Last checked at 11 Jun 2015 07:01
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Sylvania Platinum Limited
("Sylvania" or "the Company")
AIM (SLP)
11 June 2015
Comment on press speculation
On 9 June 2015 two South African newspapers, the Beeld and the Vryburger, published articles claiming that the Environmental Impact Assessment ("EIA") for the Volspruit development submitted by Sylvania was rejected by the Limpopo Department of Economic Development, Environment and Tourism ("LEDET"), requiring that the application process be restarted.
Sylvania hereby confirms that the interpretation by the newspaper journalists is incorrect.
On 20 May 2015, LEDET formally requested clarification on matters related to water consumption by the project and requested that additional work on the EIA be done to include a Biodiversity and Wetland Offset Strategy to address any potential loss of flora and fauna species or potential damage to the wetland located near the northern mining pit perimeter. Such an Offset Strategy is accepted mitigation against the risk of potential loss of classified sensitive biodiversity in terms of Environmental legislation and is generally only done at the specific request of LEDET.
During the past week the Environmental Assessment Practitioner ("EAP") released a statement to Interested and Affected Parties ("I&APs") detailing the latest correspondence received from LEDET, and explained that meetings would be held with LEDET to confirm further actions to be taken by the Company to address their concerns and submit an amendment to the EIA.
Sylvania has until 19 July 2015 to submit the amended EIA as detailed above and this should be the final stage of the process.
Sylvania respects the request for clarification and additional mitigation by LEDET as this will allow the Authority to reach a defendable decision. Sylvania will be ready to submit the required clarification and a suitable Offset Strategy for consideration by LEDET prior to the due date.
Sylvania remains optimistic that the Application will be granted as the detailed Environmental Impact Study - the culmination of some four years' effort by a considerable team of specialists - did not find any fatal flaws within the proposed project.
Registered office: Sylvania Platinum Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
Postal address: PO Box 976
Florida Hills, 1716
South Africa
Sylvania Website: www.sylvaniaplatinum.com
CONTACT DETAILS
For further information, please contact:
Terence McConnachie (Chief Executive Officer)
+44 777 533 7175
Nominated Advisor and Joint Broker:
Liberum Capital Limited
Richard Crawley/Tom Fyson
+44 (0) 20 3100 2000
Joint Broker
GMP Securities Europe LLP
Richard Greenfield/ Alexandra Carse
+44 (0) 20 7647 2800
Communications:
Newgate
Tim Thompson / Adam Lloyd / Ed Treadwell / Helena Bogle
+44 (0) 20 7653 9850