HomeNewsLonmin secures $50 million funding for tailings project

Lonmin secures $50 million funding for tailings project

Lonmin secured the Bulk Tailings Treatment (BTT) project funding through a specific project finance metal steaming arrangement.

The first $9 million tranche of project funding has now been received and work has already started on the project.

The BTT project involves the re-mining of Lonmin’s Easterns Tailings dam and it entails the reprocessing of 26 Mt of tailings material at a rate of 300 000 tpm.

Commissioning and ramp up to full production is expected during the 2018 financial year.

Once at steady-state, the project is expected to produce about 29 000 oz of platinum per year or some 55 000 oz of PGM, at a yield of 0.5 g/t (5 PGE+Au) at a grade of 1.42 g/t, with a recovery of 35%.

The project is part of Lonmin’s business plan and is expected to produce the lowest cost ounces in the Lonmin portfolio.

“The BTT project is part of our strategy to focus on low cost ounces to maximise our cash position and create value for all our stakeholders,” says Lonmin CEO Ben Magara.