Johannesburg, South Africa — MININGREVIEW.COM — 22 April 2008 – Leading international platinum producer Impala Platinum Holdings Limited (Implats) announced today that Afplats (Pty) Ltd (Afplats) has been granted a new order mining right in respect of the Leeuwkop project, on the western limb of the Bushveld Complex.
Implats executive director Les Paton comments: “We welcome the approval of this new order mining right. The Leeuwkop project supplements our South African resource base, and is a key component of Implats’ long term growth plans.”
“Currently the company is completing an underground mine design which is scheduled to be submitted to the board before the end of this calendar year,” an Implats news release issued here today revealed . “While power has been secured from Eskom for the construction phase of the project,” the release added, “the company is in negotiation with Eskom on its long-term power allocation. Resolution of this issue would pave the way for the commencement of project construction.”
The Leeuwkop project – the main asset of Afplats – is located near the town of Brits on the western limb of the Bushveld Complex in South Africa.
In February 2007 a cash offer for the entire issued share capital of Afplats was announced, in terms of which Implats acquired 100% of Afplats and, by implication, an effective 74% stake in the Leeuwkop project. The Bakwena Ba-Magopa traditional community holds the balance of the interest (26%), and retains a previously agreed free carry for the first R1 billion of capital expenditure.
The project has a life-of-mine concentrate off-take agreement with IRS. Leeuwkop will produce 160 000 ounces of platinum per annum at full production.