VANCOUVER, British Columbia – Eastern Platinum Limited (Eastplats) has provided an update on the platinum group metals initiatives following the closing of the rights offering.
The Company reports that its subsidiary, Barplats Mines has committed ZAR9 million to the reconfiguring and optimization of the small-scale PGM circuit (previously the scavenger plant circuit) which also includes funding for some of the initial work required to restart the main PGM plant circuit.
Barplats has scheduled the work to be completed by the end of February 2021 with recommissioning and operations targeted to begin before mid March 2021. The Company is pursuing the upgrades to obtain higher quality concentrate and to consistently produce a minimum of 200 tons of pressed filter cake PGM concentrate per month which is projected to further increase the revenue of the Company.
The PGM Circuit D will be able to utilize the initial work on the PGM Main Circuit and it will allow a quicker restart of production. The next phase of the PGM Main Circuit work is projected to start in May 2021, with commissioning in October 2021.
The Company estimates this will add a further 800 tons of PGM Concentrate per month to Barplats production, thereby continuing to grow Eastplats’ revenue.
Eastplats owns directly and indirectly a number of Platinum Group Metals and chrome assets in the Republic of South Africa. All of the Company’s properties are situated on the western and eastern limbs of the Bushveld Complex, the geological environment that hosts approximately 80% of the world’s PGM-bearing ore.
Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource, with an offtake of the chrome concentrate from the Barplats Zandfontein UG2 tailings facility and the processing and extraction of PGMs (Retreatment Project).
The Retreatment Project remains in full operation and continues to produce and transport chrome and PGM end products. The effects of COVID-19 are evolving and changing and the consequences of a further increase in the alert level in South Africa, temporary shutdown of any operations or other related issues cannot be reasonably estimated at this time, but could potentially have material adverse effects on the Company’s business, operations, liquidity and cashflows.