| Wed 30 Jan 2008, 10:27 | | AQP - Aquarius Platinum Limited - Power Supply Interruptions in South Africa |
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AQP
AQP
AQP - Aquarius Platinum Limited - Power Supply Interruptions in South Africa
Affect Production
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1029
("Aquarius" or the "Company")
30 January 2008
Power Supply Interruptions in South Africa Affect Production
Aquarius Platinum Limited advises that mining operations at the company`s
Kroondal, Marikana and Everest Mines were affected by power outages due to load-
shedding requirements demanded by Eskom, the national power utility. Following
the suspension of milling operations on Friday 25 January 2008, a near normal
supply of power returned late evening on Tuesday 29 January.
Eskom had informed (amongst others) platinum, gold and ferrochrome miners and
producers that it was contractually unable to guarantee power supplies and
therefore declared an emergency, stating in a letter to Aquarius Platinum (SA)
(Pty) Limited that "performance has been severely impacted by, inter alia, the
adverse weather conditions to the extent that our ability to supply is severely
compromised". It is understood that the load shedding was due to unusually high
rainfall which is limiting the supply of coal from the collieries.
Following intensive meetings with industry, Eskom yesterday agreed to provide
80% of normal power on Tuesday evening 29 January and 90% from Thursday 31
January. AQPSA has been asked and agreed to find ways to conserve the balance.
The return of power will enable the recommencement of all the operations which
had been suspended.
In addition, the Mimosa Mine in Zimbabwe has continued to operate normally
following power interruptions in Zimbabwe last week.
Operations at the Everest Mine, however, will see a slow return to normal as
AQPSA continues to recruit former employees of contractor Shaft Sinkers Mining
(Pty) Ltd, after that company abandoned the underground mining contract on
Thursday 24 January 2008.
It is not yet possible to forecast total production losses. Shareholders will
be informed when this information becomes available. Further, notification has
been received from some suppliers of consumables used in the processing plants
that they are experiencing manufacturing problems as a result of load shedding.
This may affect the return to normal operations.
For further information please contact:
In Australia & the United Kingdom:
Nick Bias
Aquarius Platinum
+44 (0)7887 920 530
In South Africa:
Stuart Murray
Aquarius Platinum
+27 (0)11 455 2050
Sponsor: Investec Bank
Date: 30/01/2008 10:27:01 Produced by the JSE SENS Department.
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