Nkwe Platinum Ltd Garatau Platinum Project sees 300 percent Increase in Resource Estimate
According to Nkwe Platinum Ltd, an ASX-listed company, Garatau’s expected potential is now 14,2 million ounces of platinum group metals and gold, and 9,1 million ounces of inferred resources.
The Garatau project study estimates an average production of 240,000 t/m – 400,000 t/m, with an estimated mine life of 40 years, says Nkwe Platinum. The cash cost of the average life of mine is US$435/oz – US$535/oz, based on a current 3PGM=Au basket price of approximately US$1,200/oz. Mine construction is planned to begin in 2011 and to be fully on line by 2016.
Nkwe Platinum has a joint agreement with Xstrata to collaborate on the Tabatse-Garatau project. The latter would have the option to fund the development of two mines and a concentrator, according to the company, with an overall goal of producing one million ounces of PGMS a year. With the estimate upgrade, Nkwe Platinum is in a good spot to firm up the joint-venture agreement with Xstrata.
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(Edited by Gabe Perna)