| Mon 7 Jan 2008, 10:21 | | AQP - Aquarius Platinum - Aquarius` Marikana and Everest Mines pass |
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AQP
AQP
AQP - Aquarius Platinum - Aquarius` Marikana and Everest Mines pass
presidential safety audits and mining right compliance inspections
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP ISIN Code: BMG0440M1029
("Aquarius Platinum")
Monday 7th January 2008
Aquarius` Marikana and Everest mines pass Presidential Safety Audits and Mining
Right Compliance Inspections
Aquarius Platinum advises that the Company`s Everest and Marikana mines in South
Africa have passed the Presidential Safety Audits in respect of mine safety as
conducted by the Department of Minerals and Energy (DME). Everest was the first
mine in South Africa to be audited under the newly instituted Presidential Audit
system. The audits comprised two streams - a legal audit and a technical audit
of certain installations and practices at mines. These included, but were not
limited to, design and maintenance with regard to the provision of healthy and
safe working conditions, servicing and maintenance of all equipment and systems,
communication systems, occupational health and safety policy, safety risk
management, mandatory codes of practice, explosives control, water management,
and public health and safety.
In addition to successfully passing the safety audit, the Marikana mine also
underwent a DME Mining Right Compliance Inspection, in terms of the `new order`
mining right granted by the DME.
The Kroondal mine is yet to be scheduled for the Presidential Safety Audit. In
Zimbabwe, the Mimosa mine completed the quarter without a disabling injury which
is commendable.
CEO, Mr Stuart Murray said, "These audits require considerable preparation in
terms of management time and resources and mine management are to be applauded
for successfully passing each of these audits. These processes demonstrate that
our mines are in good standing and that the Board`s high regard for safety and
operating standards is being adhered to at operational level. These audits
occurred during a challenging quarter at all of our SA operations, where
voluntary shutdowns related to safety matters have impacted output. Looking
forward, the SA mines are in good shape to improve production levels despite the
number of challenges that arose during the second quarter. At Marikana, the
return to work of labour continues following the illegal industrial action, at
Kroondal the ramp-up of the new K5 shaft is making good progress and the K2
concentrator is back to full capacity after being stopped for substantial
unplanned maintenance work arising from the annual inspection. Timeous repairs
were undertaken to cracks discovered in the teeth of the girth-gears of both
primary and secondary mills. Picking up this problem early has averted a
possible major mill outage in the future, albeit at the expense of some
production in the quarter."
The combined impact of the prior announced shutdowns, illegal industrial action
and mill repairs has impacted production by approximately 12,000 PGM ounces.
Financially the impact has been positively offset by strengthening PGM prices
recorded during the period.
Results Notification
Aquarius Platinum Limited advises that the Company`s 2008 Financial Year Second
Quarter Production Results will be released on Thursday 24th January and that
the 2008 Financial Year Interim Financial and Production Results will be
released on Thursday 7th February. A conference call will be held for the
interim results for which details will be made available via the Company website
www.aquariusplatinum.com in due course.
For further information please contact:
In Australia:
Willi Boehm
Aquarius Platinum Corporate
Services
+61 8 9367 5211
In the United Kingdom and South
Africa:
Nick Bias
Aquarius Platinum
+ 44 7887 920 530
Date: 07/01/2008 10:21:20 Produced by the JSE SENS Department.
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