| 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 Africas 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 |
|
|