The project now has 36.3 million tonnes grading 4.7gpt of PGMs for a total of 5.48Moz. The new resource estimate, which includes a 17.5% increase in grade, was carried out by Snowden Mining Industry Consultants.

Aquarius says the average width of the Everest South resource is 2.1m, making it amenable to mechanised mining. The company says it intends to develop the project as soon as its new mine, Marikana (which is at bankable feasibility), is on stream.

By 2003 it projects that Marikana, its first mine Kroondal and Everest South will be producing about 500,000oz of PGMs per annum. This is equivalent to more than 1Moz of gold production.

Aquarius Platinum also announced a maiden profit of $6.4 million today courtesy of its 44% stake in the Kroondal mine.

Deputy chairman of Aquarius, Ed Nealon, said the result was a solid reflection of the performance of Kroondal.

“The integration of new technology, better work place practices and sound management have all contributed to Kroondal and will continue to provide Aquarius with substantial cashflow for the next 15 years.”