Loskop

At a glance

Loskop, a Joint Venture project with the world's third largest platinum producer, Lonmin plc and is at an advanced exploration stage on two properties.

Ownership

Boynton currently has a 72.39% interest in the project, with the remainder owned by the Moepi group of companies. A small holding making up the balance may be distributed amongst Boynton's shareholders at a later stage. Lonmin has an option to acquire a 50% interest in the rights held by Boynton, Platmin’s operating subsidiary, by incurring exploration expenditure and other expenditures. Platmin has come to an understanding with Lonmin that Lonmin has earned its 50% interest in Boynton’s interest in the Rietfontein 70JS property including that project costs for Rietfontein 70JS will be shared on a pro-rata basis. This understanding is in the process of being recognised in a written agreement.

Location

On the western extremity of the Eastern Limb of the Bushveld Complex some 60km from the towns of Witbank and Middelburg. The project is situated on the farms Rietfontein 70JS, Kameeldoorn 71JS, De Wagendrift 79JS and Loskop Suid 53JS.

Map showing Loskop operations

Access and infrastructure

The area is well served by the national grid and the project lies astride a major surfaced road. To the south of the project, the Loskop dam is a potential water supply.

Area

5,658 hectares

Attributable Mineral Resources

An Inferred attributable Mineral Resource of 2.8Mt grading 4.35g/t 2PGE+Au for 0.4Moz. This Mineral Resource is on a new reef horizon, the Upper Mineralized Pyroxite (UMP), which is similar to the Merensky Reef with similar base metal values. In total the Inferred Mineral Resource is estimated at 12.6Mt grading 4.35g/t for 1.768Moz 2PGE+Au plus base metal credits.

The future

The Mineral Resource is being re-assessed in the light of additional drilling, and a concept study to assess the potential for underground mining has been completed. A decision to proceed with a pre-feasibility study which may include bulk sampling is pending. Platmin has budgeted approximately US$0.15 million for exploration, bulk sampling and metallurgical test work on Rietfontein. Lonmin itself is exploring the De Wagendrift area, aiming for Mineral Resource delineation.