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(TALKZIMBABWE) New platinum mining venture unveiled for Zim

New platinum mining venture unveiled for Zim
Zim Guardian/Mining Weekly
Thu, 04 Dec 2008 23:28:00 +0000

A NEW platinum and chrome mining venture has been unveiled in Zimbabwe by South African mining entrepreneur, Loucas Pouroulis.

Pouroulis, the former chairman and a shareholder of Eland Platinum Holdings Ltd., which was last year bought by Xstrata Plc for 7.5 billion rand, through his new company, Kameni Limited, has secured a platinum group-metal (PGMs) property in the Great Dyke basin in Zimbabwe.

The site has potential resources of between ten-million ounces and 20-million ounces of PGMs.

Chrome production in Zimbabwe could start as soon as six months after construction of the mine begins, according to Pouroulis.

A report by Bloomberg.com revealed that the company is also in talks with parties it did not identify to acquire additional rights in Zimbabwe. This move is said to be in anticipation that things will improve significantly in the next few years.

The Chief Executive Officer of Kameni in South Africa, Stephen Gorven, was quoted as saying, “Zimbabwe is going to turn around in the near term” adding that there are plans to raise 6.5 billion rand ($637 million) and list its shares on the Johannesburg stock exchange by mid-2010 to fund platinum and chrome mines in South Africa and Zimbabwe.

The Zimbabwean operation, dubbed Bougai, would operate with a separate opencast PGMs and chrome mines to start, and would eventually move to underground operations.

Drilling would start in January next year, with 102 drill holes running at Bougai. Gorven said the exploration would be undertaken on an aggressive timeline, and Bougai’s exploration would be completed within six months.

Within six months of the drilling programmes being undertaken, plant design would start, with the first ounces being produced 18 months later.

Zim Guardian/Mining Weekly

Labels: CHROME, LOUCAS POUROULIS, MINING, PLATINUM, ZIMBABWE

posted by MrK @ 5:05 PM