The joint venture (JV) partners of Waterberg JV Resources have approved the recently completed definitive feasibility study for the proposed Waterberg project, on the northern limb of the Bushveld Complex, in South Africa.
The JV partners include Platinum Group Metals (PTM), Impala Platinum (Implats), Japan Oil, Gas and Metals National Corporation (Jogmec), Hanwa and Mnombo Wethu Consultants.
PTM on Thursday said the Waterberg DFS had concluded the Waterberg project could be one of the largest fully mechanised, low-cost platinum group metals mines in the world.
The project comprises a bulk underground palladium and platinum deposit and is expected to produce about 420 000 oz/y of palladium, platinum, rhodium and gold over a 45-year mine life.
Following approval of the DFS, Implats, which holds 15% of the JV, may elect to increase its stake to 50.01% by buying the 12% interest held by Jogmec and earning a further 22.8% by committing to spend $130-million on the project's development.