Wesizwe Platinum Limited intends to enter into Platinum Group Metals (PGM) mining in South Africa as the launch pad for growing into a significant multi-commodity mining Company that sets new benchmarks for sustainable mining practices.
In its Condensed Consolidated Interim Financial Results for the Six Months Ended 30 June 2021 the company declares that its headline earnings per share increased by 124% to a headline earning of 15.02 cents per share, from headline loss of 61.90 cents per share in the prior corresponding period.
The development of its new Bakubung Platinum Mine (BPM) has the sole purpose to access one of the last remaining sizeable and viable Merensky and Upper Group 2 (UG2) Chromitite layer PGM ore bodies, and the timing and positioning of this development project could not be better placed to maximize value for all its current and future stakeholders.
During the period under review, an amount of R1002.5 million was capitalised to construction work in progress as part of the activities to develop the mine and related construction activities.
Bakubung Platinum Mine (BPM) continues with the development of mine despite numerous challenges, which has required new and innovative ways of working with agile responses and the constant review and change of plans when required.
Construction of the process plant started late, at the end of the first quarter, but it has gained momentum with all foundations completed. The team has now commenced with equipment and steel installations, which will be followed by electrification and automation for commissioning.