| Tue 24 Oct 2006, 8:40 | | Aquarius Platinum - Aquarius Platinum granted new |
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AQP
AQP
Aquarius Platinum - Aquarius Platinum granted new order mining rights for its
Kroondal, Marikana and Everest mines
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP & ISIN Code: BMG0440M1029
("Aquarius Platinum")
Aquarius Platinum granted new order mining rights for its
Kroondal, Marikana and Everest mines
Johannesburg: Aquarius Platinum Limited (ASX, LSE and JSE: AQP) is pleased to
announce that the South African Department of Minerals and Energy (DME) has
approved its South African subsidiary company"s applications for the new order
mining rights conversions in respect of all three of its mines: Kroondal,
Marikana and Everest.
Speaking in Johannesburg today, Aquarius Platinum CEO Stuart Murray said:
"Aquarius Platinum is a pioneer in various aspects of the platinum mining
business. We lead the way in the mining of smaller-scale deposits; we have taken
down the farm fences between properties to ensure that mineral extraction can be
optimised with our neighbours.
"Also, we have demonstrated that black economic empowerment (BEE) can enhance
our business: our BEE partner, the Savannah Consortium, in acquiring an interest
in Aquarius Platinum South Africa, provided the funds to finance the development
of our new Everest Mine.
"We approached our Social and Labour Plans and conversion applications in the
same manner in which we approach our mining operations - with enthusiasm,
initiative and an intention to make them work. We are grateful for the support
and guidance of the DME during this process.
"From a shareholder point of view, these conversions reinforce our long-term
presence and commitment to South Africa."
Zwelakhe Sisulu, Chairperson of the Savannah Consortium, said: "This milestone
represents an expression of confidence in the Company"s ability to meet its
obligations in terms of South Africa"s mining legislation. Aquarius is ahead of
the pack in terms of black equity ownership and has already embarked upon
comprehensive programmes for gender empowerment, community and worker
involvement, welfare, and priority skills development as well as rural
development.
"We applaud the DME for charting a path that, despite its early detractors, is
proving a valuable tool in effectively leveraging rights to exploit natural
resources for the benefit of the mining sector and in the interests of socio-
economic transformation.
"Mining companies like us will continue to rely on the DME to ensure that the
country"s laws and regulations, including the financial and fiscal regime,
promote growth and protect empowerment participation."
The Minister of Minerals and Energy, Ms Buyelwa Sonjica, said: "The successful
conversions by Aquarius are further testament to what can be achieved when
government and industry join hands in the quest to better the lives of our
people.
"I believe that as more companies within the industry embrace and implement the
requirements of the Minerals and Petroleum Resources Development Act (the
MPRDA), we will see the fruits thereof and our economy will continue to prosper.
"It is essential to understand that as prosperity comes, it needs to impact on
the second economy and the lives of the poorest of the poor. This is to ensure
that we can jealously guard the gains of our new democracy. Economic prosperity
without social development is a recipe for disaster.
"We as government are encouraged by companies such as Aquarius that take up the
challenge of the MPRDA and make sure that the requirements regarding the social
and labour plans are also met. I therefore encourage industry to continue its
efforts in this regard."
For further information, please visit www.aquariusplatinum.com or contact:
In Australia:
Willi Boehm - Aquarius Platinum Corporate Services Pty Ltd
+ 61 (0)8 9367 5211
In the United Kingdom:
Nick Bias - BuckBias Ltd
+ 44 (0)7887 920 530
In South Africa:
Charmane Russell - Russell & Associates
+ 27 (0)11 880 3924 / + 27 82(0) 372 5816
Sponsor Investec Bank Limited
Date: 24/10/2006 08:40:22 AM Produced by the JSE SENS Department
