Platfields has reduced the number of ounces of platinum at its Berg project by a significant amount, which has become its second impairment in two years.

Ounces expected from the berg project dropped from 1.21 million ounces to 89,000 oz, said Platfields, which reported an impairment of R47.4 million (£4.2 million) in the last financial year.

"The Platinum Mile portion of the Berg project … was further impaired during the current year by applying a mining cut to the in situ grades previously reported, resulting from the exploration activities carried out and the upgrade of the project to indicated and inferred resource," said Bongani Mbindwane, chief executive officer of Platfields.

Meanwhile, the Leeukwop property has an inferred resource of 1.4 million ounces, and the Platfields has set double this for its exploration target.

The company entered into an agreement with Majestic Silver Trading 222 to acquire a claim of a third party to 50 per cent of the prospecting right over Leeukwop in January.

Source:

Platinum miner incurs another impairment (31/05/11)
 

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