Platmin revealed yesterday (30th March) that it expects to an annualised production rate of 160,000 oz 3E pgm plus gold at its Pilanesberg mine in the 2010 financial year.

The platinum junior confirmed that it sold 27,685 oz 3E pgm plus gold in the ten months to the end of December 2009, bringing in revenue of $29.4 million.

According to the company, the basket price received for these transactions was $1,096 per oz, or R8,629 per oz at an average exchange rate of R7.91 equivalent to $1.

However, it is particularly eager to bring Pilanesberg up to full production and has outlined a targeted annualised output rate of 250,000 oz per year in early 2011.

"The build-up to full capacity at [Pilanesberg] continues, with increased exposure of reef expected to translate into higher production shortly," commented Chief Executive Tom Dale.

Platmin's latest financial results also revealed that it sustained a $11.1 million loss in the ten-month period, compared with a $9.8 million loss in the year to the end of February 2009.

An emerging pgm producer, Platmin also holds exploration and development interests at Mphahlele, Grootboom and Loskop, which are located on the eastern limb of South Africa's Bushveld Complex.

Source:

Platmin loss widens to $11.1m (30/03/10)

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