Financial Daily from THE HINDU group of publications
Friday, Dec 23, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 23, 2005 |
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Minerals Corporate - Alliances & Joint Ventures Ferro Alloys venture to dig deep for platinum — Actual size of deposits inOrissa to be assessed Jayanta Mallick
Kolkata , Dec. 22 A 70:30 joint venture between Platinum Mining Corporation of India (UK), a subsidiary of Platinum Mining Corporation of India Plc, and Ferro Alloys Corporation, will begin deep diamond core drilling to assess the actual size of platinum deposits at Boula in Orissa. Mr S.K. Saraf, Vice-Chairman of Ferro Alloys, told Business Line today that the profit and revenue sharing joint venture would begin the final phase of exploratory work at one of the four chromite mines Ferro Alloys has in Orissa. The joint venture, Boula Platinum Mining Pvt Ltd, has been granted permission to explore and exploit platinum group of minerals at the existing chromite mine by the appropriate authorities, Mr Saraf said. The initial surveys, by the Geological Survey of India and the French institute, Bureau de Reserches Geologiques et Minieres (BRGM), indicated deposits of some 14.2 tonnes at a platinum equivalent grade of 1.5 g per tonne. At the Boula mine lease area, the newly defined mineralised (platinum group of elements) extends through two existing pits for at least 1,000 m along the strike or channel with a width of 75 m at a depth of around 150 m. According to Platinum Mining Corporation of India Plc (PMCI), the current phase involves 10,000 to 17,500 m of drilling and an independent analysis of up to 15,000 channel samples to determine the distribution and intensity of the surface/near surface mineralisation. The grade and tonnage along the strike extensions at lower depths would also be assessed, which would be followed by a 3D geological model. According to the British company, a resource statement is expected to be complete by September 2006. PMCI, which is doing the exploration work, had raised £14 billion this April from the market. "Our cash balance was £12.1 million at the year end (July 31, 2005)," Mr Richard Healey, PMCI Chairman, had said in a statement on November 10. "I believe we will be able to complete the current phase of works at Boula and go into the next stage with more than £5 million in cash resources," he added. Ferro Alloys, which holds the mining rights, is collaborating with the experts for the exploratory work. The open cut chromite mines and the operational infrastructure has helped the joint venture to progress and develop faster than normal, PMCI said. SRK Consultants would do the technical audit for the project.
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