Sylvania Platinum has decided to sell all of its iron ore assets in order to focus on platinum group metals (pgms).

The company hopes that the move will allow it to reach its target of producing 60,000oz/y of pgms by June next year.

Sylvania plans to hit this goal through the optimisation of two existing plants, Lannex and Mooinooi, and the development of its sixth plant, Tweefontein.

The company also said it plans to make "significant progress" at its near surface pgm and base metal operations in the Northern Limb of South Africa's Bushveld Complex.

It will develop shallow, open pit mines in the area and treat low-grade material using existing technologies to create pgms that can be sold to existing refineries with a base metals credit.

Sylvania Platinum chief executive officer Terry McConnachie said the company has experienced record production growth from its pgm operations recently.

"However, the next stage of our growth is of key importance as we significantly expand our pgm dump operations and begin progress of our surface mining operation towards development," he explained.

He went on to say that it would be in the "best interests" of Sylvania shareholders for a separate company with experience in magnetite iron to take on its iron ore assets.

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Sylvania to sell iron-ore assets to focus on platinum production target (08/07/11) 

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