Aquarius Platinum has failed to meet its platinum group metal (pgm) production targets for the first and second quarters of its 2007/8 financial year after production decreased by two per cent.

A total of 460,068 oz were produced, below the target of 600,000 oz for the 2007/08 financial year.

Industrial action, safety issues, unstable conditions in Zimbabwe and power shortages in South Africa were to blame for the lower production levels, according to reports from Mining Weekly.

Chief Executive Officer Stuart Murray said it would not be easy to set a target for full production for 2008 because of the ongoing power situation.

"There are not enough generators to supply the amount of power we require for our operations. One has to consider many issues, such as the availability of fuel and the affordability of an alternate power supply. This is not an easy road to take," said Mr Murray.

Fatalities and strikes caused temporary stoppages at the mines and Mr Murray said production had taken a back seat to the safety of workers.

He said that people had to change their thinking when it comes to safety and create greater awareness of the dangers of mining.

Meanwhile he was delighted to announce that the firm had entered into a binding agreement for the acquisition of a 50 per cent interest in Platinum Mile Resources.

Source:

Aquarius fails to meet production targets, 15/02/08
http://www.miningweekly.co.za/article.php?a_id=126492


Ÿ Adfero Ltd