| Thu 29 Mar 2012, 15:01 | | WEZ - Wesizwe - Wesizwe Platinum appoints Shaft Sinking Contractor for Bakubung |
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WEZ
WEZ
WEZ - Wesizwe - Wesizwe Platinum appoints Shaft Sinking Contractor for Bakubung
Platinum Mine
WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2003/020161/06)
JSE code: WEZ ISIN: ZAE000075859
(the "Company" or "Wesizwe")
WESIZWE PLATINUM APPOINTS SHAFT SINKING CONTRACTOR FOR BAKUBUNG PLATINUM MINE
Wesizwe has today announced another significant step towards the development of
its Bakubung Platinum Mine with the awarding of the shaft sinking contract to
Aveng Grinaker-LTA Mining (Aveng Grinaker-LTA).
In September 2011, six companies were invited to tender as part of the shaft
sinking enquiry for the Bakubung Platinum Mine (formerly known as the
Frischgewaagd Ledig project): three companies were from South Africa, two
Chinese and a Canadian corporation. The R1.64 billion contract has been awarded
to Aveng Grinaker-LTA following a thorough technical and commercial adjudication
process.
Wesizwe`s CEO, Mr Jianke Gao, said: "In selecting the successful contractor, the
adjudication team considered the commercial offer, the contractor`s technical
expertise and experience, as well as a number of other important factors which
included the company`s ownership structures, systems and resources, and its
safety, health and environment track record. This is undoubtedly the most
significant milestone in the delivery of a world-class underground PGM mine and
we are pleased that we are now able to move forward with the sinking of the
shafts."
The Bakubung Platinum Mine is located on the Western Limb of the Bushveld
Complex and site establishment has been underway since 2010. Preparatory work
for the start of shaft sinking will be completed in August 2012, with the pre-
sink on the ventilation shaft scheduled to start in June 2012. Both the main
and ventilation shafts are scheduled for commissioning in October 2018.
"Following a rigorous evaluation process, Aveng Grinaker-LTA has demonstrated
the capacity and experience necessary to deliver the shaft sinking scope for the
Bakubung Platinum Mine and we look forward to working with them," added Jianke
Gao.
Aveng Grinaker-LTA has been involved with the development of mines for the past
three decades and has considerable shaft sinking experience with the ability to
sink and equip both vertical and decline shafts through all types of rock
formations.
Wesizwe`s Project Executive, Mr Jacob Mothomogolo, commented: "The site
establishment work is well on track, with a commendable safety record to date.
In February this year, the team achieved 500 lost-time injury (LTI) free days,
which will set the mine standard for safety at the mine going forward."
The pollution control dam 1 with a holding capacity of 23000 m3 was part of the
initial site preparation work completed mid-2011. Work is advancing on the
pollution control dam 2 which will double the capacity and will increase the
holding capacity, which equates to around two thirds of the required capacity at
full production. The site team has moved into the recently established site
offices, security and access control is now in place on site and the access road
to the site is almost complete.
"Temporary water and power supply has been established and the project team is
working on securing permanent bulk services to the mine. In this area
particularly, opportunities for collaboration are being explored with other
mining companies in the area," said Jacob Mothomogolo.
Jianke Gao concluded: "With mine development on track at the Bakubung Platinum
Mine, there will be increasing opportunities for employment during the
construction and commissioning phase of the project. Already a number of job
opportunities have been filled by community members, and at the end of January
2012, 35% of the employees are from local communities, which far exceeds the 20%
target agreed with the Department of Mineral Resources."
Wesizwe has formalised stakeholder processes to ensure more effective engagement
with the community and government. Just a few of these examples include recent
meetings held with the MEC for Economic Development in the North West, Ms.
Tebogo Modise, the Mayor of Moses Kotane Municipality, Ms Fetsang Mokati-Thebe
and several Community Stakeholder Engagement Forum meetings.
Johannesburg
29 March 2012
Sponsor: PSG Capital Proprietary Limited
Date: 29/03/2012 15:01:01 Produced by the JSE SENS Department.
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