May 14 (Reuters) – Platinum miners have little incentive to
invest in underground mining, Anglo American Platinum
warned earlier this year.
This in evident in the marked decline in major projects
underway in the industry and warnings from analysts that the
supply from the world’s largest producing countries is slowing.
Many capital expenditure plans were stalled or scrapped
completely after the global financial crisis of 2008, when
platinum prices plummeted to $774 from $2,252.
Some companies have since been dusted off their plans, but
they clearly favour investing in easier-to-access, low-cost
ounces.
Following are some current projects undertaken by major
players in the industry:
AMPLATS
– Twickenham in South Africa, $1.3 billion, will add 180,000
ounces by 2019
– Khuseleka ore replacement project in South Africa, $187
million to produce 101,000 ounces by 2015
AMPLATS (33 percent) and RBPLAT (67 percent) JV
– Styldrift I in South Africa, 11.8 billion rand ($1.5
billion) to add 400,000 ounces by 2017
– BRPM Phase 2 project in South Africa, 2.4 billion rand to
begin replacing Merenskey Ore by September 2012
AMPLATS (49 percent) and ANOORAQ RESOURCES (51
percent) JV
– Bokoni project in South Africa, 2.6 billion rand to
produce 100,000 ounces by 2016
IMPALA PLATINUM
– Impala Rustenburg (shafts 16, 17 and 20) in South Africa,
25 billion rand to add 636,000 ounces from 2013 to 2017
– Zimplats Phase 2 in Zimbabwe, $460 million to add
90,000 ounces by FY2013
LONMIN
– Marikana expansion in South Africa, $2 billion to increase
output to 950,000 ounces by 2015
AQUARIUS PLATINUM
– Everest ramp up in South Africa, 259 million rand to
return production to 186,000 ounces by 2013
– Everest extension and expansion, 850 million rand to
increase output to 250,000 ounces by 2017
NORTHAM PLATINUM
– Booysendal in South Africa, 3.9 billion rand for 130,000
ounce production by 2014
EASTERN PLATINUM
– Mareesburg in South Africa, $288 million to get production
to 195,000 ounces by 2014
WESIZWE
– Bakubung Platinum Mine in South Africa, 12 billion rand
for a 350,000 ounce producing mine by 2023
Source: Reuters, Company websites
($1 = 7.8279 South African rand)
(Reporting by Sherilee Lakmidas, editing by Ed Stoddard,
Veronica Brown and Jane Baird)
