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 contractor for Philanesberg Platinum Mine
Platmin Limited ( TSX/AIM: PPN), South Africa's next Platinum Group Metals (PGM's) producer, said that it had appointed MCC Contracts as its contract mining company for open-cast mining at its Pilanesberg Platinum Mine in South Africa. The contract will run for the first six years of the mine life, and it worth US$596 million. The Pilanesberg Platinum Mine is anticipated to begin production in early 2009 at and scale up to full production by mid 2009. At full production, the mine will be producing some 250,000 ounces of PGM's and gold.
Platmin CEO Ian Watson commented, 'I am very pleased to welcome the MCC team to our Pilanesberg project as they bring vast experience on open-cast PGM mining in Southern Africa and have managed to secure critical mining fleet early on in the project. With this major contract in place we are now better placed to predict our operating costs for the project and progress to production with greater cost certainty. Fortunately being an open-cast mining project these costs have not been directly affected by the recent Eskom power cost increases. The Board is confident that this project will be amongst the lowest cost producers within the South African platinum industry.'
Terry Holohan, Platmin COO, said earlier today 'The project is firmly on track to meet our production timetables as outlined in our BFS. The plant construction is on schedule and on budget with over 85% of the capital cost of ZAR 1.6bn committed. It should also be noted that over the past year PGM prices have seen dramatic increases from the base case presented in the BFS, which was justified on a long term platinum price of US$ 951 per ounce. Current prices are over US$ 2 000 per ounce as a basket of 3PGE+Au. In addition, the metal payabilities achieved in the off-take contract with our custom smelter are significantly higher than those in the base case presented in the BFS.'
Platmin is an explorer and emerging PGM producer whose four key projects host mineral resources and reserves: Pilanesberg, Mphahlele, Grootboom and Loskop. The Pilanesberg Project is under construction with production of PGM concentrate expected in 2009. All of Platmin's projects are located in the Bushveld Complex of South Africa, which is estimated to contain approximately 90% of global platinum mineral resources.
Other Platmin articles
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26/03/08 Platmin’s labour pains begin!
Other Platmin news
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19/08/08 Platmin boosts exploration team
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30/06/08 Platmin signs off take agreement for Pilanesberg PGM mine
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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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19/02/08 Platmin secures mining right for Pilanesberg
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22/01/08 Platmin appoints Manager of Mining