AMS- Anglo Platinum to expand UG2 production at it
AMS AMSP
ANANP
AMS- Anglo Platinum to expand UG2 production at its Amandelbult mine
Anglo Platinum Limited
Registration No: 1946/022452/06
Instrument Alpha
Code/Ticker Symbol: AMS; AMSP
ISIN: ZAE000013181; ZAE000054474
Anglo Platinum to expand UG2 production at its Amandelbult mine
Anglo Platinum is pleased to announce that it has approved the R1,57 billion
(US$224 million) East Upper UG2 Project at its Rustenburg Platinum Mines`
Amandelbult section ("Amandelbult").
The Amandelbult East Upper UG2 Project ("the Project") will conventionally mine
the UG2 reef, using existing mining infrastructure previously employed to
extract Merensky reef, at the vertical number 2 shaft and at three decline
shafts at 44 East, 50 East and 62 East. The recently completed 75 000 ton per
month UG2 concentrator will be expanded to 210 000 tons per month and by 2012
the Project will contribute an additional 100 000 ounces of refined platinum per
annum to Amandelbult`s production.
The Project enjoys a reduced capital cost, of R1,57 billion in July 2007 terms,
as a result of the already established infrastructure, and comprises R693
million for the concentrator expansion and R875 million for UG2 ore reserve
development and upgrading of mining infrastructure.
The Project will commence in January 2007 with first production in 2008 and is
expected to generate 1 300 new employment opportunities at the mine as well as 1
000 employment opportunities during the construction phase in the Limpopo
province. Anglo Platinum will continue to invest in the social development of
the Northam and Thabazimbi municipal areas around Amandelbult and to facilitate
housing development programmes such as the public-private initiative Sunflower
project.
Ralph Havenstein, Chief Executive of Anglo Platinum said, "The Amandelbult mine
is one of the lowest cost platinum mines in the industry and this UG2 project is
the result of ongoing studies to increase its output. The growth component of
the project is aligned with Anglo Platinum`s stated average growth target of 5%
per annum."
12 December 2006
For further information please contact:
Trevor Raymond
+27 11 373 6462
+27 82 654 8467
12 December 2006
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 12/12/2006 12:00:01 Produced by the JSE SENS Department.
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