| Mon 21 May 2001, 0:00 | | Kroondal Platinum Mines Limited - Board Appointmen |
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Board appointments and restructure
Aquarius Platinum Limited (Aquarius or the company) has substantially
increased its control (95.1%) of platinum producer Kroondal Platinum Mines
Limited (Kroondal), in South Africa, with the intent of acquiring 100%
ownership. Aquarius is also currently developing its second platinum mine,
Marikana, and completing a bankable feasibility study on what will be its
third platinum mine, Everest South. These developments, along with the
nearly completed 50% expansion at Kroondal, will make Aquarius a 600,000oz
per annum PGM producer within the next 3 years.
As the Group's operational focus is increasingly based around its South
African operations, the directors wish to announce a number of board changes
they believe will assist the company with its continuing growth, which to
date has involved:
The construction of the Kroondal Mine and the current expansion, which will
see Kroondal produce more than 240,000oz PGMs per annum.
Aquarius identifying and acquiring a selection of mid-sized PGM projects,
which will enable it to produce in excess of 600,000oz of PGMs within the
next 3 years.
Attracting Impala Platinum Holdings Limited (Implats), the world's second
largest producer of platinum group metals, as a major shareholder and
strategic partner.
The proposed Board changes will allow the directors to continue their focus
on corporate growth opportunities, whilst ensuring the Group's operating arm
in South Africa is able to effectively manage the mining operations. These
changes will also support the blending of the project development and
operational functions of the Group and will in due course also involve the
consolidation of the Kroondal and Aquarius Platinum (South Africa)
(Proprietary) Limited Boards. The changes are as follows:
Mr Stuart Murray
Stuart Murray, previously a senior executive with Implats, will join the
Aquarius Board as an executive director. Stuart brings with him a wealth
of knowledge and is widely considered to be the leading metallurgist in the
PGM industry. He will be responsible for maintaining the close relationship
with Implats and with providing Aquarius' technical assistance to the
development team in South Africa.
Mr Dave Evans
Dave Evans, managing director of Kroondal, along with his team will take
responsibility for the development of Marikana and Everest South. Dave was
responsible for the construction and commissioning of the Kroondal mine
ahead of schedule and under budget in 1999. He is currently finalising the
Kroondal expansion programme, which will be in production in June 2001, also
ahead of time and under budget.
Mr Michael A P Adams
Michael Adams will retire as Chairman of Aquarius and Deputy Chairman of
Kroondal, as the Group changes its requirements from corporate skills to
emphasise more technical and South African based expertise. He has been
instrumental in developing Aquarius' corporate strategy over the past 4
years and will remain a senior advisor to the Group. The Board wishes to
record its appreciation for the outstanding contribution Michael has made to
the Company during his term as director of Aquarius.
Mr Ed Nealon
Ed Nealon will move to the position of Chairman of Aquarius and Deputy
Chairman of Kroondal. He will remain responsible for corporate development.
Mr Keith Liddell
Keith Liddell will retire as a director. Keith has been responsible for the
design and implementation of Kroodal's metallurgical processes and his
efforts have made a significant contribution to Aquarius' success to date.
He will remain as a consultant to Aquarius. The Board wishes to acknowledge
its appreciation for the outstanding contribution Keith has made to the
Company during his term as director of Aquarius.
The restructured Aquarius Board will now comprise:
Mr Edward F G Nealon - Chairman
Mr Craig R Munro - Executive Director Finance
Mr Stuart A Murray - executive director
Mr Nicholas T Sibley - non-executive director
Ms Cathie E Markus - non-executive director
Mr James H Slade - non-executive director
The above appointments take effect immediately.
WILLI BOEHM
Company Secretary
21 May 2001
