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January 2015
MODERN MINING
43
PLATINUM
T
he new mine, which according to
PTM, will exploit one of the last
large, near surface sections of the
Merensky Reef, will be an under-
ground operation. Proven and
probable reserves are estimated at 4,7 Moz 4E,
sufficient to support a mine life of in excess
of 20 years. Its neighbours include two other
developing mines, Bakubung and Styldrift,
which are owned by Wesizwe and RBPlat re-
spectively. While all three are underground
mines, Project 1 is accessed by declines while
Bakubung and Styldrift both have vertical
shaft systems.
PTM, which owns 82,9 % of the project, says
its investment in the new mine totalled US$343
million as of the end of November 2014 with
the peak funding requirement currently pro-
jected at US$502 million. According to the
company, its current cash position should be
sufficient to complete the mine build to initial
production.
With production nearing, Project 1’s manage-
ment team has been expanded. Key operational
roles that have been filled in recent months
include mine general manager, production
manager, equipment specialist, engineering
specialist, safety and environment manager and
a training superintendent.
Project 1 will have two distinct sections –
the North and South mines. As at the end of
the reporting period, over 7 600 m of access
development had been completed at the North
Mine and chairlift and conveyor construction
had begun. Development along the Merensky
Reef and the first underground raises had
been started and stockpiling of Merensky Reef
development material was underway, with
approximately 106 000 tonnes on surface as at
30 November.
At the South Mine, the boxcut is complete
WBJV Project 1
platinum
mine now 70 % complete
and, by the end of November, underground
mining had advanced the material decline for
approximately 949 m and the conveyor decline
for approximately 741 m. In total, over 2 206 m
of access development has been completed at
the South Mine.
As regards the processing plant, foundations
for major mill and concentrator components
have been completed and major mill compo-
nents delivered, including the mill shell. The
structural steel for the mill and flotation cir-
cuits has largely been completed.
In terms of Project 1’s power requirements,
a 10 MVA installation is in place with work
underway on an additional 10 MVA supply.
The full steady state requirement of the mine
is 40 MVA.
Current site construction, underground
development and management complements
total over 1 700 people, with approximately
Flotation circuit
construction at the
WBJV Project 1 site.
In its latest quarterly report (for the three months ended 30 November 2014), Platinum Group
Metals (PTM) says that it achieved a solid performance in 2014, with a good safety record,
at its Western Bushveld Joint Venture (WBJV) Project 1 platinummine, which reached 70 %
completion. Project 1, located on the Western Limb of the Bushveld Complex 35 km north-west
of Rustenburg, is due to enter production towards the end of this year. After a planned two-year
ramp-up, steady state production is scheduled at 275 000 ounces 4E a year.