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SIM
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SIM - Simmers - Buffelsfontein Gold Mine Commences Optimisation Programme
SIMMER AND JACK MINES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code: SIM
ISIN: ZAE000006722
("Simmers")
BUFFELSFONTEIN GOLD MINE COMMENCES OPTIMISATION PROGRAMME
Buffelsfontein Gold Mine ("BGM" or "the mine"), a wholly-owned subsidiary of
Simmers, has issued a Section 189(a) Notice to organized labour in terms of
which the mine will begin a consultation process aimed at optimising the
business and ensuring that production targets are met.
Simmers announced earlier this month that BGM would be focusing on its margins
and taking a far stronger line on those sections of the mine that did not
contribute to cash flow.
"We are experiencing unprecedented increases in the costs of materials required
for mining and milling and management intends to engage all stakeholders to
ensure the long-term sustainability of BGM. Considerable capital has been
invested since 2005 to ensure that the mine has the necessary infrastructure to
produce according to its Life of Mine Plan. In the current economic climate it`s
essential that all sections produce optimally," said Simmers Chief Executive
Officer, Gordon Miller.
The optimisation process is aimed at those sections of the mine that need to
improve their operating margins. This includes Number 12 shaft and smaller
sections of the mine`s six other operational shafts.
Failure to conclude an optimisation plan could result in the retrenchment of
approximately 500 people within the next two months.
BGM has created 5 440 new jobs since the start up of its underground operations
in 2005. Its six operating shafts include the high-grade Number 5 shaft which is
in the process of being refurbished and is on track for completion in March
2009. The bulk of the mine`s underground production currently comes from the
Number 6, 7 and 8 shafts.
Issued by Gail Strauss on behalf of Simmer & Jack Mines, Limited
Contact details: 084 777 4060
gail@simmers.co.za
Johannesburg
27 November 2008
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 27/11/2008 09:14:01 Produced by the JSE SENS Department.
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