JOHANNESBURG - Mining company Northam Platinum said on Wedneday operations at the Kukama shaft situated at its Eland mine complex would recommence in the new financial year after the successful conclusion of a feasibility study for the project.
Northam purchased a 100 percent interest in the Eland mine situated in Brits in North West province from Glencore Operations South Africa in 2017 for R175 million.
Eland mine, situated on the south-eastern limit of the western limb of the Bushveld Complex, was placed on care and maintenance in 2015 and Northam continued to manage it as such whilst undertaking the feasibility study for the Kukama shaft.
Eland has a 19.3 million-ounce rhodium-rich resource and developed surface infrastructure.
Northam forecasts investment returns comfortably in excess of its current weighted average cost of capital, with positive free cash flow generated from the fourth year onwards and the creation of 2,800 permanent jobs as the life of mine is in excess of 30 years.