Nkwe Platinum announced the initial findings of the bankable feasibility study (BFS) on the Garatau project located in South Africa. The initial BFS findings confirm the robust nature of the project and the economic viability of its proposed development. The BFS estimates average production of between 240,000 and 400,000 tonnes per month with an initial mine life of + 40 years. Average life of mine cash costs of between US$435/oz and US$535/oz assuming a current 3PGM+Au basket price of approx. US$1,200/oz.
Nkwe Platinum Limited announce a successful capital raising to institutional and sophisticated investors of A$7.5m at A$0.25 per share with a free attaching option (A$0.35 – exercisable 24 months from date of issue) for every 2 shares subscribed for. The funds raised will be used to expedite the Bankable Feasibility Study with Xstrata at the Garatau / Tubatse project, South Africa and continue with examination of other PGM opportunities.
Nkwe Platinum’s flagship Tubatse-Garatau Project now has a 68.9Moz JORC Resource including a 4.5Moz measured resource on the Garatau Project in Australia. The 68.9Moz resource has been strengthened by recent results from drilling and sampling on the Hopenkrantz farm which have now been finalized. The results established a 24.88Moz resource with an average grade of 4.95g/t (3PGE+Au) from 156Mt comprising inferred resource on the UG2 Reef of 11.8Moz at 6.35g/t (3PGE+Au) from 57.7Mt and inferred resource on the Merensky Reef of 13.11Moz at 4.13g/t (3PGE+Au) from 98.7Mt.
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