Aerial view of work in
progress at Bakubung
platinum mine
 
Johannesburg, South Africa — 28 March 2013 – In an impressive turnaround‚ Wesizwe Platinum “’ a company whose strategic intent is to build and operate South Africa’s next PGM mine “’ has posted a headline profit of R11.4 million for the year ended 31 December 2012, after a R349 million loss the previous year. Headline earnings per share amounted to 0.70c versus a previous loss of 25.9c.

Listing its highlights for the year‚ Wesizwe noted that a total of 219,828 fatality free shifts had been worked at the Bakubung platinum mine project since it began, reports Fin24.

The shaft-sinking contract at the Bakubung platinum mine had been awarded during the year under review and the first blasts on the ventilation and main shafts had taken place on schedule. The ventilation and main shafts (both in pre-sink phase) were sunk to depths below surface of 117.5m and 63.6m respectively, and both shafts were on time and within budget.

Another milestone was the water supply feasibility study‚ conducted jointly with Maseve Investments 11‚ being concluded and a detailed engineering and costing presented as part of the water supply feasibility study. “The water supply project remains on time and within budget‚” Wesizwe said.

In a further development, Eskom has delivered the Phase 1 permanent power supply of 8MVA to the project site.

During the year the company also introduced a new‚ four-year‚ apprenticeship programme focused on developing essential engineering skills.

Also seen as a highlight‚ the Bakubung platinum mine project achieved a local employment percentage of 30.25% with 71% of that percentage coming from the Ledig area.

Total project cost spent to year-end was R779.1 million, with R1.4 billion committed as at the end of the financial year.

“China Development Bank (CDB) has approved the US$650 million project funding. The finalisation of project-funding documentation is currently in progress and the CDB‚ as part of the US$650 million project funding‚ has approved two bridging loans of $100 million each‚ of which one US$100m drawdown has taken place‚” Wesizwe stated.

The group’s cash balance at the end of the financial year was R1.4 billion.

Source: Fin24. For more information, click here.