| Mon 4 Jul 2011, 15:00 | | PLN - Platmin Limited - Update: Disruptions at Pilanesburg Platinum Mine |
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PLN
PLN
PLN - Platmin Limited - Update: Disruptions at Pilanesburg Platinum Mine
Platmin Limited
Incorporated in the accordance with the laws of British Columbia, Canada
Registration number: C0848954
Share code on TSX: PPN
Share code on AIM: PPN
Share code on JSE: PLN
ISIN: CA72765Y1097
("Platmin" or "the company")
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE
SERVICES
UPDATE: DISRUPTIONS AT PILANESBURG PLATINUM MINE
July 4, 2011, TORONTO: On 24 June, Platmin Limited issued an announcement
relating to disruptions at the Pilanesberg Platinum Mine caused by a small
group of employees of mining contractor, MCC Contracts (Proprietary) Limited
(MCC). Platmin`s priorities since the disruptions have been to ensure the safety
of employees and the security of assets and equipment; to minimise the impact
on production by processing stockpile material and conducting maintenance; and
the rapid resumption of mining operations.
The damage to MCC-owned and leased operational and personally-allocated vehicles
is being assessed. Drilling and blasting equipment, which is fundamental to the
mining activity, was not affected.
Platmin is assisting MCC, who are engaged with the National Union of Mineworkers
(NUM) in terms of MCC`s recognition agreement, and the parties are working
closely with the South African Police Services in identifying and prosecuting
those individuals involved in the disruptions. Several arrests have been made.
While mining activities have been affected by these events, Platmin`s
concentrator has operated at full capacity throughout the period by processing
stockpiled, oxidised reef and in fact despatched record metal in concentrate
during June. Scheduled preventative maintenance will be bought forward to align
with future production planning.
The process of consultation with the NUM on the safe and orderly resumption of
operations has been constructive and a further meeting has been scheduled for
today, Monday, 4 July. MCC`s engineering personnel could resume work immediately
thereafter to repair or replace the affected vehicles. Drilling and blasting
crews and the load and haul crews not involved in the disruptions can start work
as soon as agreement has been reached between the parties. Inevitably though,
mining operations will be disrupted for a period, and the build-up of ore
stockpiles accordingly delayed. A further announcement will be made when the
impact has been more accurately established.
For further information:
Craig Shaw
Chief Financial Officer
+27 12 661 4280
Investec Bank plc (Nominated Adviser)
Charles Batten
+44 207 597 4000
Russell & Associates
Charmane Russell
+27 11 880 3924
4 July 2011
Sponsor: Investec Bank Limited
Date: 04/07/2011 15:00:01 Produced by the JSE SENS Department.
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