Wesizwe completes platinum shaft development

JOHANNESBURG (miningweekly.com) – China-controlled South African mining company Wesizwe Platinum said on Thursday that it had completed 779 m of service shaft development in the 12 months to December 31.

The Johannesburg Stock Exchange-listed company, with R455-million cash on hand as at year-end, said the production shaft at its mining project in the North West province had been equipped to shaft bottom.

Holing between main shaft and service shaft on 81 level was complete and civil work for surface conveyors had begun.

The process plant development would be by way of the engineering procurement construction model following the approval of the inquiry process in December last year.

Implemented community social and labour plan programmes at an investment of R40-million included an integrated housing project, which has commenced with bulk infrastructure construction.

The company said that it had implemented human resource development programmes to meet Mining Charter requirements at a cost of R190-million.

There have been no fatalities and a lost time injury frequency rate for the period was 0.5.

On-schedule services projects include a second-phase power supply, and bringing total installed capacity to 80 MVA and a 50 megalitre water reservoir and pipeline.

Capital commitments for the next 12 months total R399-million, down on 2015’s R465-million.

The Bakubung project remains on target both in terms of full planned concentrate production output and the project construction cost budget.

The updated feasibility study of the Bakubung project was tested by the auditors for an impairment assessment and still continues to yield encouraging results.

Jianke Gao resigned from his position as CEO and acting financial director with effect from February 14 and has been replaced by Zhimin Li.

Other board appointments have been Li Pengfei and Zhou Xiaoyin as nonexecutive directors from September last year.