Platinum Group Metals has been granted mining right for the Waterberg Project by the Department of Mineral Resources and Energy (DMRE) of South Africa.
Located on the Northern Limb of the Bushveld Complex, approximately 85 km north of the town of Mokopane, the Waterberg Project is as a low cost, large-scale, shallow, decline-accessible, mechanised, palladium, platinum, gold and rhodium (4E or PGM) mining operation.
A definitive feasibility study announced in September 2019 estimates that the mine features 19.5 million ounces in proven and probable mineral reserves and projects that it will produce 420,000 ounces per year at a steady state.
Michael Jones, President and CEO of Platinum Group Metals, said the Waterberg mining right was issued for an initial period of 30 years and may be renewed for further periods, each of which may not exceed 30 years at a time.
“We are very pleased to be granted a mining right in a positive PGM market, providing the opportunity to move forward to the next steps in mine financing, construction and development,” Mr Jones continued.
“We see a role for PGMs to play in many aspects of the transition to new sustainable and more efficient energy technologies.
“The Waterberg Mining Right is both an opportunity and a responsibility to develop the mine safely for the maximum benefit of all the stakeholders.
“By developing this new mine safely and efficiently, we plan to achieve the best return for shareholders, local communities and government.”