Impala Platinum has announced that it is to go to its board members this November for the final approval on its planned new Number 17 mega shaft at its Rustenburg operations.

Impala's Executive Director, Shadwick Bessit, told Mining Weekly that the plans will be submitted for final approval at the November meeting before work begins on the development of the shaft.

The shaft is proposed to be situated next to the large Number 16 shaft and is aimed to have a similar output of around 225,000 t/m of platinum reef.

If the shaft is given approval it would see Impala increase its five-year capital expenditure of R25 billion, the company has stated, because the new shaft will cost "substantially more" than the R3 billion that had been earmarked for the project, Chief Executive David Brown explained.

Sources:

New No. 17 mega shaft proposal will go to Nov board, says Impala's Bessit, 30/08/07
http://www.miningweekly.co.za/article.php?a_id=115885

Implats to surpass R25bn 5yr capex plan if proposed 17 shaft goes ahead, 30/08/07
http://www.miningweekly.co.za/article.php?a_id=115874

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