| Wed 28 Jul 2004, 12:43 | | Production Resumes At Barplats" Crocodile River M |
|
Barplats - Production Resumes At Barplats` Crocodile River Mine
Barplats Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004830/06)
Share Code: BPL
ISIN: ZAE000028692
(`Barplats` or `the Company`)
PRODUCTION RESUMES AT BARPLATS` CROCODILE RIVER MINE
Production at Barplats Investments Limited`s Crocodile River Mine near Brits in
South Africa`s North West Province resumed today (Wednesday, 28 July 2004) with
the ceremonial detonation of the first blast by the company`s new chairman,
Loucas Pouroulis.
Pouroulis was the founder of the mine, then known as Lefkochrysos, in 1987 which
was eventually taken over by Rand Mines Limited and subsequently by Impala
Platinum Holdings (Implats).
At the beginning of July this year, Pouroulis was lead representative for a
consortium of institutional investors in the acquisition of Implats` 83.2%
interest in Barplats for R390 million.
`The extent and quality of Barplats assets, and a new, enthusiastic team give me
every confidence that we will successfully complete what was started 18 years
ago. The project goal is to return the mine to its rated capacity of 150 000
tonnes per month over the next three years.`
Managing director David Salter says Barplats` guiding philosophy going forward
will be to `Build on Basics`, with a focus on safety, grade, recovery and costs.
`The new mining plan will have three phases - start-up, lasting approximately 8
to 12 months; build-up to full production during the ensuing 28 to 36 months;
and maintenance of production at the highest economic level thereafter.`
Initial production will be from the mine`s Maroelabult Section where six panels
are ready to mine. Production from the Zandfontein Section is expected to begin
late in 2004 or early in 2005, once re-equipping and repairs have been
completed. A combination of mechanized mining and conventional stoping will be
employed at both sections.
`Currently, the team is evaluating several possible mining plans for the
Zandfontein Section with the goal of identifying the most cost effective,
efficient plan for short and long term return of value from the assets,` Salter
added.
Refurbishment of the mine`s 150 000 tonnes per month concentrator and 120 000
tonnes per month dense medium separation (DMS) plant has begun and the first
treatment of ore is scheduled for late October 2004.
Queries: David Salter James Duncan
+27 11 460 1791 (office) +27 11 880 3924 (office)
+27 83 410 1795 (mobile) +27 82 895 0698 (mobile)
Marion Brower Zenzele Bam
+27 11 880 3924 (office) +27 11 880 3924 (office)
+27 82 895 0698 (mobile) +27 83 544 1827 (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.
