| Thu 1 Jul 2010, 8:00 | | AQP - Aquarius Platinum Limited - Safety review at Blue Ridge Platinum Mine |
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AQP
AQP
AQP - Aquarius Platinum Limited - Safety review at Blue Ridge Platinum Mine
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
1 July 2010
SAFETY REVIEW AT BLUE RIDGE PLATINUM MINE
Aquarius Platinum Limited ("Aquarius" or the "Company") has undertaken a
critical and comprehensive review of the mine plan and safety procedures and
practices at the Blue Ridge Platinum Mine in Mpumalanga Province, following two
fatal accidents that have regrettably occurred at the mine in the past month. An
investigation into the incidents is underway, and the Board and management of
Aquarius extend their sincere condolences to the family and colleagues of the
men who died.
Following the second fatality, mining operations at Blue Ridge were subject to a
Section 54 suspension. Management at the mine extended this suspension, keeping
the mine closed for a two week period during which time the mining contractor
has undertaken the retraining of all the workers at the mine as a precautionary
measure. Mining operations recommenced on 28 June 2010.
Following this comprehensive safety review, Aquarius has re-focussed its 12
month strategy for Blue Ridge on safe, productive mining with the generation of
greater redundancy of mineable reserves. Although the temporary suspension of
mining activities and the review of safety systems and the mine plan will slow
the ramp-up of the mine and have a negative impact on production in the short
term, these measures will provide for safer and more sustainable output over the
long term. It is anticipated that the Blue Ridge mine will now produce
approximately 80,000 4E PGM ounces in the 2011 financial year.
Stuart Murray, CEO of Aquarius, said:
"Aquarius considers the safety of its mines to be a primary concern, and the
fatalities at the Blue Ridge mine are both unacceptable and deeply regrettable.
We will do whatever is required to ensure that production at this mine is
accomplished as safely and sustainably as is the case at Aquarius` other
operations and meets our aim of constantly improving our safety track record. At
this stage this means that in the interests of safety it is more prudent to slow
the ramp-up of the mine and review certain aspects of the existing mine plan to
further conform it to our standards and ensure the ongoing safety of personnel
on our mines. We expect the ramp-up to take approximately a further 12 months,
during which time this mine may continue to be treated as a mine in
commissioning and thus revenues, operating and capital costs will be
capitalized. The market will be informed of the impact of the mine plan review
once this information becomes available."
For further information please contact:
In the United Kingdom
Gavin Mackay
+44 7909 547 042
In Australia:
Willi Boehm
Aquarius Platinum Corporate Services
+61 8 9367 5211
In South Africa:
Stuart Murray
+27 (0) 11 656 1140
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01/07/2010 08:00:06 Produced by the JSE SENS Department.
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