"By the end of September some 70,000 tonnes of ore with an average grade of 7.5 g/t 4E PGM had been mined from the open pit and placed on the Run of Mine pad ready for feeding into the plant. The grade is approximately 10% higher than anticipated in the Bankable Feasibility Study. The underground contractor has also mobilized to site and by the end of the quarter had completed the establishment of the first portal, ready for the first blast.
Smokey Hills will be among the lowest cost producers in the industry and at the current exchange rate of approximately ZAR11 to the US Dollar the on site operating costs are anticipated to be below US$200/oz. Therefore even at the current depressed prices of ~US$800/oz platinum, US$180/oz palladium, US$1,800/oz rhodium and US$700/oz gold the mine still enjoys a margin of some US$350/oz net of smelting and refining charges."
PLA Price at posting:
43.2¢ Sentiment: Buy Disclosure: Held
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