EQS
EQS
EQS - Eqstra Holdings Limited - Statement regarding suspension of operations
at Marikana
Eqstra Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011672/06)
Share code: EQS & ISIN: ZAE000117123
STATEMENT REGARDING SUSPENSION OF OPERATIONS AT MARIKANA
Eqstra would like to update shareholders about the impact of plans to suspend
operations at the Marikana mine announced by Eastern Platinum Limited (Lonmin)
on 18 November 2008.
Eqstra has contracts with Lonmin and Aquarius Platinum South Africa Limited
for opencast mining activities in the Marikana area. In response to the
closure, written notice has been given by Lonmin that mining operations will
cease in December 2008. Capital equipment of Eqstra subsidiary MCC Contracts
(Pty) Ltd with a value of R 293 m will be redeployed to other existing and
recently awarded MCC projects. The financial impact of the Lonmin suspension
is expected to be less than 5% of Eqstra group revenue (2008: R 7.5 bn).
Demand for contract opencast mining remains strong and the business is
characterised by capacity constraints where equipment lead times extend for up
to 18 months.
Any statement or information that could be considered as being forecasted
financial information has not been reviewed and reported on by the auditors of
Eqstra either in accordance with ISAE 3400 or ISAE 3000 (Revised).
Johannesburg
21 November 2008
Sponsor
Merrill Lynch South Africa (Proprietary) Limited
Date: 21/11/2008 13:41:01 Produced by the JSE SENS Department.
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