Platinum Group Metals Ltd T.PTM

Alternate Symbol(s): PLG

Metals & Mining Industrial Metals & Minerals

Platinum Group Metals Ltd. is a Canada-based platinum and palladium focused exploration and development company. The Company is the operator of the Waterberg Project, a bulk underground palladium and platinum deposit located in South Africa. The Waterberg Project is located on the Northern Limb of the Bushveld Igneous Complex, approximately 85 kilometers (km) north of the town of Mokopane. The Waterberg Project covers an area of approximately 29,161 hectares (ha) consisting of the Waterberg Mining Right, one active prospecting right, and one application for the incorporation of two adjacent farms into the Waterberg Mining Right. Of the total project area, 20,482 ha are covered by the Waterberg Mining Right. Waterberg is a joint venture between the Company, Impala Platinum Holdings Ltd., HJ Platinum, which consists of JOGMEC (Japan Oil, Gas and Metals National Corporation) and Hanwa Co. and Black Economic Empowerment (BEE) partner Mnombo Wethu Consultants (Pty) Ltd.

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Operations Review
Overview: Mining
Rustenburg Section
Amandelbult Section
Union Section
Potgietersrust Platinums (PPRUST)
Lebowa Platinum Mines (LEPLATS)
Bafokeng-Rasimone Platinum Mine (BRPM)
Modikwa Platinum Mine (Non-Managed)
Overview: Processing
Overview: Projects
Review Of Mineral Reserves & Resources
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Operations Review (PDF - 1.24MB)
[Pg 26-78, Annual Report 2003]
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Overview: Mining
Bafokeng-Rasimone Platinum Mine (BRPM)
Production

Bafokeng-Rasimone Platinum Mine

BRPM's main production focus in 2003 was to complete the ramp-up of underground mining efficiencies and volumes at the North and South shafts. This was largely achieved, and tons broken increased by 24,2%. This resulted in a significant increase in the volume of underground material milled, and there was a commensurate reduction in the volume of surface material milled. The plant again operated at capacity for the year, milling 2 481 000 tons, but the improved grade and associated recovery from increased underground production resulted in the production of an additional 22 000 equivalent refined platinum ounces. Total equivalent refined platinum production of 183 500 ounces was 13,6% higher than in 2002.
Costs
Cash on-mine costs per ton milled increased by 15,8% because of the replacement of cheap surface operations with more expensive underground mining. However, the higher grade and recovery achieved from the underground material, combined with improving mining efficiencies, largely offset the additional costs. Cash on-mine costs per equivalent refined platinum ounce rose by 1,7%.
Capital expenditure
Capital expenditure of R298 million was incurred in 2003, mainly on extensions to the shaft complex and ongoing development.
Outlook
Most production measures were in line with design parameters and, from 2004, the mine will be reported as a steady-state operation, notwithstanding that full PGM production volume and optimum cost efficiency will be achieved via incremental grade improvement. Equivalent refined platinum production is expected to exceed 200 000 ounces in 2004. The ongoing focus on underground mining practices and productivity is expected to result in improved cost efficiency in 2004, and unit cost increases should not exceed official consumer price inflation.

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