"oz firm looks at platinum mine"

  1. dub
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    But it's in the Phillipines.

    Aussie firm looks at platinum mine

    Rusina Mining N.L. (RMN) of Australia is eyeing to complete by next year a feasibility study (FS) for an estimated $50-million development of the Acoje nickel sulphide platinum project which may turn out to be the country’s first platinum mine.

    Maribel A. Valenzuela, senior exploration geologist of RMN local subsidiary Kinloch Resources Ltd. (KRL), said positive results in the Acoje project in Zambales’ exploration may prompt its subsequent development.

    "We may probably release (an FS) next year if it’s really feasible to mine it. But as of now, we have 60:40 chances, 60 percent to mine and 40 percent to gather more data," Valenzuela said in an interview.

    Drilling results showed the resource has five million tons containing 14.75 gram per ton of platinum and 0.73 percent nickel.

    Michael Spadafora, KRL general manager, said the development may cost more or less $50 million.

    "We’re only doing our pre-feasibility next year. We’ll know if cost will be more than $50 million," he said.

    The operation of a platinum mine holds positive prospects with demand for platinum outpacing supply and with prices soaring to $900 per ounce for platinum and $200 per ounce for palladium.

    As of 2003, platinum demand was at 6.25 million ounces while demand for palladium was at 5.26 million ounces. Of the demand, Russia took up 17 percent, South Africa, 75 percent, and North America five percent. The platinum group metals include palladium, iridium, and osmium.

    "Platinum is one of the elements used for making space shuttles. Its melting point is high, it takes time to melt so it’s suitable as a spacecraft material," noted an RMN official.

    Platinum also has industrial uses including for glass, steel, fibre optics, dental equipment, and jewellery. (MMA)


    Platinum is also an essential component of fuel cells, and therefore might be in much demand in the near/mid future.


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