{"id":7764,"date":"2012-02-08T13:49:48","date_gmt":"2012-02-08T11:49:48","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/friedland-says-ivanplats-to-shake-up-platinum-sector\/"},"modified":"2012-02-08T13:49:48","modified_gmt":"2012-02-08T11:49:48","slug":"friedland-says-ivanplats-to-shake-up-platinum-sector","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/friedland-says-ivanplats-to-shake-up-platinum-sector\/","title":{"rendered":"Friedland says Ivanplats to shake up platinum sector"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Says S. Africa&#8217;s Platreef to produce PGMs at negative cost<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Declines to comment on IPO prospects<\/p>\n<p><span><\/span><\/p>\n<p>By Clara Ferreira-Marques and Wendell Roelf<\/p>\n<p><span><\/span><\/p>\n<p>CAPE TOWN, Feb 8 (Reuters) &#8211; Ivanplats, controlled by<br \/>\nIvanhoe Mines founder Robert Friedland, expects to produce<br \/>\nplatinum at negative cost at its giant Platreef complex in South<br \/>\nAfrica, potentially shaking up an industry squeezed by<br \/>\nstoppages, rising wages and power charges.<\/p>\n<p><span><\/span><\/p>\n<p>Privately owned Ivanplats, whose other major projects<br \/>\ninclude the Kamoa copper and Kipushi zinc operations in the<br \/>\nDemocratic Republic of Congo, said it would be the lowest cost<br \/>\nproducer of platinum in the world at Platreef, thanks to the<br \/>\ndiscovery of the high-grade Flatreef ore body in 2010.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;I believe that it will be a negative cost producer of<br \/>\nplatinum group metals,&#8221; Friedland told a gathering of mining<br \/>\nexecutives. &#8220;The base metal endowment is strong enough to cover<br \/>\nmore than 100 percent of the cash operating costs to produce<br \/>\nplatinum, palladium, gold and rhodium,&#8221; he said.<\/p>\n<p><span><\/span><\/p>\n<p>Friedland said Ivanplats intended to build a<br \/>\nfully-integrated processing facility and a series of underground<br \/>\nshafts and to mine on a bulk scale, in a highly mechanized<br \/>\nprocess.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;This couldn&#8217;t be more dissimilar from the mines that are<br \/>\ncurrently in the platinum mining industry or anywhere else in<br \/>\nthe world,&#8221; he said. &#8220;This is a highly disruptive discovery of a<br \/>\nworld class nature that will have an extremely long life, and it<br \/>\nwill be the lowest-cost producer of platinum in the world.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>Friedland said the high-grade Flatreef discovery had ore<br \/>\nbodies 25 or 50 times thicker than those traditionally mined.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Says S. Africa&#8217;s Platreef to produce PGMs at negative cost * Declines to comment on IPO prospects By Clara Ferreira-Marques and Wendell Roelf CAPE TOWN, Feb 8 (Reuters) &#8211; Ivanplats, controlled by Ivanhoe Mines founder Robert Friedland, expects to produce platinum at negative cost at its giant Platreef complex in South Africa, potentially shaking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7764","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7764"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7764\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}