Platinum and nickel producer Braemore Resources Plc (BRR.L) (BREJ.J said on Monday its smelter at the Mintek facility in South Africa was on track to meet its annualised production targets, sending its shares up more than 21 percent.
The company said the smelter has produced 5,971 ounces of platinum group metals (PGMs) since being commissioned in September last, with 4,024 ounces of PGMs produced in December alone.
Further 50 percent expansion of its current capacity is underway to meet increased demand for the smelter technology.
Unlike conventional smelters, Braemore's Mintek ConRoast technology is unaffected by the high-chrome content ores, which are increasingly being mined, it said.
Braemore said it had achieved a recovery rate of 99.52 percent from the high-chrome content PGM concentrate feed.
At 1150 GMT, shares of the company were up 0.35 pence at 2 pence on the London Stock Exchange. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Gopakumar Warrier)
© Thomson Reuters 2009 All rights reserved