(HERALD) SA firm plans to develop platinum mines in Zim
SA firm plans to develop platinum mines in ZimBy John Kachembere
SOUTH African mining group, Kameni has mulled plans to develop new platinum mines in Zimbabwe and South Africa.
According to a report released this month, Zimbabwe, which has the second largest reserves of platinum after South Africa, is forecast to lift platinum output this year.
Company chief executive Mr Stephen Gorven said Kameni would be funded initially through seed capital of R500 million intended to take the two projects through to the bankable feasibility stage over the next 12 to 18 months.
"Plans are then to raise another R2 billion ahead of a listing on the JSE which will raise around R5 billion to complete the construction of the two mines," he said in a statement.
Kameni’s projects in Zimbabwe and South Africa contain a total resource of some 90 million ounces of platinum group metals (PGM) and plans are to build mines each capable of producing 400 000oz of PGM annually.
Kameni’s project in Zimbabwe has so far put together a resource of 10 million oz of PGM for its Bougai project but has put in offers on surrounding properties, which will increase this to 30 million oz.
The ground secured so far used to belong to Anglo Platinum’s Unki project but was surrendered in terms of Zimbabwe’s indigenisation policy.
Mr Gorven said, "we went in the front door working through the local mining commissioner to peg ground that became available.
"We’ve had a legal due diligence done on the validity of the claims and our acquisition at Bougai is squeaky clean. It has to be because we will be raising funds on the basis of holding that ground."
The ground also contains extensive chrome resources and plans are to develop two mines — one producing 400 000oz of PGM annually and a second producing 1,2m tonnes of chrome annually. Platinum was discovered in Zimbabwe’s Great Dyke in 1925, but early attempts at mining were unsuccessful. and it is only in recent years that platinum production has reached significant levels.
Currently Zimplats, Mimosa and Unki are the major platinum mining companies in the country.
Labels: MINING, PLATINUM, ZIMBABWE
posted by MrK @ 10:20 PM
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