Eastplats secures credit facility to advance CRM
JSE- and TSX-listed Eastern Platinum (Eastplats) has secured a credit facility with Ka An Development for up to C$1-million, which the company intends to use as working capital to support the ramp-up of underground production tonnages at the Crocodile River mine (CRM).
The credit facility is subject to acceptance or approval by the TSX.
Operations at CRM currently include mining and processing ore from the Zandfontein underground section to produce both platinum group metal (PGM) and chrome concentrates, respectively.
Eastplats is ramping up its Zandfontein underground mine to target 70 000 t of run-of-mine ore a month by the end of 2026.
“We thank Ka An for its continued support and commitment to Eastplats. We continue to grow PGM and chrome production at CRM while being mindful of costs and operational efficiencies,” Eastplats CEO and president Wanjin Yang says.
Eastplats owns directly and indirectly a number of PGM and chrome assets in South Africa. All of the company’s properties are situated on the western limb (CRM) and eastern limb (Kennedy’s Vale, Spitzkop and Mareesburg) of the Bushveld Complex, the geological environment that hosts about 80% of the world’s PGM-bearing ore.
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