| Thu 15 Jul 2004, 17:07 | | NEW BARPLATS BOARD ANNOUNCED |
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BARPLATS INVESTMENTS LIMITED - NEW BARPLATS BOARD ANNOUNCED
Barplats Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004830/06)
Share Code: BPL
ISIN: ZAE000028692
(`Barplats` or `the Company`)
MEDIA RELEASE
15 July 2004
Crocodile River Mine re-opens
NEW BARPLATS BOARD ANNOUNCED
Barplats Investments Limited today (15.07.04) announced the names of its new
Board of Directors, together with the re-opening of the company`s mothballed
Crocodile River platinum mine near Brits in South Africa`s North West Province.
A consortium of investors acquired Impala Platinum Holdings` 83.2% interest in
Barplats recently for some R390 million. Implats placed the Crocodile River Mine
on care and maintenance in December 2003.
The new members of the Barplats Board are: Loucas Pouroulis (chairman); David
Salter (managing director), Jonathan Clark (financial director) and Jeff Gard
(independent non-executive director).
Salter said today that the names of additional independent, non-executive
directors would be announced in due course.
`Work on re-opening of the Crocodile River Mine has begun, and we are pleased to
announce the appointments of Gustav Ellis, formerly of Samancor, as mine manager
and Bob Palmer, formerly of Lonmin, as divisional director: metallurgy.
`It is planned to re-capitalize the mine and return it to rated capacity within
three years. Financing requirements are being finalised.
`The ore will be processed through the Crocodile River facilities, with
flotation concentrate being sold to Impala Refining Services under the existing
life of mine agreement.`
Barplats` Kennedy`s Vale project in the Steelpoort Valley in Mpumalanga Province
presented a huge opportunity for the company, Salter said, and a task team would
spend the next several months examining the best means to realize value from
this important PGM resource.
The company`s results for the year ended 30 June 2004 - the full term of which
it was under its previous management - will be announced towards the end of
August.
Brief CVs of the new Board of Directors are attached.
Barplats Board of Directors: summarized CVs:
Loucas Pouroulis (65) has been active in the South African mining industry since
1965. He holds an Honours degree in mining and metallurgy from the National
Technical University of Athens and worked variously in the mining industries of
Germany, Sweden and Cyprus before joining Anglo American Corporation in South
Africa. He founded the Salene group of companies in 1977 and is credited with
the introduction of several pioneering technologies in the industry. Mr
Pouroulis was instrumental in listing Lefkochrysos Limited in 1987, which was
acquired by Rand Mines Limited before being acquired by Impala Platinum Holdings
Limited.
David Salter (45) was previously Chief Executive Officer of The Salene Group, a
privately held South African mining group active principally in the platinum,
titanium, diamond and gold sectors. He holds a Ph.D. and B.Sc. Honours in
Mineral Technology from the Royal School of Mines, University of London. Past
employers include De Beers and Fluor Daniel.
Jonathan Clark (36) is a chartered accountant and was previously with Nedbank
Capital. He has B.Com and B.Acc. degrees from the University of the
Witwatersrand. Prior to joining Nedcor Investment Bank in 1997, he held
positions with UAL Merchant Bank and KPMG.
Jeff Gard (60) retired from 29 years` service with the Fluor group of companies
in 2003. Latterly, he was President of the group`s global Mining and Minerals
Business Unit. He holds a B.Sc. in Chemical Engineering from Manchester
University, a B.Sc and M.Sc. in Minerals Engineering from Birmingham University
and an MBA from the University of the Witwatersrand.
Queries: James Duncan
Russell & Associates
27 11 880-3924 (office)
27 82 892-8052 (mobile)
DISCLAIMER:
This announcement may contain certain forward-looking statements concerning
Barplats` operations, economic performance and financial condition, and plans
and expectations. These statements, including without limitation, those
concerning the economic outlook for the platinum group metals (PGM) industry and
market, expectations of PGM prices, production, the commencement and completion
of certain exploration and production projects, may contain forward-looking
views. Such views involve both known and unknown risks, assumptions,
uncertainties and other important factors that could materially influence the
actual performance of the company. No assurance can be given that these will
prove to be correct and no representation or warranty, express or implied, is
given as to the accuracy or completeness of such views or as to any of the other
information in this announcement. Barplats` future results may differ materially
from past or current results, and actual results may differ materially from
those projected in the forward-looking statements.
