Anglovaal Mining Limited (formerly Anglovaal Limited)
Reg. No. 1933/004580/06
56 Main Street, Johannesburg, 2001, South Africa
Phone: (+27 11) 634-9111, Fax: (+27 11) 634-0038
news release
For release: 16:00 (SA time), Thursday, 1 November 2001
Contact details for Avmin:
JULIAN GWILLIM
Direct line: (+27 11) 634-0092
Mobile: 082 4524 389
ANGLOVAAL MINING LIMITED - PROJECTS UPDATE
Johannesburg, 1 November 2001: Speaking at the Annual General Meeting of
Anglovaal Mining Limited (Avmin) shareholders today, CEO Rick Menell,
provided members with an update on Avmin's major capital development and
growth programme.
At Chambishi Metals, Avmin's cobalt and copper producer in Zambia, the new
smelter built to treat slag material was commissioned during the third
quarter of the financial year ended 30 June 2001. However, the necessity to
re-brick the furnace lining occurred as a result of water ingress. Re-
heating of the furnace commenced during July 2001. The current plan
indicates that the build-up to full production, which is at a rate of 4 200
tons a year of cobalt in the expanded facility and is currently at 50 per
cent capacity, will be achieved during the first quarter of the 2002
calendar year. The total investment, to date, in Chambishi Metals is higher
than anticipated at US$258 million.
Avgold Limited's new R2,1 billion Target gold mine is on schedule and within
budget for full production during the first quarter of the 2002 calendar
year. It is being anticipated that Target's new metallurgical plant will
start commissioning this month. All work on Target's refrigeration and water
handling facilities is progressing satisfactorily and the back fill plant
has commissioned.
In Assmang Limited, the iron ore jig plant was commissioned, within budget
and schedule, during the last financial year and the significant new chrome
alloy expansion is in the process of commissioning, which is also within
budget and envisaged timing. The new manganese shaft at the Nchwaning mine
remains on schedule for completion in late 2003.
The feasibility study to assess a possible expansion at Avmin's Nkomati mine
will be completed during the first quarter of calendar 2002 and this will be
presented to Avmin's board of directors for decision before the middle of
the year.
Two Rivers Platinum (Pty) Limited, which `houses' the recently-acquired
platinum group metals deposit, is on schedule to complete its feasibility
study by the middle of 2002.
ends
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