Eastplats moves to secure funding for underground mining restart at CRM
TSX- and JSE-listed Eastern Platinum has filed a technical report on the Crocodile River Mine (CRM), in South Africa’s North West province, stipulating the restart of underground mining at the Zandfontein section of the mine.
The Zandfontein section, which has a measured and indicated resource of 3.9-million ounces of platinum, palladium, rhodium and gold (4E), was placed under care and maintenance in 2013.
Coupled with the other sections of the mine, CRM’s measured and indicated mineral resource for underground stands at 8.49-million ounces.
The technical report envisions a hybrid mining method for the Zandfontein section, considering the complex geology of the orebody. The section will function as a standalone underground operation at the mine, including the remining and processing of a tailings storage facility (TSF).
The operation has a capital cost requirement of $21-million, with a total all-in cost of $1 537/oz per 4E ounce during operation. The operation has a net present value of about $188-million, excluding the TSF, and $202-million including the TSF.
The company confirms it will embark on securing the required funding to get the Zandfontein underground mining restarted this year.
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