MINING company Eastern Platinum yesterday announced it was on track to increase production at its Crocodile River Mine complex.
“Ongoing underground development at CRM’s (Crocodile River Mine’s) Crocette underground mine is progressing as planned and the company is on track to increase production to 210000oz per annum from existing operations by the end of 2013,” CEO Ian Rozier said.
There were additional expansion opportunities at the complex’s western limb, with the potential development of the Kareespruit underground mine, he said.
The firm said annual group production had the potential to increase to more than 600000oz annually once the development plan for its platinum group metals assets on the complex’s eastern limb was fully implemented.
“An increase in annual production to 325000oz will be achieved by developing the Mareesburg open-pit mine and building a new 90000-ton-per-month concentrator, to be located on the Kennedy’s Vale site,” Mr Rozier said.
The company would take a phased approach to the development of its operations on the eastern limb, he said.
Phase one would be the development of the Mareesburg open-pit mine to feed the planned concentrator. As the Mareesburg open-pit mine became depleted, production from the eastern limb would be supplemented and increased to 135000oz a year with the development of the Spitzkop underground mine.
Mr Rozier said the financing options would depend on prevailing market conditions, future metal prices, foreign exchange rates and the revenue generated from the Crocodile River Mine and phase 1 operations.
