Aquarius Platinum has decided to close the Number One shaft at its Marikana platinum mine in South Africa, it emerged yesterday (26th October).

The shaft accounts for about ten per cent of attributable production from the North West Province site, which recorded output of 54,133 oz in the September quarter.

However, the world's fourth-largest platinum producer confirmed that development will be stopped immediately, although some mine-close and stockpile ounces will still be processed.

Business Development Executive Gavin Mackay explained that the strengthening rand - which gained eight per cent on the dollar during the three-month period - was the main motivation for the decision.

"It's not making money. It's not break-even. Things would have to improve dramatically for it to be reopened," he said in an interview with Mining Weekly.

The company also currently has its Blue Ridge operation placed on care and maintenance for redevelopment and is expecting to reopen it next July.

Earlier this week, Aquarius revealed that its attributable pgm production increased by 12 per cent on a quarter-on-quarter basis in the first three months of its 2011 financial year.

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Aquarius shuts rand-hit shaft (26/10/10)

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