Anooraq could start construction of R2bn mine in 2008admin
Junior platinum mining company Anooraq Resources, which lists on the JSE today, could start building a R2 billion platinum mine in early 2008 at its Ga-Phasha project in the Limpopo province.
Anooraq Resources deputy chief executive, Tumelo Motsisi, said yesterday that the company was looking to complete a prefeasibility and a bankable feasibility study by the end of next year at Ga-Phasha, a 50-50 joint venture with Anglo Platinum (Angloplat).
Consultancy Read, Swatman and Voigt has been appointed as the independent project manager to conduct the prefeasibility study.
As a rule of thumb, for each 100 000 ounces of platinum a mine produces annually, it costs R1 billion to build the mine that will extract that platinum.
The R1 billion estimate excludes the costs of building a concentrator. Motsisi said Anooraq planned to build a concentrator at Ga-Phasha.
The Ga-Phasha project, formerly known at the Paschaskraal project, had the potential to produce 200 000 ounces of platinum each year at full production, Motsisi said.
To the north of Ga-Phasha is Angloplat’s Lebowa platinum mine and to the south is Angloplat’s Twickenham platinum mine.
The project consists of four farms: Paschaskraal, Klipfontein, De Kamp and Avoca, which cover about 9 700ha.