Northam Platinum is facing difficult geological and technical conditions as it moves from mining the richer Merensky reef to the lower-grade UG2. It is one of the highest-cost producers in the SA platinum industry because of the extreme depth of its mining operations. But it will increasingly draw on the new Booysendal project, with a resource of about 112 m oz of platinum group metals (PGM). This will be cheap to mine because operations will start near the surface. It should double its annual output of PGM.
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