Eastplats has secured a C$2-million (approximately R23-million) loan to boost underground production at Crocodile River Mine.
Eastplats operates a shallow, long-life platinum group metals (PGM) mine in the western part of the Bushveld Complex near Brits.
The Bushveld Complex is one of the world’s most important mineral-rich geological regions and contains about 80% of the world’s PGM-bearing ore.
At the Crocodile River Mine, Eastplats is currently mining and processing ore from the Zandfontein underground section. The operation produces both PGM and chrome concentrates, which are sold as separate products.
Eastplats targets higher output
The ramp-up comes as the platinum metals producer targets higher output from its Zandfontein operation, with a new target of 70 000 tonnes of run-of-mine (RoM) per month by end of this year.
This ramp-up is expected to increase the amount of ore mined and processed from the operation as the company works towards higher production levels.
The loan is in addition to the other two credit facilities that had been announced in February and last November, bringing the total value to C$4-million to date.
“Each advance under the New Credit Facility bears an annual interest rate of 10.25%, representing the current South African prime lending rate as of the date of this news release.
“Each such advance will mature six months from the date of issuance unless it is renewed or extended at the lender’s discretion. An interest rate of 5.375% will be applied on any overdue and unpaid debt amount,” the company said.
Eastplats owns several platinum group metals and chrome assets in South Africa, both directly and through its subsidiaries.
Its properties are located across the western and eastern parts of the Bushveld Complex. These include the Crocodile River Mine on the western side, as well as the Kennedy’s Vale, Spitzkop and Mareesburg projects on the eastern side.
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- Eastplats secured a C$2-million loan to enhance underground production at its Crocodile River Mine in the Bushveld Complex.
- The mine currently extracts platinum group metals (PGM) and chrome from the Zandfontein underground section, selling them as separate concentrates.
- The company aims to ramp up production to 70,000 tonnes of run-of-mine ore per month by the end of the year.
- This loan adds to two existing credit facilities, totaling C$4-million, with a 10.25% annual interest rate and six-month maturity terms.
- Eastplats holds multiple PGM and chrome assets across the western and eastern Bushveld Complex, including Kennedy’s Vale, Spitzkop, and Mareesburg projects.
Eastplats has secured a C$2-million (approximately R23-million) loan to boost underground production at Crocodile River Mine.
Eastplats operates a shallow, long-life platinum group metals (PGM) mine in the western part of the
At the Crocodile River Mine, Eastplats is currently mining and processing ore from the
“Each advance under the New Credit Facility bears an annual interest rate of 10.25%, representing the current
“Each such advance will mature six months from the date of issuance unless it is renewed or extended at the lender’s discretion. An interest rate of 5.375% will be applied on any overdue and unpaid debt amount,” the company said.
Eastplats owns several platinum group metals and chrome assets in
Its properties are located across the western and eastern parts of the
Read More: Villagers score victory against platinum miners in land removal case
