Northam Platinum sees production suffer 5th October 2004

Northam Platinum says it has lost more than 10,000 troy ounces of precious metals as a result of the fire that swept through its underground mine two weeks ago.

The platinum miner revealed today that it has already lost ten days of production, estimated at 10,500 troy ounces of metal, following the closure of the mine in the aftermath of the blaze.

A Northam spokesperson told I-Net-Bridge that the fire at its only mine, which is located near Thabazimbi on the northern limb of the Bushveld in the Limpopo province, was continuing to impact on the company's performance.

"Northam's mine in Limpopo remains closed as section 54 of the Mine Health and Safety Act has not been lifted and won't be until the inquiry into the accident has been completed," the spokesperson said.

Investigators are still examining why the fire, which killed nine people in the worst ever disaster in the company's history, broke out.

Industry analysts are anticipating a dip in Northam Platinum earnings in the next financial update, with yearly figures tipped to show a marked decline in headline earnings.


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