Chromex Mining (AIM: CHX) said it has received encouraging results from platinum group elements (PGE) testwork conducted on its Stellite farm project on the Western Limb of the Bushveld Complex, South Africa. Results from a recent run of mine samples returned an average 3PGE (platinum, palladium and rhodium) and gold content of 1.74 grams per tonne (gpt).
"We are delighted with the results from the test work and look forward to developing our understanding of the economics of PGE extraction and treatment”, Chromex CEO Russell Lamming commented.
A study is now underway at Stellite to determine the economics of adding a PGE floatation plant to treat the tailings produced from the project’s gravity concentration plant.
“The potential inclusion of PGE credits in conjunction with the planned doubling of chrome production to 40,000 ROM (run-of-mine) tonnes per month later this year, further underpins the already robust economics of the Stellite mine. With this in mind, we believe further shareholder value will be realised as we capitalise on our investments", Lamming added.
The Stellite farm opencast chrome mine Stellite farm recommenced mining in February as pricing and chrome market conditions improved.
Since recommencement, the mine’s initial monthly production amounted to 20,000 ROM tonnes per month, which will then increase to 40,000 tonnes with the installation of the dense media separation circuit (DMS) at the beneficiation plant. Furthermore along with the capacity increase, the plant will also enable the company to market a sized lumpy chrome product in addition to chemical and metallurgical grade concentrates. The DMS is expected to be completed in Q3 this year.
Chromex has two properties, with one on each limb of the Bushveld, the Mecklenburg mine in the east and the Stellite mine in the west. Both are owned and operated by South African registered Chromex Mining Co, which is 74% owned by Chromex and 26% owned by their Black Economic Empowerment (BEE) partner Umnotho WeSizwe.
http://www.proactiveinvestors.co.uk/companies/news/13946/chromex-minings-stellite-farm-produces-encouraging-pge-testwork-13946.html
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