Property Description and Location
The Kennedy’s Vale/Spitzkop Project is situated on the eastern limb of the BCX. The closest towns are Steelpoort, Burgersfort (15 km and 30 km northeast respectively) and Lydenburg (70 km east). The project is 350 km northeast from Johannesburg and comprises the farm Spitskop 333KT, Kennedy’s Vale 361KT, De Goedeverwachting 332KT, Belvedere 362KT and portions of the farms Tweefontein 360KT and Boschkloof 331KT.
In 2012, due to the continuing stagnant outlook in the global economic environment, the sustained weakness in PGM pricing and the labour and operating environment in South Africa, the development of Kennedy’s Vale and Spitzkop were suspended. As a result, the Company does not currently have any active plans for these projects. The Company continues to actively monitoring the market and other developments to assess the possible resumption of the project but completion will not resume until it is clear that these various factors have improved.