9th Jan 2007 07:16
AQUARIUS PLATINUM LIMITEDIMPLATS9 January 2007JOINT PRESS RELEASE
AQUARIUS PLATINUM LIMITED AND IMPALA PLATINUM HOLDINGS LIMTED ANNOUNCE APPROVAL FOR LOW CAPITAL COST EXPANSION AT THE MIMOSA PLATINUM MINE
Aquarius Platinum Limited and Impala Platinum Holdings Limited are pleased to announce a low capital cost expansion to increase annual production capacity to 195,000 PGM ounces (100,000 platinum ounces in concentrate) at the Mimosa Platinum Mine in Zimbabwe.
The expansion project, known as "Wedza Phase V", follows four earlier successful expansion projects at Mimosa. The expansion is made possible by increasing concentrator capacity from 150,000 to 175,000 tonnes milled per month. The additional tonnage will be sourced from the existing South Hill mining infrastructure and will not have an impact on day-to-day operations.
Total capital cost of the expansion, which has an estimated payback period of twenty-four months, is forecast at $23.2 million and will be funded from retained cash flows.
Preliminary design work on the project commenced November 1st, 2006. The rapid construction schedule envisages completion in June 2007, with full production by July 2007.
All the necessary government and environmental approvals including National Project Status have been received.
For further information please contact:
Aquarius Platinum Impala Platinum In Australia: In South Africa Willi Boehm Les Paton
Aquarius Platinum Corporate Services + 27 (0)11 731 9018 Pty Ltd +61 (0)8 9367 5211 In the United Kingdom and South Bob Gilmour
Africa + 27 (0)11 731 9013 Nick Bias BuckBias Ltd + 44 (0)7887 920 530
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