Toronto- and New York-listed Platinum Group Metals has received positive results from an independent definitive feasibility study (DFS) for its Waterberg project in Limpopo, South Africa.
The primary objectives of the 2024 DFS were to update and minimise capital and operating costs and to simplify the construction, ramp, and operating profile of the Waterberg Mine.
“I believe these objectives have been achieved. We look forward to advancing the Waterberg Project for the benefit of our partners and local communities, as well as all the people of South Africa,” said company chief executive Frank Hallam.
The DFS shows more PGM reserves, longer life, lower cost, and higher free-flowing cash from the proposed decline-accessed mechanised platinum, palladium, rhodium, and gold four-element (4E) PGM operation, which has copper and nickel thrown in.
Under the latest financial model, construction is set to commence in December 2025, with the first production in September 2029.
Mining is projected to last until 2081.
The Waterberg project is a joint venture (JV) between Platinum Group Metals (37.19%), Implats (14.86%), HJ Platinum (21.95%) and black economic empowerment partner Mnombo Wethu Consultants (26%).
However, Platinum Group Metals has an effective 50.16% JV interest due to its 49.9% ownership of Mnombo.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
