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Platinum Group Metals Ltd. Announces Positive Independent Pre-Feasibility
Platinum Group Metals plans to continue drilling the deposit and to advance the project to completion of a FS and a construction decision. The company also plans to file a mining right application, with joint venture approval, based substantially on the results of the PFS. Highlights of the PFS include:
- Validation of the 2014 Waterberg preliminary economic assessment (PEA) results for a large-scale, shallow, decline-accessible, mechanized platinum, palladium, rhodium and gold (4E) mine;
- Annual steady state production rate of 744,000 4E ounces in concentrate;
- A 3.5-year construction period;
- On-site life-of-mine average cash cost of $248 (U.S.) per 4E ounce, including byproduct credits and exclusive of smelter discounts;
- After-tax net present value (NPV) of $320-million (U.S.), at an 8-per-cent discount rate, using three-year trailing average metal prices;
- After-tax NPV of $507-million (U.S.), at an 8-per-cent discount rate, using investment bank consensus average metal prices;
- Estimated capital to full production of approximately $1.06-billion (U.S.), including $67-million (U.S.) in contingencies; peak project financing estimated at $914-million (U.S.);
- After-tax internal rate of return (IRR) of 13.5 per cent, using three-year trailing average price deck;
- After-tax IRR of 16.3 per cent at investment bank consensus average metal prices;
- Probable reserves of 12.3 million 4E ounces;
- Indicated resources updated to 24.9 million 4E ounces (2.5 grams per tonne 4E cut-off), and deposit remains open on strike to the north and below a 1,250-metre arbitrary depth cut-off.
R. Michael Jones, chief executive officer and co-founder of Platinum Group, said: "The completion of the PFS significantly increases the company's attributable 4E reserves, and is an important milestone for the project and the company. The PFS has a similar approach, similar peak funding in U.S.-dollar terms with increased production, compared to the PEA. "Waterberg is designed to be a low-cost, multidecline, fully mechanized, mining complex along an initial 13-kilometre deposit strike length with two 300,000-tonne-per-month mills built in close sequence. At 744,000 ounces annual steady-state production and a modelled 18-year mine life, Waterberg is very large, and offers excellent exposure to the essential metals of platinum, palladium, rhodium and gold. Amazingly, the deposit is still open. The PFS covers only the first 218 million tonnes in indicated resources to date. "With the full support of our joint venture partners, JOGMEC and Mnombo, we look forward to advancing Waterberg during the remainder of 2016 and 2017 with more drilling, a FS on the initial complex and the submission of a mining right application. From an original $20-million (U.S.) commitment by JOGMEC in 2015, approximately $8-million (U.S.) of further project funding remains to be spent. We are very appreciative of JOGMEC's continued commitment and support. "We look forward to growing and advancing Waterberg so that we may fully understand this new part of the Bushveld complex that we and our joint venture partners have discovered. We will work hard to maximize the value of the resource for all stakeholders, including shareholders, employees, the government of South Africa and the local communities." http://www.stockwatch.com/News/Item.aspx?bid=Z-C:PTM-2413902
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