Johannesburg, South Africa — MININGREVIEW.COM — 04 June 2010 – Eastern Platinum (Eastplats) “’ South Africa’s sixth-largest platinum group metals producer “’ has revealed that the company has the potential to increase its production to at least 600 000 ounces per annum.
Releasing details of its development plan for its platinum group metals assets on the eastern limb of the Bushveld Complex, Eastplats said production from the eastern limb alone could contribute about 400,000 ounces.
The company is currently developing the Crocodile River Mine’s Crocette underground mine, which was progressing as planned with the company on track to increase production to 210 000 ounces per annum from existing operations at CRM by the end of 2013.
Additional expansion opportunities exist at the CRM complex on the western limb with the potential future development of the Kareespruit underground mine. But it is the company’s other properties that hold the key to unlocking further the production increases.
“Our multiple properties on the eastern limb provide us with several options for further production expansion depending on market conditions,” said Eastplats president and CEO Ian Rozier.
“We have balanced our risks through this phased approach which in our view is both rational and achievable, and we are confident that we can execute this growth plan and deliver value to our shareholders. Phase 1 alone will increase our production by over 100% from our 2009 production level,” Rozier noted.
In terms of the company’s development plan, an increase in annual production to 325 000 ounces per annum will be achieved by developing the Mareesburg open-pit mine and building a new 90 000 tonne per month concentrator to be located on the company’s Kennedy’s Vale site.
As the Mareesburg open-pit is depleted, the production level from the eastern limb will be supplemented and increased to 135 000 ounces per annum with the development of the Spitzkop underground mine.