Japan's JOGMEC confirms platinum reserves in S.Africa
TOKYO, April 16 (Reuters) - Exploratory boring at Japan Oil, Gas and Metals National Corp's (JOGMEC) platinum group metals project in South Africa has confirmed the presence of an estimated total of 315 tonnes of platinum, palladium and gold, up 54 percent from a preliminary survey last year, the state-run firm said on Tuesday. JOGMEC and Canada's Platinum Group Metals Ltd are jointly running the project in the Waterberg region of northern South Africa. JOGMEC can obtain a 37 percent stake in the project if it pays $3.2 million in inspection costs over four years. Following is a breakdown of precious metals estimated to be in the development's area. Figures are in tonnes. Grade New Estimate Old estimate Platinum 96 64 Palladium 188 116 Gold 31 25 Total 315 205
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