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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (47834)	11/20/2009 9:55:51 PM
From: LoneClone	Read Replies (1) of 195353

Aquarius Platinum to re-open Everest September Aquarius now reckons it will be able to re-open its Everest platinum mine by September next year. Posted: Thursday , 19 Nov 2009 LONDON (Reuters) - mineweb.com South Africa's Aquarius Platinum Ltd, the world's fourth largest platinum producer, plans to resume operations at its Everest mine by September 2010 after rehabilitation work is complete. The Everest mine, which produced 157,995 platinum group metal (PGM) ounces in 2008, was shut last December due to subsidence after a third of the usual rainfall for an entire year fell in one day. In the firm's first quarter to end September, attributable production fell 25 percent mainly due to the Everest closure. The group -- which has mines in Zimbabwe and South Africa -- will reopen the mine as soon as Phase 2 of the mine's rehabilitation programme is completed, a statement said. "This will enable Everest to be in a position to resume milling operations in the latter part of the first quarter of next financial year," it said. The firm's fiscal year runs from July to June. Capital expenditure to reopen the mine has not changed from its previous estimate of 259 million rand, Aquarius added. Aquarius -- listed in London, Sydney and Johannesburg -- had previously said platinum prices would also have to improve to enable the mine to reopen and this has now occurred.

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