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North American Palladium Ltd.(PAL/AMEX)is Canada's only primary producer of palladium. The Company's Lac des Iles open pit mine, located 85 kilometres northwest of Thunder Bay in northern Ontario, also produces platinum, gold, copper and nickel as by-products. A major expansion at the Lac des Iles mine was commissioned in June 2001. The expanded operation will increase palladium production to 250,000 ounces over a 17-year mine life. The new mill reached its nameplate capacity in August 2002 when mill throughput exceeded 15,000 tonnes per day. The Company is currently reviewing alternatives to further improve palladium recoveries.Proven and probable reserves at December 31, 2001 were estimated to be 93.5 million tonnes averaging 1.53 grams per tonne of palladium, containing 4.6 million ounces of palladium. Under the current mine plan, these reserves will support annual production of approximately 250,000 ounces of palladium, 23,000 ounces of platinum, 18,000 ounces of gold, 6 million pounds of copper and 2 million pounds of nickel for approximately 15 years.
Stillwater Mining Company (SWC/NYSE)
The Group's principal activities are to develop, explore, extract, process and refine the platinum, palladium and associated metals from a geological formation in southern Montana known as the J-M Reef. The J-M Reef is a significant source of platinum group metals (PGMs) inside the United States. Associated byproduct metals of PGMs include rhodium, gold, silver, nickel and copper. The Group conducts its mining, smelting, refining and exploring activities at Columbus and Montana. PGMs are rare precious metals with unique physical properties that are used in diverse industrial applications and in the jewelry industry. It is used in the automotive industry for the production of catalysts that reduce automobile emissions. Palladium is used in the production of electronic components for personal computers and other devices, as well as in dental applications.
Anooraq Resources Corp (ARQRF OTC BB)
Anooraq is a junior company in an enviable position. First, it is managed by the Hunter Dickinson Group. They are responsible for the ultimate creation of two mines and have a substantial shareholder following. Second, Anooraq already has what appears to be a very undervalued platinum group metals (PGM) property in South Africa. Next, they have a strategic alliance with the largest PGM mining company in the world, Anglo Platinum Corp. Finally, they are in the unique position where they may actually benefit from the South African movement for Black Empowerment.
Anooraq’s prime asset is their Platreef project. It is located within the Bushveld Complex. This hosts 80% of the world’s known platinum resources and accounts for over 60% of PGM production. Their property adjoins that of a subsidiary of Anglo Platinum. This hosts eight deposits containing mineral reserves and resources of about 65 million ounces of PGM plus gold. Anglo’s Sandsloot Mine on that property produced 469,000 ounces of platinum, palladium, gold and rhodium, plus a substantial amount of nickel and copper in 2001.
To date, a private company of Robert Friedland is earning a 50% interest on their Rietfontein farm. Further, Anooraq obtained a right to earn up to an 80% interest in twelve farms controlled by Anglo Platinum. Anooraq must complete exploration expenditures of $3.6 C. million over five years and bring one property into production to earn their full 80% interest. Through their acquisitions and join-ventures, Anooraq controls PGM rights to19 farms covering 37,000 hectares within the Bushveld Complex.
Anooraq began exploring the Platreef in 2000. Their most advanced project to date is on its Drenthe farm. They have already completed an extensive drilling program over a 3.6 kilometre strike length. They have identified three horizons of significant PGM mineralization and have defined an inferred resource of 99 million tonnes containing 4.1 million ounces of PGM plus gold. The resource remains open to the north and west and appears to widen at depth. Thus, a substantial increase in tonnage remains a distinct possibility.
Aside from their Drenthe project which is progressing well, Annoraq’s potential to increase their position in South Africa is exceptional. Anooraq has an excellent relationship with their senior partner, Anglo Platinum. Anglo appears to be using the junior company as their exploration arm. Their arrangement allows Anglo to retain a 20% interest in all projects that the junior brings into production with no risk to themselves. Further, given the need to satisfy South Africa’s Black Empowerment mandate, Anglo must either perform work on their numerous Platreef farms or lose them. Anglo Platinum is the major mineral rights landholder on the reef. Thus, it is possible that many of their most promising projects will find their way into Anooraq’s stable. It is a win-win situation for both companies! I believe that all of the above conditions lend themselves to greatly enhance the future of Anooraq Resources.
Caledonia Mining Corporation.(CALVF OTC/BB)
The Group's principal activities are to acquire, explore and develop mineral properties for the exploitation of base and precious metals. The Group acquires properties and projects early in the development cycle and then adds value by operating or disposing of the asset. The Group owns properties in Canada, Zambia, South Africa, and Democratic Republic of Congo with excellent exploration potential for gold, diamond, platinum group metals, nickel, copper and cobalt.
Caledonia's two South African gold mines have a total gold resource of over 2.93 million ounces and considerable potential for additional resources.
Barbrook Gold Mine - Barbrook Mines Limited ("Barbrook Gold Mine") holds the mineral rights over an area of 43 square kilometers, has a metallurgical plant capacity of 25,000 tonnes per month and had about 100,000 tonnes of ore readily accessible prior to the restart of operations. The total mineral resource at Barbrook Gold Mine is 10.8 million tonnes containing about 1.95 million ounces of gold. Barbrook Gold Mine was granted its full Section 9 permanent mining authorization in March 2003
Eersteling Gold Mine - Eersteling Gold Mining Company Limited (“Eersteling Gold Mine”) is listed on the Johannesburg Stock Exchange and is 96% owned by Caledonia. Eersteling Gold Mine holds the mineral rights over an area of 190 square kilometers. The mine is located near the city of Polokwane (Pietersburg) in the Limpopo Province of South Africa. Production was halted in early 1997 due to the prevailing low gold prices. The property is less than 10% explored. Eersteling Gold Mine has a reported ore resource of 2.6 million tonnes containing 530,000 ounces of gold, and its mineral rights holdings are less than 10% explored. The mine has a metallurgical plant with a capacity of 25,000 tonnes of ore per month and can mine ore from any of 5 fully equipped shafts. Eersteling Gold Mine applied for its Section 9 permanent mining permission and this was granted during April 2003.
The various alternatives of returning the Eersteling Gold Mine to commercial production are dependant upon an economically sustainable Rand gold price and the finalization of the study of the economics of transportation and processing which will be completed subsequent to the commencement of exploration on Eersteling Gold Mine’s highly prospective Rooipoort platinum property south east of Potgietersrus which will commence during the third quarter 2003.
This includes the Rooipoort Project which is highly prospective for platinum.
Caledonia is involved in diamond exploration Joint Ventures with major mining companies in Zambia and Canada.
Caledonia also holds a large land position on and around the prolific Zambia Copperbelt on which exploration continues for copper, cobalt, nickel and gold.
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