Positive result for Waterberg Palladium Mine
Platinum Group Metals Ltd announces Positive Independent Definitive Feasibility Study for the Waterberg Palladium Mine has proven and probable mineral reserves estimated at 19.5 million ounces of Palladium, Platinum, Gold and Rhodium for a Life of Mine Plan of 45 years.
Annual Steady State Production of 420K Oz of Palladium, Platinum Gold and Rhodium plus 16.7 million Pounds of Nickel and Copper. Key highlights includes & say further, a significant increase in Mineral Reserves from the Project's 2016 Pre-Feasibility Study for a large-scale, shallow, decline-accessible, mechanised, palladium, platinum, gold and rhodium mine.
After-tax Net Present Value of US$ 982 million, at an 8% real discount rate, using spot metal prices as at September 4, 2019 & after-tax Internal Rate of Return of 20.7% at Spot Prices and 13.3% at Three Year Trailing Prices. Estimated project capital is of approximately US$ 874 million, including US$ 87 million in contingencies. Peak project funding estimated at US$ 617 million.
R. Michael Jones, CEO and co-founder of Platinum Group said, "The DFS provides a clear outline of the world-class nature of the Waterberg Palladium deposit and concludes that it can be one of the largest fully mechanised, low cost platinum group metals mines in the world.
A large global team of approximately 100 independent professionals and specialists as well as excellent participation from our partner Implants, have contributed to an optimized mining plan that reduced capital from the earlier plan and significantly increased the Mineral Reserves for a 45 year life, 420,000 4E ounce per year steady state mine plan".
The Waterberg Project will create approximately 1,100 new highly skilled jobs and a significant investment in local training and business opportunities is part of the benefits to stakeholders including local communities, shareholders, provincial and national governments. The Project includes an upgrade to the local water infrastructure under a current co-operation agreement with the municipality and a connection to the Eskom power grid.
