Eland Platinum has announced it is planning to begin work on its underground mine before the end of the year.

According to the mining company, it will establish the site of its underground mining operation during the final quarter of 2007.

The firm said that, by that stage, the company's surface mining operations would already be producing concentrate.

In a note to shareholders, Eland Platinum said that it had suffered a R30.3 million loss for the 15 months to the end of March, due largely to the R487.9 million spent on its Elandsfontein platinum mine during the period.

The rapid development of that mine has swallowed up that investment, but the company is confident it will soon be reaping the rewards of both the opencast and underground operations.

Sources:
Audited Condensed Consolidated Results
25/05/07
http://www.elandplatinum.com/investors_media/financials/audited_results_25may07.pdf

Eland to begin work on underground mine by year-end
28/05/07
http://www.miningweekly.co.za/article.php?a_id=109875

Ÿ Adfero Ltd