Aquarius And Impala Announce Approval For Low Capi
Aquarius And Impala Announce Approval For Low Capital Cost Expansion
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration number: EC26290
Share code on JSE: AQP ISIN: BMG0440M1029
Share code on ASX: AQP.AX ISIN: BMG0440M1029
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
Share code: (`IMP/IMPO`)
ISIN: ZAE000003554
(`Implats` or `the company`)
21 September 2005
JOINT PRESS RELEASE
AQUARIUS PLATINUM AND IMPALA PLATINUM HOLDINGS LIMITED ANNOUNCE APPROVAL FOR LOW
CAPITAL COST EXPANSION
AT THE MIMOSA PLATINUM MINE
Aquarius Platinum Limited and Impala Platinum Holdings Limited are pleased to
announce an approved low capital cost expansion to increase annual production
capacity to 168,750 PGM ounces (86,500 platinum ounces in concentrate) at the
Mimosa Platinum Mine in Zimbabwe.
The expansion project, known as `Wedza Phase IV`, follows three earlier
successful expansion projects at Mimosa and is expected to increase annual PGM
production from 135,000 PGM ounces to 168,750 PGM ounces. The increase in
mining will come from the South Hill ore body where current operations are
based, increasing throughput by 25% from 120,000 tonnes to 150,000 tonnes milled
per month. The expansion will not have an impact on day to day operations, or
have any material impact on the life-of-mine.
Total capital cost of the expansion which has an estimated payback period of
eight months is forecast at $14 million. It will be funded from both retained
cash flows at the Mimosa level and a US$10 million facility financed by the
Merchant Bank of Central Africa. The facility with an interest rate of 5.5%
above LIBOR is for a two year period.
The project will commence on October 1st, 2005. The rapid construction schedule
envisages completion in May 2006, with full production by June 2006.
All the necessary government and environmental approvals have been obtained,
with the project granted National Project Status; this status is valuable as it
permits the waiver of customs duties on all approved imported capital goods.
For further information please contact:
Aquarius Platinum Impala Platinum
In Australia: In South Africa
Willi Boehm David Brown
Aquarius Platinum Corporate + 27 11 481 3926/7
Services Pty Ltd
+61 8 9367 5211
In the United Kingdom and Les Paton
South Africa + 27 11 481 3918/37
Nick Bias
BuckBias Ltd Bob Gilmour
+ 44 7887 920 530 + 27 11 481 3913/2
Date: 21/09/2005 08:21:59 AM
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