The PFS envisaged the project producing a flotation concentrate from a processing plant. The concentrate will be sold or toll-treated for the South African market.
The PFS estimated that Waterberg could produce 472 000 oz/y of palladium.
Total expenditures on the Waterberg project, before partner reimbursements, for the nine months ended May 31 were about $6.4-million, compared with $5.7-million for the nine months ended May 2018. Total expenditures by all parties on the property since inception are about $68-million.
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