https://www.miningweekly.com

Wesizwe’s flagship Bakubung mine still on target

Wesizwe’s flagship Bakubung mine still on target

Photo by Duane Daws

30th March 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Platinum miner Wesizwe Platinum remains within its targeted concentrate production output and project construction costs budget for its flagship Bakubung project, in Rustenburg.

Reporting on its 2015 financial year performance, the Chinese-backed company said that, during the year to December, the main and ventilation shafts were completed as scheduled at 825 m and 810 m respectively.

Further, services projects on site were on schedule, with an additional 20 MWa secured for the phase one power supply for the commissioning of the shafts and 1.5-million-litres-a-day capacity had been commissioned for permanent water supply to the mine.

With a number of milestones under its belt during the 12 months under review, Wesizwe had started the process of enquiry for the engineering, procurement and construction management and front-end engineering for the process plant.

“The updated feasibility study of the Bakubung project was tested by the auditors for an impairment assessment and still continues to yield very encouraging results,” the company added.

The plant was expected to be commissioned in the third quarter of 2019.

The Bakubung mine would reach full production late in 2020 – two-and-a-half years ahead of schedule – with an initial 230 000 t/m production rate planned for October 2020.

Wesizwe also increased its capital commitments for the next 12 months to R465-million, up from R430.1-million in 2014.

Meanwhile, Wesizwe posted a loss for the year under review of R557-million, compared with the loss of R263-million recorded in 2014.

The group’s headline loss a share widened from 0.66c in 2014 to 27.56c in 2015, while the basic loss a share plunged to 34.20c in the year under review, compared with the loss of 16.17c posted in the prior year.

No dividend was declared for the period.

Wesizwe reported cash on hand of R1.4-billion as at December 31, 2015.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.06 1.13s - 110pq - 2rq
Subscribe Now