Massive restructuring at Maseve
Rustenburg – Platinum Group Metals (PTM), the Toronto-listed mining company, is taking steps to restructure its mining operations at the Maseve Mine in Rustenburg, as announced on 7 July 2017.
As a result of the anticipated restructuring process, there are a large number of employees in the service of independent contractors and staff of Maseve who could be affected.
The restructuring would involve a change in primary mining method and cost reductions to create a sustainable future for the mine. The changes are operationally driven to align costs with a more gradual ramp-up of production using more selective mining methods.
Says R. Michael Jones, CEO, Platinum Group: “We will work with our contractors, employees and other stakeholders in a climate of mutual respect, as we transition through the proposed restructuring process.”
The restructuring aims to reduce ongoing costs and achieve positive, sustainable cash flows as soon as possible, utilizing already-established infrastructure. A ‘hybrid’ mining method is under consideration, which would result in a transition from the current higher volume, mechanized bord-and-pillar mining method.
Platinum Group Metals will work closely with all its contractors, including Redpath Mining South Africa, the largest mining contractor on site, to minimize job losses while making the operation self-sustainable.It is likely that Redpath will continue to be the main contractor at the mine.
© 2017 - All Rights with Platinum Weekly