Platinum Group Metals
WE have said it before when writing about the irrepressible Jones, and we are going to say it again, you have to be an optimist to run a mining company. Jones remains staunchly optimistic about Platinum Group Metals’ (PTM’s) projects as the platinum price continues to head further south and most of his peers restructure for a situation in which they expect the platinum price being ‘weaker for longer’. Jones has been helped by the fact that his group was not actually in production, but that happy state of affairs is coming to an end with the start of operations at the Western Bushveld Joint Venture “Project 1” mine near Rustenburg. At planned steady state - to be achieved in 2018 - the Project 1 mine “... is expected to be one of the lower cost conventional PGM mines in South Africa,” says Jones. It had better be with the platinum price sitting below $1,000/oz. Next up for the group is development of the Waterberg Project with joint venture partners Mnombo and Jogmec. The Waterberg Project is being touted as the real future of PTM as it is a massive, thick shallow deposit that Jones believes can be mined using mechanised methods.
LIFE OF MICHAEL
He is a geologist by background holding a BSc in Geological Engineering from the University of Toronto, but much of his career has been spent on the financial and corporate sides of the junior mining game. He’s raised more than $1bn for exploration and mining development and was responsible for the discovery of the Glimmer gold mine – now Blackfox – in Ontario as well as being a co-founder and director of West Timmins Mining.
- Web Address: www.platinumgroupmetals.net