11th Jun 2012 07:13
AQUARIUS PLATINUM LIMITEDASX, LSE & JSE 11 June 2012 Marikana Commentary
Aquarius Platinum Limited advises that the partners in the Marikana Pooling & Sharing Agreement ("P&SA2") have agreed in principle to place the P&SA2 operations on care and maintenance, due to the enduring low PGM basket price environment. This decision has been made in the interests of preserving the P& SA2 ore reserves until an improved economic climate merits their extraction in the future.
As a result, Marikana 4 Shaft and the Marikana concentrator plant will be placed on care and maintenance, and the remaining management functions at P&SA2 will be consolidated with those of the P&SA1 at Kroondal. Preparations for these events have been initiated, and the required consultative processes will commence today.
Trading conditions in the platinum industry are expected to remain difficult in the short to medium term and these conditions have rendered the operations at the P&SA2 uneconomic.
Further updates will be released as appropriate.
For further information please contact:
In the United KingdomGavin Mackay+44 7909 547 042In Australia:Willi BoehmAquarius Platinum Corporate Services+61 8 9367 5211In South Africa:Stuart Murray+27 (0) 12 001 200
PINXRelated Shares:
AQP.L