Aquarius Platinum revealed today (14th July) that its acquisition of Ridge Mining has moved a step closer after the latter's shareholders voted in favour of the transaction.

The decision was reached at a general meeting convened by the Court last Monday and the scheme of arrangement is now set to come into force on 30th July, after a Court hearing three days earlier.

Aquarius CEO Stuart Murray expressed his delight at the news, noting that half of the Blue Ridge Mine's expected 125,000 oz pgm 4E (platinum, palladium, rhodium and gold) annual output will now be attributable to his firm.

He said: "Aquarius' South African management is ready to commence the integration of the Ridge assets into the Aquarius stable and has earmarked a multi-functional team to manage this process to ensure a smooth transition.

"Ridge's operating mine, Blue Ridge Mine, which is currently in ramp-up mode, should commence contributing to the Aquarius group's production profile immediately."

Meanwhile, Aquarius has also issued an update on its Everest platinum mine, which was shut down last December after subsidence was detected by engineers at the facility.

According to the company, no further damage has occurred since 10th February and the source of the original problem has been identified as extreme rainfall in the shear zone of the affected area.

Two projects designed to create multiple access alternatives and develop two new declines have now been devised, with a total expected cost of R250 million.

Aquarius believes the first phase will take up to six months to complete, while the second phase is likely to last for about ten months before the ramp up to full production can recommence.

"Project execution is therefore proceeding as anticipated to place Everest in a state of readiness to resume operations," the company added in a statement.

"The decision to resume operations will, however, be made in the context of prevailing metals prices and market conditions at the time."

Aquarius Platinum is the world's fourth-largest producer of the precious metal and currently has six interests in South Africa.

Source:

Ridge Mining Plc (“Ridge”) Acquisition Update (14/07/09)

UPDATE 2-Aquarius gets Ridge approval, updates on Everest (14/07/09)


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