Platmin announced today (16th March) that its plans to increase pgm production are now progressing on schedule.

The company, which is owned by Pallinghurst, revealed in January that its attempts to reach full output of 250,000 oz had been delayed by 12 months until early 2011.

However, it believes the new target is still attainable and also said that its Pilanesburg mine in South Africa produced its first pgm concentrate last year after a successful commissioning.

"We are consolidating our manganese and iron ore interests to create a South African-Australian approach which is well positioned to participate in this attractive growth segment," read a statement from the firm.

Pallinghurst has expressed its desire to build a sizeable pgm portfolio by acquiring and consolidating low-cost operations, and its investment valuation rose by over $60 million this year.

The company has commenced a bankable feasibility study on the Magazynskraal platinum prospect and is close to finalising a deal to purchase 49.9 per cent of the Bakgatla's interest in the Sedibelo property.

Sources:

Pallinghurst's Platmin increasing platinum output 'to expectation' (16/03/10)

S.Africa's Pallinghurst says to grow PGMs ops (16/03/10)

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