Wednesday, March 18, 2009
Platinum Australia ramping up platinum production at Smokey Hills, SA
Platinum Australia (ASX:PLA,AIM:PLAA) has provided an update on operations at the Company’s Smokey Hills Platinum Mine in South Africa where ramp up to full production is underway and shipment of concentrates to the Impala Platinum Smelter has commenced.
PLA Managing Director John Lewins said: "The commissioning of the plant at our Smokey Hills Platinum Mine has progressed to the point where we are now moving to treat our higher grade stockpiles, some of which run up to plus 8 g/t 4E PGM, and focusing on ramping up to full production. Importantly, as we have recently commenced shipping concentrates, we expect to receive our first payment at the end of this month, truly marking our entry into the ranks of platinum producers."
"The recent improvement in the platinum price to over US$1,000/oz combined with the continued stability of the Rand to US Dollar exchange rate at approximately 10 to 1 has also been very positive for the operation. At the current metal prices and exchange rate our margins in steady state operations are projected to increase to approximately US$350/oz 4E PGM, with our current hedging taking this to close to US$400/oz."
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