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MEI Online: Commodities: Metallic Ores: Platinum Group Metals: Latest News: June 12th 2007

 
 

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:: Eland Mulls Processing Options as Acquisitions Boost Resource Base

Fast-moving platinum junior Eland, which will begin producing by October, said that it may consider building its own smelting and refining capacity at its Elandsfontein property, near Brits, after it announced that it had bought controlling stakes in two properties next door, which could potentially double its resource base.

MD David Salter said that the firm was considering the idea of having its own smelting and refining capacity at its Elandsfontein property, as the idea would now have economies of scale, owing the potential of an enlarged resource base, with the two newly-acquired properties.

The firm currently had an offtake agreement with Anglo Platinum for Elandsfontein, but the details of this were unclear.

The company has raised its interest in Madibeng Platinum to 66%, for a total consideration of R106-million.

Madibeng has a new order prospecting right for platinum group metals (PGMs) over the farm Hoekfontein 432JQ, totalling 3 238 hectares, and had conducted “limited” exploration, which Salter said had been “encouraging”.

We believe that there is a continuity of Elandsfontein’s orebody under the property," he said.

“We intend to develop the greater Elandsfontein Mine complex into a one million ounce per year operation," Salter said.

“Our objective is to establish a resource base of an additional 20-million ounces of PGMs (platinum, palladium, rhodium and gold) to add to the 21,6-million total ounces already defined on Elandsfontein", he added.

 

 

   

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