Impala Platinum | Winnaarshoek | Crocodile River | Impala Refining Services | Strategic Holdings | Exploration | Reserves and Resources |
 
 
Crocodile River is wholly owned by JSE-listed Barplats Investments Limited, which in turn is 83% held by Implats. In February 2000, the directors of Barplats approved the re-opening of the mine (which had been mothballed since 1991), near Brits in South Africa’s North West Province, with the intention of bringing it on stream in 2001.

During the year, the mine was brought into production under budget but with some difficulties experienced with re-commissioning the concentrator. Capital costs thus far have been in the region of R149 million (excluding the rehabilitation assets), funded by an inter-company loan from Impala Platinum. Further capex for the remaining current life-of-mine of 14 years is expected to be in the region of R314 million.

Mining
Open-cast mining operations commenced on the eastern side of the property at the Maroelabult section in December 2000. Underground mining is set to commence in October 2001, with good progress having been made on the preliminary construction for the sinking of a decline shaft. The mine will adopt the pillar and stall mining method and this, together with dense media separation techniques, will improve the extent of the resource base.

With one milling circuit of the Crocodile River concentrator in operation, the planned milling target of 75 000 tons per month was achieved in March 2001. An additional flotation circuit to treat the old tailings dam was commissioned in July 2001.


Crocodile River production and costs

Financial year
2001

In concentrate production
Platinum (’000 oz) 15
Palladium 7
Rhodium 2
Nickel (tons) 19

Cash operating cost
R/Ton milled 1 109
R/oz pge in concentrate 2 1 315
R/oz platinum concentrate 3 2 527

Operating margins
Revenue per platinum ounce in concentrate 7 847
Cost of sales per platinum ounce in concentrate 3 887
Operating profit per platinum refined 3 3 960
Gross margin 50

1. The cost of mining and concentrating is expressed per ton milled
2. The cost of mining and concentrating is expressed per ounce of pge in concentrate
3. The cost of mining and concentrating is expressed per ounce of platinum in concentrate

Re-commissioning difficulties
Problems were experienced with the re-commissioning of the concentrator when only 63% recovery compared with the expected 79% was achieved, as a result of the oxidised ore being more difficult to treat than was initially anticipated. Some of the deeper ore (of more than 35 metres below the surface) has now been treated, achieving recoveries in excess of 70%.

Further work to enhance recoveries and to reduce the chrome content in concentrate is continuing and steady-state operating performance is expected by December 2001.
These difficulties and a late start meant that the mine achieved an output of 14 900 ounces of platinum in concentrate during the first six months of operation, some 40% short of the planned 25 000 ounces.

Investigations to extend the life of mine further are underway.


Crocodile River Mine

Reserves and Resources 25.7 million tons – UG2
Planned production 50 000 Pt oz pa
Capital expenditure R314 million
Job creation 450
Life-of-mine 14 years
Full production FY 2002
Reserves and Resources 25.7 million tons – UG2