”Following exploration expenditure to date of more than $12 million.. Most of the recent expenditure, 8.5 million in total, was sole funded by Lonmin plc. under a joint venture agreement in 2001.”
”This decision was reached after a detailed rewiew of the Project concluded that, because of the high palladium component of the resource, it did not represent a viable development opportunity at current low palladium prices. With defined grade of 2.9 g/t and high propotion of palladium relative to platinum, typical of Australian PGM projects, Munni Munni is reliant on strong palladium price.”
”The current resource estimated, by SRK Consulting Engineers and independently by Snowden Mining Industry Consultans Pty Ltd, totals 24 million tonnes grading 2.9 g/t platinum, palladium, rhodium and gold containing 2.1 million ounces of precious metals. Included within this resoure is a high-grade core coprising 7.8 million tonnes at 3.3 g/t 3E for 815,000 ounces of precious metals.”
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