21st Sep 2005 08:10
AQUARIUS PLATINUM LIMITED IMPLATS21 September 2005AQUARIUS PLATINUM AND IMPALA PLATINUM HOLDINGS LIMITED ANNOUNCE APPROVAL FORLOW CAPITAL COST EXPANSION AT THE MIMOSA PLATINUM MINEAquarius Platinum Limited and Impala Platinum Holdings Limited are pleased toannounce an approved low capital cost expansion to increase annual productioncapacity to 168,750 PGM ounces (86,500 platinum ounces in concentrate) at theMimosa Platinum Mine in Zimbabwe.The expansion project, known as "Wedza Phase IV", follows three earliersuccessful expansion projects at Mimosa and is expected to increase annual PGMproduction from 135,000 PGM ounces to 168,750 PGM ounces. The increase inmining will come from the South Hill ore body where current operations arebased, increasing throughput by 25% from 120,000 tonnes to 150,000 tonnesmilled per month. The expansion will not have an impact on day to dayoperations, or have any material impact on the life-of-mine.Total capital cost of the expansion, which has an estimated payback period ofeight months, is forecast at US$14 million. It will be funded from bothretained cash flows at the Mimosa level and a US$10 million facility financedby the Merchant Bank of Central Africa. The facility with an interest rate of5.5% above LIBOR is for a two year period.The project will commence on 1 October 2005. The rapid construction scheduleenvisages completion in May 2006, with full production by June 2006.All the necessary government and environmental approvals have been obtained,with the project granted National Project Status; this status is valuable as itpermits the waiver of customs duties on all approved imported capital goods.For further information please contact:Aquarius Platinum Impala Platinum In Australia: In South Africa Willi Boehm David Brown Aquarius Platinum Corporate Services + 27 11 481 3926/7 Pty Ltd +61 8 9367 5211 In the United Kingdom and South Africa Les Paton Nick Bias + 27 11 481 3918/37 BuckBias Ltd Bob Gilmour + 44 7887 920 530 + 27 11 481 3913/2 ENDAQUARIUS PLATINUM LIMITEDRelated Shares:
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