19 Jul 2010 07:00
19 July 2010
Update on Directive
Aquarius Platinum Limited ("Aquarius" or the "Company") is pleased to give an update in relation to its announcement of Friday 16 July 2010 in respect of the imposition of a Directive by the Principal Inspector of the North West Region on mining companies using bord and pillar mining methods.
The announcement on Friday was made to inform the market as rapidly as possible and before speculation overtook events.
The Directive issued relates to bord widths and their influence on hanging wall stability. Aquarius has retained the services of an international mining consultant who concurs with Aquarius' South African management that the implementation of the Directive as currently stated, will not give rise to a safer mining environment in respect of 'fall of ground' accidents. Furthermore, Aquarius believes that the Directive will have a detrimental economic effect on those Bushveld chromite and platinum mines that use the bord and pillar mining method.
Aquarius has initiated a pro-active approach to finding the optimal solution for a safer working environment and has commenced a number of initiatives in this regard, including the formation of a technical working group. Within this process, Aquarius has extended an invitation to other Bushveld mining companies and other key stakeholders, who might be affected by the Directive so that they may participate in the process.
Specifically relating to the Directive mentioned above, Aquarius will be formally appealing against the implementation of the Directive at 15:00, South African time, on Monday 19 July, 2010. At this appeal, Aquarius will present alternative strategies to ensure safer and at the same time, sustainable bord and pillar operations.
Aquarius will provide a market update following the outcome of the appeal process.
For further information please contact:
In the United Kingdom and South Africa
Gavin Mackay
+44 7909 547 042
In Australia:
Willi Boehm
Aquarius Platinum Corporate Services
+61 8 9367 5211