Platmin confirmed on Friday (14th May) that pgm production at its Pilanesberg Platinum Mine reached 14,177 oz during the first quarter of 2010.

The company's latest financial figures revealed that it now has stockpiles of almost 71,000 tonnes of Merensky and UG2 reef ore, plus 813,000 tonnes of low-grade material.

Chief Executive Tom Dale expressed his satisfaction at the developments at Pilanesberg, which now has a capital figure if R3.347 billion, compared to an original estimate of R1.666 billion.

"Mining and processing activities continued in the ramp-up phase to commercial production at Pilanesberg, with the groundwork having been laid for increased production once mining progresses from the oxidised zone," he said.

Platmin is hoping 160,000 oz of pgms in concentrate will be processed at the site this year, before pushing that total up to 250,000 oz in 2011, a year behind schedule.

The firm is also likely to consolidate the platinum prospects in the vicinity of the mine, using its concentrator - which is located 50km away - to pull smaller mineral holdings together.

Platmin is based in Canada but has a black economic empowerment partnership with the Moepi group of companies in South Africa.

Sources:

Platmin's project costs creep higher (14/05/10)

Platmin announces first quarter results (14/05/10)

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