30th Jan 2008 08:01
AQUARIUS PLATINUM LIMITEDASX, LSE & JSE30 January 2008
Power Supply Interruptions in South Africa Affect Production
Aquarius Platinum Limited advises that mining operations at the company's Kroondal, Marikana and Everest Mines were affected by power outages due to load-shedding requirements demanded by Eskom, the national power utility. Following the suspension of milling operations on Friday 25 January 2008, a near normal supply of power returned late evening on Tuesday 29 January.
Eskom had informed (amongst others) platinum, gold and ferrochrome miners and producers that it was contractually unable to guarantee power supplies and therefore declared an emergency, stating in a letter to Aquarius Platinum (SA) (Pty) Limited that "performance has been severely impacted by, inter alia, the adverse weather conditions to the extent that our ability to supply is severely compromised". It is understood that the load shedding was due to unusually high rainfall which is limiting the supply of coal from the collieries.
Following intensive meetings with industry, Eskom yesterday agreed to provide 80% of normal power on Tuesday evening 29 January and 90% from Thursday 31 January. AQPSA has been asked and agreed to find ways to conserve the balance. The return of power will enable the recommencement of all the operations which had been suspended.
In addition, the Mimosa Mine in Zimbabwe has continued to operate normally following power interruptions in Zimbabwe last week.
Operations at the Everest Mine, however, will see a slow return to normal as AQPSA continues to recruit former employees of contractor Shaft Sinkers Mining (Pty) Ltd, after that company abandoned the underground mining contract on Thursday 24 January 2008.
It is not yet possible to forecast total production losses. Shareholders will be informed when this information becomes available. Further, notification has been received from some suppliers of consumables used in the processing plants that they are experiencing manufacturing problems as a result of load shedding. This may affect the return to normal operations.
For further information please contact:
In Australia & the United Kingdom:
Nick Bias Aquarius Platinum +44 (0)7887 920 530 In South Africa: Stuart Murray Aquarius Platinum +27 (0)11 455 2050 REGISTERED OFFICE
Aquarius Platinum Limited - Clarendon House - 2 Church Street - Hamilton HMCX Bermuda
Email: [email protected]
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