Sable Metals and Minerals Limited - Introduction
Sable Platinum ("Sable") listed on the Main Board of the Johannesburg Stock Exchange on 23 November 2012 under the Platinum and Precious Metals sector with the share code SLP. The company name was changed to Sable Metals and Minerals Limited on 3rd March 2014 with the share code now SMM.
Sable listed as an exploration company with Prospecting Rights for Platinum Group Metals (“PGM’s”) across 63000 ha in the Gauteng, Northwest and Limpopo provinces of South Africa. Sable has five project areas in the Western Bushveld Complex, of which two are in previously unknown areas. Target resources are from surface down to 2 500m in vertical depth. Sable has subsequently reduced the area under licence to 22 000 ha.
On four of these project areas the Vanadium Magnetite Reef is present. Sable had the Prospecting Right on the Syferfontein Project. This right is subject to a dispute with the BEE partner and prior to the right expiring, Sable applied for a Mining Right. A settlement with the BEE partner is anticipated this year. Sable has applied for, and been granted Prospecting Rights for Vanadium, Iron Ore and Rutile on two of the project areas. These two areas comprise 6 000 ha. The grant of the Prospecting Right is awaited on the fourth project area and there are additional applications in process with the Department of Minerals Resources.
Each project area has the potential to host a 1-2 million tonne per annum export mine for iron ore. The project areas are situated either on or close to a rail line.
Sable has also entered into an agreement, to acquire up to 26% of Global Initiatives (Pty) Ltd, a Botswanan company that has the rights to process the tailings and slag at BCL Limited, a nickel copper and cobalt mine at Selebi Phikwe in Botswana. The scope of this project has changed from producing pig iron to producing wire rod and re-bar for sale into the growing sub-Saharan African market project. A bankable feasibility study is being conducted by the Botswanan partner and final agreements with the partner are pending.
Sable believes that further exploration of the platinum projects, the vanadium and iron ore projects, and the addition of the steel project in Botswana will add significant value to shareholders in the coming year.
|Web page updated:
2 March, 2014
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