Johannesburg, South Africa MININGREVIEW.COM — 27 September 2010 – Specialist natural resources investment company Pallinghurst Resources has revealed that it intends challenging Lonmin “’ the world’s third-largest platinum producer “’ in terms of metal output by improving production at its Platmin-controlled concentrator.
Pallinghurst “’ which also has precious stones and manganese related investments “’ controls Platmin and has a joint venture with the Bakgatla community in South Africa’s North West province. The joint venture bought 80% of the Maganzynskraal property.
In an interview with Business Day, Pallinghurst CEO, Arne Frandsen, said: “Our focus over the next 12 months is to get Platmin to steady state annual production of 250 000 oz of platinum group metals, and to get the ownership of these three properties into one entity to create a new force in the platinum sector.”
Miningmx quoted Business Day as reporting that the Platmin concentrator could produce 350 000 oz a year. It would take 12 months and about R600 million to double the plant’s capacity to 700 000 oz, pushing ore from the shallow Sedibelo and Magazynskraal resources, it added.
“This will put us neck-and-neck with Lonmin,” Frandsen claimed.