PLATINUM Group Metals (PTM), the Toronto-listed platinum group metal (PGM) development company, said it had submitted a mining right application for its Waterberg Joint Venture project.
The application was submitted to the Department of Mineral Resources and consists of a social and labour plan and mining work programme among other items. PTM’s joint venture partners in the Waterberg JV project including Impala Platinum, supported the application.
PTM is optimistic about the prospects of the Waterberg project which is estimated to contain 12.3 million ounces of probable mineral reserves of which 61% are palladium – an estimation still subject to a definitive feasibility study. Up to 744,000 ounces a year in palladium could potentially be mined.
On October 16, Impala announced it would take a 15% stake in the Waterberg project for $30m whilst retaining the option of taking 50.01% control of the project. The 15% stake and the option, if exercised, would cost Impala some $165m.
