7 Sep 2009 07:00
AQUARIUS PLATINUM LIMITEDASX, LSE & JSE7 September 2009
Update : Engagement of new workforce at Kroondal and Marikana operations
Aquarius Platinum Limited ("AQP" or "the Company") advises an update to the announcement of Thursday, 27 August 2009 in respect of the unprotected industrial action by former employees of the principal underground mining contractor at Aquarius Platinum (South Africa) (Pty) Limited's ("AQPSA") Kroondal and Marikana operations.
As a result of further illegal actions by some former employees, delays have been experienced with the engagement process. These actions, including intimidatory behavior towards those former employees who wished to be re-engaged, have now prevented effective recruitment from portions of the dismissed employee base. AQPSA has therefore authorised a greater component of the recruitment process to consist of new employees, which necessitates a longer recruitment and induction process (inclusive of training in respect of both safety and production standards). Personnel deployment into the operations has therefore been slower than desired, but nonetheless proceed at an acceptable pace as substantial numbers of unemployed and skilled people in the area have come forward to seek work opportunities.
Production restarted at the Marikana operations on 31 August as planned, with some production at Kroondal only resuming on 3 September. The engagement delay and employee deployment plan has extended the estimated ramp-up period, and AQPSA now anticipates the total production loss attributable to AQP to amount to between 15,000 and 20,000 ounces of PGMs (4E) for the financial year.
The delays in engagement and the restarting of production are regrettable. The company believes, however, that the additional time taken to source new committed and competent employees will stand it in good stead going forward. Plans to mitigate the production shortfall over the course of the remainder of the financial year will be put in place with the contractor.
As previously advised, the interruption is being utilised for major maintenance. The relining of the K2 secondary mill feed-end has been completed.
For further information please contact:
In Australia:Willi Boehm+61 (0) 8 9367 5211In the United Kingdom:Stuart Murray+ 27 (0) 11 656 1140In South Africa:Charmane Russell+27 (0) 11 880 3924REGISTERED OFFICE
Aquarius Platinum Limited Clarendon House 2 Church Street Hamilton HMCX Bermuda
Email: info@aquariusplatinum.com
Telephone: +61 8 9367 5211
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