Eastern Platinum has secured a C$2m credit facility, the proceeds of which will be used as working capital to support the ramp-up of underground production tonnages at its Crocodile River Mine in North West.
The miner said on Tuesday that it has secured the R23.5m facility with Ka An Development Company. This is a separate facility in addition to the previously announced credit facilities in February and November last year, it said.
Eastplats intends to ramp up its Zandfontein underground mine to target 70,000 tonnes of run-of-mine (RoM) ore a month by the end of 2026.
The group owns a number of PGM and chrome assets, all of which are situated on the western limb (Crocodile River Mine) and eastern limb (Kennedy’s Vale, Spitzkop, Mareesburg) of the Bushveld Complex, which hosts about 80% of the world’s platinum group metals-bearing ore.
Operations at the CRM currently include mining and processing ore from the Zandfontein underground section to produce both PGM and chrome concentrates, respectively.
In May the group reported a narrowing in its first-quarter loss to $4.1m, from $6.9m a year ago, which it attributed to the decrease in overall production costs incurred at the CRM and an increase in PGM sales.
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