Pengxin International Mining (600490.SH) subsidiary plans to invest 400 million South African Rand to build the first phase of the Weltevreden mine project.

Pengxin International Mining (600490.SH) announced that its subsidiary CAPM Tau Mine Proprietary Limited (hereinafter referred to as "CAPM-TM") plans to invest 400 million South African Rand in the construction of the Phase I project of Weltevreden Mine (hereinafter referred to as the "W Mine Phase I project"). This investment is equivalent to 160 million Chinese Yuan (calculated at an exchange rate of 0.3992 on September 3, 2024). According to a research report by PCDS (Precision Capital Development Services) Resource Solution in 2022, CAPM-TM plans to start construction of the Phase I project of Weltevreden Mine with an investment construction period of 6-8 months. Due to the high proportion of inferred resources in Weltevreden Mine, during the development and construction of the Phase I project, a third-party organization will be commissioned to design and demonstrate plans for the overall development of the second level of Weltevreden Mine. The Weltevreden project is currently in the dewatering phase, and it is expected that the first level will be able to enter the working conditions in the next 2-3 weeks. After the project is approved, the PCDS plan will be updated simultaneously, and development will begin. The total investment in the W Mine Phase I project is approximately 400 million South African Rand (first level), with a predicted total ore production of 422,881 tons and a total gold production of 1.23 tons within 2-4 years. The Phase I project, as an early project for the overall development of Weltevreden Mine, lays a solid foundation for the later development of Weltevreden Mine.