Wesizwe Platinum has announced the construction of a new R5.6 billion mine on the Frischgewaagd-Ledig complex.

Positive results from a bankable feasibility study (BFS) have confirmed the go ahead of the project which will take nearly five years to build, although the first production could begin for 2011.

"The BFS confirms that our core asset, the Frischgewaagd-Ledig complex is commercially viable with an internal rate of return of 18 per cent, producing an average of 350,000 of platinum oz during a steady state production," said Wesizwe Chief Executive Officer Mike Solomon.

According to reports from Mining Weekly, the project the would consist of an underground mine and a surface concentrator plant.

Mr Solomon described it as a "critical transition" that would turn the firm into a "fully fledged platinum producer".

The BFS indicates that the life-of-mine is about 35 years with a value of R9.5 billion, yielding over ten-million ounces of pgm.

Source:

Wesizwe to move ahead with R5,6bn, 230 000-t/m project, 31/03/08
http://www.miningweekly.co.za/article.php?a_id=130171

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