Modern Mining

Platinum Group Metals, listed on the TSX and NYSE American, has announced that Impala Platinum Holdings Ltd (Implats) has entered into definitive agreements with Platinum Group, the Japan Oil, Gas and Metals National Corporation (JOGMEC), Mnombo Wethu Consultants, and Waterberg JV Resources Proprietary Ltd. These will see Implats, subject to Reserve Bank approval and other closing conditions, immediately purchasing a 15,0 % interest in the Waterberg PGE project for US$30,0 million.

Implats will have the option to increase its stake to 50,01 % through additional purchases and earn-in arrangements totalling US$166,0 million following the completion of a Definitive Feasibility Study (DFS) and have a right of first refusal to smelt and refine Waterberg concentrate.

According to Platinum Group, the Waterberg project, located in Limpopo Province, has a number of highly attractive characteristics as a low-cost, shallow, bulk mineable project with significant scale and growth potential.

R. Michael Jones, CEO of Platinum Group, said, “We are extremely excited about the participation of Implats in the Waterberg project. Implats will be fully involved in the Waterberg DFS and the fully integrated nature of Implats’ business also offers a clear potential roadmap to market for Waterberg production. It is very satisfying to see the Waterberg discovery recognised and advanced by Implats.”

Current Platinum Group Element (PGE) probable reserves at the Waterberg project are 12,3 million ounces, comprising 61 % palladium, 30 % platinum, 8 % gold and 1 % rhodium plus 191 and 333 million pounds of copper and nickel respectively. Much of the Waterberg project area remains to be drilled and assessed. The Waterberg deposit remains open down dip and along strike.

Following a technical review of the October, 2016 Pre-Feasibility Study (PFS) and DFS scope documentation, along with tendering documents, Implats, JOGMEC, Mnombo and Platinum Group (as operator of the Waterberg project ) have agreed to the detailed scope of work for the DFS.

The DFS will investigate two options – a 600 000 tonne per month mine (744 000 ounces PGEs per year) as outlined in the PFS, and a second lower capital option at 250 000 to 350 000 tonnes per month. The selection of the DFS team has also been agreed and tenders will be confirmed for the engineering groups following the closing of the initial purchase.

Contact Modern Mining

Title: Editor
Name: Arthur Tassell
Email: mining@crown.co.za
Phone: +27 11 622-4770
Fax: +27 11 615-6108

Title: Advertising Manager
Name: Bennie Venter
Email: benniev@crown.co.za
Phone: +27 11 622-4770
Fax: +27 11 615-6108

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