Announcement Of Establishment Of Twickenham Platin
Share code: AMS
ISIN Code: ZAE000013181
Anglo American Platinum Corporation Limited
(Incorporated in the Republic of South Africa)
Registration No. 1946/022452/06
("Anglo Platinum")
Share code: AMS
ISIN Code: ZAE000013181
Anglo American Platinum Corporation Limited
(Incorporated in the Republic of South Africa)
Registration No. 1946/022452/06
("Anglo Platinum")
Announcement of Establishment of Twickenham Platinum Mine
Anglo Platinum is pleased to announce that it will be proceeding with the
development of a new platinum group metals mine on the farms Twickenham,
Paschaskraal and Hackney on the Eastern Limb of the Bushveld Igneous Complex
in the Northern Province, some 40 km from the town Burgersfort.
Production will be 250 000 tons of UG2 ore per month and will consist of two
100 000 ton per month decline shaft systems, a
50 000 ton per month adit hill system and a dedicated 250 000 ton per month
concentrator. Further downstream processing will take place at Anglo
Platinum's process facilities at Pietersburg and Rustenburg. At the planned
production rate, the mine's resource base is sufficient to sustain
production for more than 30 years.
Initial capital expenditure is estimated at R2,7 billion (in 2002 money
terms). It is expected that the mine will be in steady state production in
2006 and will be producing 160 000 oz of platinum per annum and 176 000 oz
of palladium per annum. Together with previously announced expansions, this
project will allow Anglo Platinum to achieve its medium term expansion to
3,5 million ounces of platinum per annum by 2006, which is in line with the
Company's view of market supply and demand.
At full production some 2 200 people will be employed on the mine. Apart
from the direct benefits that will flow from this employment, the
establishment of the mine will create opportunities for other economic and
small business development in the area.
Johannesburg
6 September 2001
Sponsor
Merrill Lynch
Smith Borkum Hare
Merrill Lynch South Africa (Pty) Ltd
Registration No. 1995/001805/07
Member of the JSE Securities Exchange South Africa
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