Pandora - South Africa
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5% NPI 93,439 oz saleable PGM in concentrate 300,000 tonnes @ 4.55 g/tonne (PGM) M: 4.9 M tonnes @ 4.78 g/tonne; I 16.8 M tonnes @ 4.43 g/tonne / 34.9 M tonnes @ 4.22 g/tonne Inf. (PGM) Lonmin PLC |
Franco-Nevada has a 5% NPI royalty on the 17,193 acre Pandora property in the western Bushveld area of South Africa which is a joint venture between Lonmin (42.5%), Anglo Platinum (42.5%), Mvelaphanda Resources (7.5%) and the Bapo Ba Molage Mining Company (7.5%). Lonmin is the manager of the project.
The joint venture commenced paying AMR payments of ZAR100,000 (right now only $9,000) on the royalty interest since 1994. Mining has been undertaken on the Pandora joint venture project since approximately 2006. Ore is being sourced from small open pit operations and by underground working from the Lonmin E3 shaft on the adjacent Eastern Platinum property. The joint venture partners are preparing a pre-feasibility study for larger scale mining on the Pandora property.