PTM lowers full-year guidance at Maseve

JOHANNESBURG (miningweekly.com) – Platinum Group Metals’ (PTM’s) Maseve mine produced 2 477 oz of platinum, palladium, rhodium and gold (4E) during March – the best level achieved since completion of commissioning in 2016, the company said on Tuesday.

This was up slightly from the 1 193 oz 4E produced at the mine in February, showing a positive trend. However, the company noted that production ramp-up was behind schedule, with further improvements required.

“Delays in underground development, stoping rates and planned tonnages have resulted in ounce production delays. Such delays have had, and will continue to have, a negative impact on working capital requirements until sufficient mined stoped material is produced to allow mine operations to generate positive cash flow,” the company said in a statement.

As a result, the company adjusted its guidance for full-year production from 100 000 oz of 4E to 85 000 oz of 4E.

Production levels in January and into February were hampered by the process of changing the primary underground mining contractor, senior management changes, equipment operator performance and slowly improving equipment availability.

Production during February was also hampered by an extraordinary rain event, which caused regional surface flooding and some underground flooding at Maseve, resulting in several lost mining and milling days.

During the year, Block 11 is scheduled to build up to 70% to 80% of mined ore flow. At full production, Block 11 is planned to provide up to 76 000 t/m of mined ore flow.