Pan African Resources has said that its Phoenix Platinum Project is progressing ahead of schedule, with first production from the chrome tailings retreatment plant (CTRP) expected during December.

The plant is expected to produce 211,000oz 4E platinum group metals at a recovery rate of 45 per cent over the life of the operation, which is forecast at 17 years. Pan African also plans a retreatment capacity of 240,000t/y.

It is being constructed on International Ferro Metal's (IFM) Lesedi Mine to the east of Rustenburg.

The Africa-focused precious metals producer said that an early settlement payment of R27.29 million (£2.5 million) to IFM has been made.

In November 2010, Pan African agreed that it would pay the total consideration of R80 million (£7.4 million) to IFM in four tranches.

Payment of R29.5 million (£2.7 million) is due when the CTRP is commissioned.

A final amount of R500,000 (£46,000) for the purchase of the CTRP site is payable upon transfer of the property, which Pan African expects to conclude in the last quarter of 2011. 

Source:

Pan African says Phoenix project ahead of schedule (01/07/11)

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