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Eastplats confirms growth plans on track Posted: Thu, 26 Jun 2008 [miningmx.com] -- SHARES in Eastern Platinum (Eastplats) barely budged on the Toronto and Johannesburg stock exchanges following its updated growth profile targetting production of 530,000oz/year of platinum group metals (pgms) by 2012. At current levels around C$2.50 the share is close to its rolling 52-week low of $1.95 compared with a high of C$4.18. Eastplats already has one mine in production and expects to produce 128,500oz of pgm during 2008. President and CEO Ian Rozier said the company remained on track to produce more than 500,000oz/year of pgm within the next four years. He added, “we are acquiring heavy fuel oil generating capacity that will enable us to meet the initial power requirements independently. “Based on our recent experience at the Crocodile River mine we are confident that the required mining permits for Spitskop and Mareesburg will be received from the South African authorities to meet this schedule.” He said the production increase would be achieved through the commissioning of four new decline mines - Crocette, Mareesburg, Spitskop UG2 and Spitskop Merensky – as well as a new concentrator plant to be built at Spitskop/Kennedy’s Vale. Kennedy’s Vale is a deep-level deposit situated on the Eastern Limb of the Bushveld Complex and Rozier said the development of Kennedy’s Vale as well as the Kareespruit deposit at Crocodile River Mine (CRM) will take place after 2012. Turning specifically to CRM, Rozier said that anticipated production from the mine of 128,500oz this year will grow to 220,000oz in 2010 as the new decline at Crocette and the existing Zandfontein operation reach full production. He also announced that the remaining new order mining rights for the Zandfontein and Maroelabult sections of CRM have been granted. Click Here to subscribe to our daily newsletter
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