JOHANNESBURG (miningweekly.com) – Platinum miner Lonmin has secured $50-million in funding through a project finance metal streaming arrangement for its Bulk Tailings Treatment (BTT) project.
The first $9-million funding tranche has already been received with work on the BTT project now under way.
The BTT project involves the remining of Lonmin’s Easterns tailings dam and will entail the reprocessing of 26-million tonnes of tailings material at a rate of 300 000 t/m.
Commissioning and ramp up to full production are expected during the 2018 financial year.
Once at steady state, the project is expected to produce about 29 000 oz/y of platinum or some 55 000 oz of platinum-group metals.
The project is part of Lonmin’s business plan and is expected to produce the lowest-cost ounces in the Lonmin portfolio.
“The BTT project is part of our strategy to focus on low-cost ounces to maximise our cash position and create value for all our stakeholders,” says Lonmin CEO Ben Magara.
Edited by: Creamer Media Reporter
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