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Lonmin has raised $50 million through a project finance metal streaming arrangement with an undisclosed party to fund its Bulk Tailings Treatment project in South Africa. The first $9 million tranche of funding has been drawn and work has started on the project.
The BTT project involves the re-mining of Lonmin’s Easterns Tailings Dam. The project entails the reprocessing of 26 million tonnes of Tailings material at a rate of 300,000 tonnes per month. Commissioning and ramp up to full production is expected during 2018.
The project is expected to produce about 29,000 ounces of Platinum per year or some 55,000 ounces of PGM, at a yield of 0.5 grammes per tonne (5PGE+Au) (grade of 1.42 grammes per tonne at a recovery of 35%).