Last checked at 24 Aug 2015 13:09
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Sylvania Platinum Limited
("Sylvania" or "the Company")
AIM (SLP)
24 August 2015
Sylvania Dump Operations - fire at Mooinooi
In the Company's Western dump operations, the Mooinooi dump and ROM plants have been affected by a fire at the Sylvania electrical substation which occurred on Friday night, 21 August 2015. The cause of the fire is yet to be confirmed but the Company believes that it could be related to a current in-rush as a result of a power failure. Production losses are currently being incurred but it is expected a temporary substation and electrical equipment will be installed before the end of the week commencing 24 August 2015.
In addition, two of the Company's Eastern dump operations, namely Lannex and Steelpoort, were among several platinum and chrome mines in the Steelpoort area of the Limpopo province affected by recent violent community protests regarding demands for improved infrastructure and jobs. After engagement between the communities and local government departments, the communities have withdrawn the protestors and operations in the area have resumed as normal.
It is anticipated that the above events could result in production during the first quarter of the 2016 financial year being up to 1,000 PGM ounces lower than anticipated. Management are however confident that operations will still be able to achieve the Company's stated guidance of 55,000 ounces forecast for FY2016.
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