https://www.miningweekly.com

PTM successfully moves to new Maseve operating plan

31st July 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – TSX- and NYSE-listed Platinum Group Metals (PTM) has concluded contractor terminations and consultations with labour unions as it revamped the operating plan for the Maseve platinum mine.

PTM has successfully lowered its cost structure to align with a reduced production ramp-up profile after transitioning the operation to a more hybrid mining method with a smaller labour force.

“All major contracts and union agreements have been settled and agreed promptly, in line with the company's budgeted plan,” the company said in an update to shareholders on Monday.

This allowed for detailed manpower planning for the new mine plan going forward, with changes being made to the management and supervision of the mine, with a focus on near-term performance.

“Details of the new mine plan are in final preparation in consultation with the continuing mining contractor, Redpath South Africa,” PTM added.

The company will provide a revised production guidance within the next few months.

With a restructure cost of some $15-million to $20-million, PTM is also exploring further debt, the sale of assets or equity as methods of financing.

JSE-listed Royal Bafokeng Platinum on Friday said it had made a conditional nonbinding expression of interest for a “possible transaction” surrounding the Maseve business.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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