Platmin
Platmin (PPN:TSX, AIM) is incorporated in Canada as a mineral exploration company focused on the exploration and development platinum group metal (PGM) deposits in South Africa. Platmin is admitted to trading on the AIM Market of the London Stock Exchange Plc and the TSX.
Platmin aims to be a significant producer of PGMs through the development and operation of four key projects in South Africaís renowned Bushveld Complex - Pilanesberg, MíPhatlele, Grootboom and Loskop.
The potent combination of Platmin's experienced team and its high-quality PGM projects, which present near-term production, development and growth potential, position the company to become an important independent producer of PGMs over the next few years.
Platmin secures mining right for Pilanesberg
Platmin Limited ( TSX/AIM: PPN ) confirmed that it had received its mining right from the South African Department of Minerals and Energy over 85% of four properties in the Pilanesberg Project area. With its mining permit now firmly in place, Platmin also reiterated its goal of commissioning the mine in the first quarter of 2009, with initial waste stripping at the Tuschenkomst open pit expected to begin in March this year with ore mining commencing in the final quarter of 2008.
In light of the recent worries over South African power supplies, the Company also confirmed that state utility Eskom had approved and confirmed the provision of 40 MVA of electrical power supply.
Platmin's CEO, Ian Watson said:
"Platmin is in the enviable position in that it's Tuschenkomst and Ruighoek deposits will be mined in two open pit mines and accordingly, mine production will not be affected by potential power supply interruptions. Platmin remains on track for first production at Pilanesberg in the first quarter of calendar 2009."
Pilanesberg has a Proven and Probable PGE Mineral Reserves totalling 4.4 million ounces of 3PGEs + Au (3.2 million ounces attributable to Platmin) and is expected to produce 250,000 ounces of 3PGE's + Au per annum for 16 years.
Executive Deputy Chairman Keith Liddell said:
"Granting of the Mining Right for our Pilanesberg project is an important milestone in Platmin's transition from PGM explorer to developer and producer of 250,000 oz 3PGE + Au annually. Orders were placed for all long lead items prior to granting of the Mining Right with suppliers on track for delivery of critical path items including; mills, electrical transformers, crushers and flotation cells."
Other Platmin articles
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16/12/08 Re-jigged finances administer the kiss of life to Platmin
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26/03/08 Platmin’s labour pains begin!
Other Platmin news
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11/11/08 Platmin names Minopex treatment plant manager for Pilanesberg open-cast project
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07/05/08 Platmin secures power supply for PGM mine
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04/03/08 Platmin fast tracks Mphahlele feasibility study
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22/01/08 Platmin appoints Manager of Mining