0% Booysendal project on track
Brendan Ryan | Fri, 14 Aug 2009 09:00[miningmx.com] -- THE feasibility study for the development of Northam Platinum’s (Northam) Booysendal project is running to plan and will be completed during the second half of the 2009 calendar year. Northam CEO Glyn Lewis said in the group’s results statement for the year to end-June that a “value engineering exercise” will then be carried out to optimise designs, layouts and schedules. “Specialist consulting teams are close to finalising the metallurgical and mine design as well as the infrastructure and environmental components of the project. “As indicated at the end of the 2008 financial year, a modular design and incremental production build-up remains the preferred method of developing the Booysendal mine. “This approach should provide flexibility in implementation as it is dependent on additional power and water as well as the prevailing market conditions,” he said. Northam’s attributable earnings fell 58% to R630m in the year to June (previous financial year – R1.5bn) while earnings a share were 71% down at 183.7c (627.2c). That resulted from a 31.4% slump in the average price realised on precious metals sold to R280,609/kg (R409,161/kg) offset by a 20.7% increase in the amount of precious metals sold to 333,159oz (276,059oz). Northam’s production rose 3% to 302,474oz (292,989oz) and the extra sales came from purchases of outside concentrates for treatment and a drop in inventory levels. Lewis said production from Northam during financial 2010 was likely to be marginally higher “in the absence of any unforeseen production interruptions.” Northam shares were unchanged at R39,75 this morning on the JSE after the release of the results
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