Royal Bafokeng Platinum Says Its Styldrift II Mine Could Cost $1.4 Billion

Bloomberg reports Royal Bafokeng Platinum Ltd. (JNB:RBP) says the Styldrift II mining project may cost around 10 billion rand ($1.4 billion).

The market news is quoted as saying,

The producer is already developing the Styldrift I project northwest of Johannesburg for about 11.6 billion rand to expand output. Platinum demand will probably come to exceed supply in three years from 2012, Chief Executive Officer Steve Phiri told investors. A shortage of palladium, a metal typically mined along with platinum, will likely rise to 1 million ounces in 2014, he said.

For the complete market news, click here.