No sharing of concentrator between Wesizwe, Canada’s PTM
THE sharing of a concentrator between Canada’s Platinum Group Metals (PTM) and Wesizwe Platinum is not going to happen, PTM CEO Mike Jones has said.
Both miners are building mines south of the Pilanesberg nature reserve and they had talked about the possibility of sharing a concentrator as a way to trim their capital budgets.
"We came up with some good engineering studies and we didn’t get any response from Wesizwe on acting on those, so we’ve gone ahead with our own mill design and ordering," Mr Jones said. "We’re building our own concentrator.
"We are still working together on synergies for power, water, training and security. Right at a time when the South African platinum industry is under a lot of challenges, we, in January this year, closed a $180m equity financing to invest here. This follows the credit approval of a $260m loan package.
"Some of the investors are some of the biggest and best mining funds in the world. Notwithstanding the challenges in South Africa, the message is that it’s very much open for business and that smart, long-term money is here."
Wesizwe’s website describes its Bakubung platinum mine in the Waterberg as its core project. It is north of Maseve’s Project 1, which is 74% owned by PTM and 26% by Wesizwe.
"The objective of that Waterberg project is to have another updated resources (report), including the shallower portions, by July this year," Mr Jones said.
"We’ve already started a preliminary economic assessment of the mine design and metallurgical tests are under way."
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