Eastern Platinum has announced that it is planning a $300 million investment in its South African operations.

President and Chief Executive, Ian Rozier, has said that the company is planning the huge outlay as part of its efforts to develop into an 800,000 ounce per year producer of platinum.

In the short-term, Mr Rozier added that the company is looking to develop its operations so that it will be producing 450,000 ounces of platinum per year by 2012, up from 230,000 platinum ounces by the end of next year.

Mr Rozier added that the company is not looking to move into refining of the metal, insisting: "We have no plans to be in the refining business."

Speaking to Mining Weekly, Mr Rozier added that the feasibility study at Eastern Platinum's Mareesburg project is now almost complete.

Looking at the potential for consolidation in the platinum market, Mr Rozier commented that the company is "always looking" to make acquisitions, but explained that finding value can often be the greatest problem.

Sources:

Eastplats may spend $300m over five years on its SA mines, 02/07/07
http://www.miningweekly.co.za/article.php?a_id=111905

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