| Mon 7 Sep 2009, 7:39 | | AQP - Aquarius Platinum Limited - Update: Engagement Of New Workforce At |
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AQP
AQP
AQP - Aquarius Platinum Limited - Update: Engagement Of New Workforce At
Kroondal And Marikana Operations
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
UPDATE: ENGAGEMENT OF NEW WORKFORCE AT KROONDAL AND MARIKANA OPERATIONS
Aquarius Platinum Limited ("AQP" or "the Company") advises an update to the
announcement of Thursday, 27 August 2009 in respect of the unprotected
industrial action by former employees of the principal underground mining
contractor at Aquarius Platinum (South Africa) (Pty) Limited`s ("AQPSA")
Kroondal and Marikana operations.
As a result of further illegal actions by some former employees, delays have
been experienced with the engagement process. These actions, including
intimidatory behavior towards those former employees who wished to be re-
engaged, have now prevented effective recruitment from portions of the
dismissed employee base. AQPSA has therefore authorised a greater component
of the recruitment process to consist of new employees, which necessitates a
longer recruitment and induction process (inclusive of training in respect of
both safety and production standards). Personnel deployment into the
operations has therefore been slower than desired, but nonetheless proceed at
an acceptable pace as substantial numbers of unemployed and skilled people in
the area have come forward to seek work opportunities.
Production restarted at the Marikana operations on 31 August as planned, with
some production at Kroondal only resuming on 3 September. The engagement
delay and employee deployment plan has extended the estimated ramp-up period,
and AQPSA now anticipates the total production loss attributable to AQP to
amount to between 15,000 and 20,000 ounces of PGMs (4E) for the financial
year.
The delays in engagement and the restarting of production are regrettable.
The company believes, however, that the additional time taken to source new
committed and competent employees will stand it in good stead going forward.
Plans to mitigate the production shortfall over the course of the remainder
of the financial year will be put in place with the contractor.
As previously advised, the interruption is being utilised for major
maintenance. The relining of the K2 secondary mill feed-end has been
completed.
For further information please contact:
In Australia:
Willi Boehm
+61 (0) 8 9367 5211
In the United Kingdom:
Stuart Murray
+27 (0) 11 656 1140
In South Africa:
Charmane Russell
+27 (0) 11 880 3924
7 September 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 07/09/2009 07:39:01 Produced by the JSE SENS Department.
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