Sylvania Platinum remains fluid for market conditions
Thu Aug 22 2024
The CPR presents the Volspruit Scoping Study, an update on the October 2022 Scoping Study, following on from the updated MRE statement released in February 2024. The contributions from Rh content and additional tonnages from the South body are included in the updated JORC Compliant (2012) CPR.
The full Scoping Study/CPR and the related appendices are available on the company’s website.
Jaco Prinsloo, CEO of Sylvania Platinum, commented: “While we have slowed down some of our exploration studies during the past year, to align spend with the current PGM price environment, I am pleased with the steady progress we have made to improve the understanding of our respective exploration assets and to further optimise future potential.
“I am encouraged by the results of the updated Scoping Study on our Volspruit Project. This now benefits from the inclusion of the South ore body and additional rhodium contributions that were excluded from previous studies. The updated Scoping Study resulted in a significant increase in project pre-tax NPV to $69.0 million for a 14-year LOM, compared to $27.3 million NPV and nine-year LOM for October 2022 study, while the IRR is slightly lower at 17%.
“Although the additional South body tonnes and rhodium revenue contributed to higher project revenue, the peak capital and all-in operating costs have increased, largely impacted by an improved understanding and updated costs for the processing plant and related infrastructure.
“The defining of an Exploration Target on the Hacra project provides sufficient information for Sylvania Platinum to now evaluate various disposal options and we don’t anticipate incurring any significant further exploration or study costs on this particular project, where the mineralisation occurs at depth, compared to shallow occurrences at Volspruit and Aurora.
“At Aurora, where we have already declared attractive results and an MRE on a portion of the strike length in 2022, further studies continue with the aim of declaring an updated MRE and Scoping Study to be commissioned for the total Aurora Project area.
“The results from the recently completed and ongoing studies continue to improve our understanding of the occurrence and value of resources at our respective exploration assets and provide guidance on where future efforts need to be focussed to optimise future value for the Company and all of its stakeholders.”
Source: https://www.miningreview.com/