Sylvania Platinum forges new mining joint venture

9th Aug 2023 14:46

(Sharecast News) - South Africa-focussed Sylvania Platinum announced a joint venture partnership through its fully-owned subsidiary Sylvania Metals on Wednesday, with Limberg Mining Company - an affiliate of ChromTech Mining Company.

The AIM-traded firm said the collaboration would focus on processing chrome and platinum group metal (PGM) ores extracted from both historical tailings and ongoing outputs at the Limberg Chrome Mine.

It said the mine, situated in the northern sector of the Western Limb of South Africa's Bushveld Complex, would operate under the 'Thaba Joint Venture' banner.

The board said the partnership signalled a considerable enhancement in Sylvania's growth ambitions, positioning Sylvania Metals for expansion.

It added that the collaboration aimed to capitalise on its proficiency in PGM and chrome concentrates recovery, adding an estimated 6,500 4E PGM ounces and 200,000 tons of chromite concentrate annually.

"The establishment of the joint venture holds significant potential for Sylvania as it aligns with the Company's growth strategy and enhances its position in the mining and processing industry," said chief executive officer Jaco Prinsloo.

"The joint venture will enable Sylvania Metals to access valuable resources, expand its production capabilities, and strengthen its distribution channels for target products, ultimately driving value for the group and its stakeholders."

At 1437 BST, shares in Sylvania Platinum were up 7.09% at 71.11p.

Reporting by Josh White for Sharecast.com.