Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Add shares to your
quickpicks to
display them here!

Sylvania Platinum shares jump with Limberg Chrome Mine joint venture

9th Aug 2023 11:06

(Alliance News) - Sylvania Platinum Ltd on Wednesday announced it had entered into a joint venture with Limberg Mining Company Ltd to process platinum gross metals and chrome ores from the Limberg Chrome Mine, at the Western Limb of the Bushveld Complex, South Africa.

Shares in Sylvania Platinum, a platinum group metals producer and developer with assets in South Africa, were up 7.2% at 71.17 pence in London on Wednesday morning.

The company said the joint venture will process platinum gross metals and chrome ores from an old tailings dump at Limberg.

The Limberg Mining Company Ltd is a subsidiary of ChromTech Mining Company Ltd, a South Africa-based chrome producer.

The company announced that the South Africa-focused joint venture will be named Thaba, that it will own 50% of it alongside ChromTech Mining, and that its operations will focus on the tailings storage facility at the Limberg Chrome Mine.

Thaba will increased its annual 4E, or platinum, palladium, rhodium, and gold, output by 9.0%, and will add chrome to Sylvania Platinum's commodity portfolio.

Chief Executive Officer Jaco Prinsloo said: "The Thaba joint venture combines the strengths and expertise of both companies in the mining and processing industry, Sylvania Metals has a proven track record in the recovery, sale, and distribution of PGMs, while LMC contributes ChromTech's extensive experience of chrome operations, with particular expertise in fine chrome beneficiation."

Sylvania Platinum said the execution phase will be between eighteen and twenty-four months, and that the first output from the joint venture is expected in the second half of 2025.

Total capital expenditure of around USD32.0 million is expected, it said.

"The establishment of the JV holds significant potential for Sylvania as it aligns with the Company's growth strategy and enhances its position in the mining and processing industry," said CEO Prinsloo.

By Will Neill, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved

FTSE 100 Latest