Platmin is expecting to achieve its annual pgm production target of 250,000 oz in the early stages of 2011, it was confirmed yesterday (14th January).

The company had originally hoped to meet the ambitious target by the end of last year, but industrial action by contractor employees at its Pilanesberg mine (PPM) scuppered those hopes.

However, strong progress was made at the flagship site during the November 2009 quarter, with pgm 3E (platinum, palladium and rhodium) plus gold sales increasing by about 50 per cent to 13,406 oz on a quarterly basis.

"Once in full production, PPM will be well placed to play a key role in the consolidation of pgm interests in the Pilanesberg area," commented CEO Tom Dale.

Platmin also revealed that run-of-mine levels hit 680,261 tonnes - up 24 per cent from the previous quarter - while 23,995 oz pgm 3E plus gold were sold in the nine months to November.

Furthermore, the delivery of pgm concentrate commenced in April 2009 and reef tonnages delivered to the run-of-mine pad reached 1,871,512 tonnes in the nine-month period.

"Platmin has delivered on several important fronts, including securing new order mineral rights, consummating an effective black economic empowerment transaction and the cost-effective establishment of world-class mining and processing infrastructure," Mr Dale added.

"In a relatively short space of time, PPM has evolved from an exploration/development company into an operating mining company."

The firm's latest financial results also revealed that it is hoping to have sold 28,000 oz pgm plus gold for the ten months to 31st December 2009 and 160,000 oz in the 12-month period ended 31st December 2010.

Platmin is currently exploring for pgm resources at its three other major projects in South Africa - Mphahlele, Grootboom and Loskop.

Sources:

Production build up progresses at Pilanesberg Platinum Mine (14/01/10)

Platmin eyes growth as output ramps up (14/01/10)

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