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.