Anglo American Platinum Corporation Limited - The Rustenburg UG2 Project; Phase
2
Issuer Long Name : Anglo American Platinum Corporation Limited
Registration No. : 1946/022452/06
Instrument Alpha Code/Ticker Symbol : AMS
ISIN : ZAE000013181
MEDIA RELEASE
The Rustenburg UG2 Project; Phase 2
Anglo Platinum is pleased to announce that it is proceeding with Phase 2 of the
Rustenburg UG2 Project to produce 306 000 ounces of refined platinum and 167 000
ounces of palladium per annum. This project and its associated capital
expenditure forms part of the suite of projects to both maintain baseline
production and to expand to an annual production rate of 3,5 million ounces
during 2006. Mining authorisations are in place for this project.
The project will exploit the UG2 Reef, firstly using existing infrastructure at
the Frank and Townlands vertical shafts to produce 155 000 tons of ore per
month, and secondly from two new decline shafts to be established at
Boschfontein East and Boschfontein West to produce 245 000 tons per month.
In addition, the recently completed 400 000 tons per month UG2 Waterval
concentrator will be expanded to process the additional 400 000 tons per month
of UG2 ore, increasing total capacity to 800 000 tons per month. The plant
expansion will derive synergies from the already established infrastructure and
staff. The expanded plant will have sufficient capacity to process all material
from the new UG2 production sources.
The project is expected to cost some R3,7 billion in 2003 money terms, made up
as follows:
Rustenburg Shafts R0,7 bn
Boschfontein declines R1,8 bn
Concentrator R0,9 bn
Bulk Infrastructure R0,3 bn
Total R3,7 bn
On 28 November 2002 Anglo Platinum announced that the capital expenditure in
2003 to maintain operations was estimated at R3,6 billion. Capital expenditure
on the RPM UG2 Phase 2 project in 2003 is included in this amount. It is
expected that this development will create approximately 2 300 new jobs in the
Rustenburg area.
The project is expected to commence production within 18 months and reach steady
state production in 2008. Overall baseline production at RPM will remain
constant over the period as production from the Merensky Reef will gradually be
replaced by UG2 production.
For further information please contact:
Mike Mtakati
Tel : (011) 373-6865 / Cell: 083 455 7887
Johannesburg
4 December 2002
Merrill Lynch South Africa (Pty) Ltd
Registration No. 1995/001805/07
Member of the JSE Securities Exchange South Africa
Date: 04/12/2002 03:00:00 PM Produced by the JSE SENS Department
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