Petmin(PET) announced that the coal crushing, washing and screening plant at its Somkhele anthracite project north of Richards Bay will be fully operational by July 1.
The plant has a nominal design throughput capacity of 120,000 ROM (t) per month
Petmin added that the open pit development at the mine was on track and approximately 30,000 ROM (t) had been stockpiled for processing and an additional estimated 150,000 ROM (t) was scheduled to be exposed by the end of June.
Petmin has approved an extensive exploration and drilling program to increase the proven and probable reserves.
The Somkhele mine has a Samrec compliant CPR indicating proven and probable reserves of 24.2 million Run of Mine tonnes (“ROM (t)”) and resources of 81.59 million ROM (t). At the planned rate of production of 1 million ROM (t) per annum, the reserves will sustain a 25 year life of mine, according to Petmin
Petmin also announced on Monday that it is still in negotiations which if successfully concluded may have a material effect on the price of the company's securities. It advised shareholders to continue to exercise caution when dealing in their Petmin securities until a full announcement was made.
© 2009 Petmin Limited