James,
I cannot argue with your view on the mine development issues, as I have no knowledge in the area.
My key question (if what you say is true) is what would it take / cost to correct the issues. No expert but with the shallow deposits and key PGM know how in SA this must be a viable option and therefore current low sp could be a good opportunity.
Is there a PGM mine of similar size to smoky against which the mine development plans can be compared?
BR
Max
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