Platinum today: News/Production

18th July 2008: Eskom: No load shedding this winter

Eskom does not believe that it will need to cut power supplies to South Africa's platinum mines this winter.

The energy regulator is aiming to raise $19.8 billion for expansion to avoid the need for power cuts during the winter months in what would be an unwelcome repeat to the crisis in January this year.

Platinum mines were forced to shut for five days as a result of power cuts but Eskom chairman Valli Moosa said he was confident that there would not be a problem in the summer months.

"I'm confident the entire winter will go without any load shedding (power cuts) whatsoever," he explained.

Eskom is currently operating with a reserve margin of six per cent, well short of its 15 per cent target.

Meanwhile, the firm announced that it is set to borrow up to R150 billion from local and international markets for capital expansion.

Jacob Maroga, the power firm's Chief Executive Officer, said that the first priority was to avoid load-shedding but the second priority was "to execute the big expansion strategy and secure funding".

Source:

Eskom sees no winter power cuts, 17/07/08
http://www.moneyweb.co.za/mw/view/mw/en/page62093?oid=215543&sn=Detail

Reuters

17th July 2008: Market listing to fund ConRoast platinum smelter

Braemore Resources intends to raise funds for its planned 10MW platinum smelter after listing on the JSE.

The smelter will treat platinum concentrate with high chrome content through its unique ConRoast smelting technology and the listing could bring in $50 million worth of funding.

It will allow the firm to offer junior platinum miners a smelting option that could be exchanged for equity in companies with platinum resources and production.

According to reports from Mining Weekly, Braemore Resources will use the ConRoast smelting facility to negotiate with companies that had advanced platinum projects.

Clayton Dodd, Executive Director of the mining firm, said that there was a demand for new smelting facilities and said there was "a lot of negotiations going on".

When Braemore Resources goes onto the market in October, it will reveal that its BEE partner could own 50 per cent of the company and revealed that it would need to contribute to the funding of the smelter.

However, reports from Business Day indicated that the firm's fortunes are linked to its ability to manage and increase the sale of its smelting facilities, as well as the platinum industry.

Source:

Braemore's JSE market to fund first 10MW platinum smelter, 16/07/08
ttp://www.mineweb.com/mineweb/view/mineweb/en/page35?oid=56886&sn=Detail

Braemore lists on JSE, says plans $50m share issue, 16/07/08
http://www.miningweekly.com/article.php?a_id=138188

Platinum loses sheen as Braemore lists on JSE, 17/07/08
http://www.businessday.co.za/articles/topstories.aspx?ID=BD4A803419

17th July 2008: Platinum production increases at Eastern Platinum

Platinum production at the Crocodile River Mine increased by nine per cent to 30,314 oz in the quarter ending June 30th, Eastern Platinum revealed.

Production increased by 2,489 oz from the 27,825 oz produced in March and Ian Rozier, the firm's Chief Executive Officer, said that it was welcome after an "extremely disruptive" first quarter.

He said that power cuts and reductions to power supply had hindered production in the first quarter but Eastern Platinum had recovered to achieve an increase.

"This is largely because of the extensive development during the last year which has provided us with the flexibility integral to maintaining the planned production build-up at the mine," he explained.

The increase in platinum production was achieved despite a planned ten day shut down of the concentrator during April.

In this time the chromo recovery plant was integrated into the flotation circuit to increase capacity and lower the concentrate of chrome.

Source:

Eastplats Reports Preliminary Operating Results for the Quarter Ended June 30, 2008, 16/07/08
http://www.eastplats.com/media/news/index.php?&content_id=148

Eastern Platinum says Crocodile River Q2 ounces of PGM production up 9 pct on Q1, 16/07/08
http://www.hemscott.com/news/static/tfn/item.do?newsId=65597035946829

16th July 2008: Industry faces penalising tariffs as SA Government acts

Platinum mines could be subject to a Government energy conservation programme that would encourage 'whistle-blowers' to name and shame large industrial energy users.

South Africa's Government wants to bring in a new electricity policy that would include punitive tariffs and penalties for people who misuse power, or use too much in peak periods.

Phumzile Mlambo-Ngcuka, deputy president of the country, has warned that the new rules would ensure that customers valued electricity consumption.

The rules will form part of the upcoming power conservation programme that is in the process of being formulated by the Government.

According to reports from Engineering News, industrial users who waste money could be targeted for naming and shaming.

It is unclear as to how the use of energy will be monitored or who will pay for the new system.

Eskom is likely to expect the Government to pay, but the use of smart metering technologies across the public and mining companies could be costly and difficult to initiate.

Anglo Platinum has already revealed that its earnings have been hit by a 428,600 oz loss in production resulting from power shortages.

Source:

New pricing policy will penalise electricity abuse, Mlambo-Ngcuka warns, 15/07/08
http://engineeringnews.co.za/article.php?a_id=138060

Anglo Platinum Profit Gains 15% on Increased Prices, 14/07/08
http://www.bloomberg.com/apps/news?pid=20601116&sid=ajJ6sfD8FaYg&refer=africa

10th July 2008: Eastern Platinum expects production boost despite junior status

Eastern Platinum is targeting the production of 530,000 oz of platinum group metals by the end of 2012, but is still only regarded as an explorer.

It is expected to produce 128,500 oz of platinum group metals (PGMs) this year through its Crocodile River mine but it is not rated better due to strong commodity prices, Mining MX reports.

Ian Rozier, Chief Executive Officer, told the RBC Capital Markets platinum conference in London in May that the risk in the company was being reduced.

But RBC Capital Markets said it was a junior taking advantage of the record metal price environment, although it did say it held Eastern Platinum in a positive light.

The firm could also be on the takeover list of Xstrata Platinum, which recently purchased property near to the Crocodile River mine.

But Eastern Platinum currently has a 'shareholders rights plan' in place to allow it more time to negotiate an offer should one come to the table.

Source:
Eastplats may be JSE's next platinum 'sleeper', 09/07/08
http://www.miningmx.com/platinum/652718.htm

9th July 2008: Braemore Resources to list on JSE this month

Braemore Resources has announced that it will list on the main board of the Johannesburg Securities Exchange (JSE) on July 16th.

The listing on the JSE is a major step for the firm, which has the licence to the Mintek ConRoast smelting technology.

David Russell, the acting Chief Executive Officer of the firm, claimed that it was part of the firm's plan to become the first black-empowered independent platinum group metals smelting business.

He told Mining Weekly that Braemore was keen on increasing its "exposure to mining operations" through business deals to make the ConRoast technology available to more companies in the platinum business.

The ConRoast process is able to recover platinum from ores to give a high return on the precious metal.

It allows higher returns than traditional methods used by many major platinum companies and Braemore Resources has the patent.

Earlier this year Braemore announced that production of platinum group metals and gold reached 11,000 oz from granulated alloy in the first six months to March 2008.

Source:

Braemore to make JSE debut on July 16, 09/07/08
http://www.miningweekly.com/article.php?a_id=137603

9th July 2008: Wesizwe Platinum re-values stake in JV

Wesizwe Platinum revealed that the results of a bankable feasibility study into the development of a 235,000 oz to 271,000 oz/year platinum mine by Platinum Group Metals have led to a new valuation of its stake in the Western Bushveld joint venture.

According to the firm, the 26 per cent stake in the operation is worth R1.2 billion.

The project is shared between Platinum Group Metals and Wesizwe, while Anglo Platinum also has a stake in the mine.

The firm said the mine has a life of 22 years and the calculation of its present value followed the results of a bankable feasibility study.

Mike Soloman, Chief Executive Officer of Wesizwe Platinum, said the new feasibility study adds value to the project as the firm continues its "strategic imperative of regional consolidation around the Pilanesberg".

The total cost of the mine is valued at R4.1 billion.

Source:
Wesizwe Pt, 08/07/08
http://www.miningmx.com/wts/652637.htm

7th July 2008: Firms set to establish PGM smelter facilities

Braemore Resources and Ridge Mining are thought to be contenders to establish an independent platinum group metal (PGN) smelter and refinery complex.

Both groups have received official support for their plans because they are viewed as a national priority.

According to reports from Mineweb, Braemore has joined up with Mintek to develop the ConRoast process as Ridge Mining has sought the services of South Africa's Industrial Development Corporation (IDC).

It will see the IDC take a 26 per cent share offering in the Sheba Ridge project.

The technical challenge facing the platinum firms is controlling the level of chrome in the mix and the ConRoast process focuses on treating ores with higher chromium content.

Braemore has run the process at Mintek from October 2007 and has seen 600 tonnes of alloy containing PGMs produced.

The firm has also said that its PGMs recovery rate has exceeded 99 per cent, a fact that may have prompted it to consider the feasibility study for a 10MW smelter to be built near the Rustenburg facility.

Source:

Race for an independent platinum smelter is on, 04/07/08
http://www.miningmx.com/platinum/649587.htm

7th July 2008: Lonmin to lose as much as 10,000 oz from furnace closure

Lonmin expects to lose between 5,000 and 10,000 oz in platinum production as a result of the damage to its number one smelter.

The firm has confirmed that it resumed normal smelting operations at the furnace on July 5th after replacing a copper waffle inside the smelter.

A full investigation into the cause of the water leak, which resulted from the damaged copper waffle, is now underway.

A new condition-based monitoring system was installed in the furnace over the last year.

The firm has to power the furnace down so that inspectors could examine the cooler and make any necessary repairs.

At one stage it had been thought that Lonmin could lose as much as 20,000 oz of platinum as repair work took place.

The firm is considering whether to move the cooler outside the furnace so that it will not require a cooling period in the event of future problems.

Source:

Normal Smelting Operations Resume, 07/07/08
http://www.lonmin.com/news.aspx?pageid=185&pressID=205

Lonmin expects losses from smelter shutdown, 01/07/08
http://www.platinum.matthey.com/media_room/lonmin_expects_losses_from_smelter_shutdown_18663992.html

Lonmin closes furnace for repairs 30/06/08
http://www.platinum.matthey.com/media_room/lonmin_closes_furnace_for_repairs_18661096.html

3rd July 2008: International Goldfields increases interest in platinum projects

International Goldfields is partnering Nkwe Platinum and Genorah at two projects in the Bushveld region of South Africa.

It has upgraded its resource by more than 45 per cent as it aims to become a producer of platinum group metals.

The group is aiming to produce precious metals including rhodium, palladium and platinum.

The resource for two of the seven projects in the southern area of the Nkwe Platinum Tubatse project has increased to 20.4 million ounces.

International Goldfields is earning a 15 per cent stake in three of the southern farms after investing $10 million on exploration.

Meanwhile, Nkwe Platinum has a 74 per cent interest in two of the northern farms and could acquire a further 59 per cent in the southern farms if it takes up its share option.

Reports from the AAP revealed that shares in Nkwe Platinum dropped yesterday (Thursday) along with shares in International Goldfields.

Source:

International Goldfields upgrades resource at platinum project, 03/07/08
http://www.theaustralian.news.com.au/story/0,25197,23963155-5005200,00.html

3rd July 2008: Unions announce platinum mining strike

South Africa's umbrella union, COSATU, has announced a strike on August 6th that could halt the production at some of the country's biggest platinum mines.

The strike has been called in protest against job cuts that are linked to the power crisis.

Firms including Anglo Platinum and Impala Platinum could be hit by the strikes and further losses would be difficult to recoup, particularly after the energy crisis earlier this year and the rising price of electricity.

The Chamber of Mines, which represents the mining firms across South Africa, said it would be disappointed if the strike went ahead.

"It will add to the losses incurred by the sector after it shut down in January," Roger Baxter, head negotiator of the Chamber of Mines, told Reuters.

The National Union of Mineworkers (NUM) has backed the strike and will also hold a series of protests, starting on July 9th and finishing on July 23rd.

Regional protests are expected to send a strong message to mining firms as well as the government and Frans Baleni, the General Secretary of the Num, said that miners are suffering.

"They can no longer afford their houses while the price of basic food is unaffordable, sending millions into starvation," he told Reuters.

Source:
S.African miners union sets August 6 strike date, 3/07/08
http://africa.reuters.com/business/news/usnBAN324434.html

1st July 2008: Caledonia Mining and Mitsubushi Corporation sign agreement

Caledonia Mining has signed an agreement with Mitsubishi Corporation that will see the automaker earn up to half of the Rooipoort and Mapochs platinum projects in South Africa.

The Japanese firm will earn the stake in the project when it spends up to C$40 million on exploration over six years, or when it completes a bankable feasibility study on the project.

President and Chief Executive Office of Caledonia, Stefan Hayden, said that an injection of funds into the project would enable a more aggressive approach to platinum exploration.

"Subject to the completion of a number of mutually agreed conditions, we will immediately commence drilling, with the aim of upgrading and expanding the Rooipoort NI 43-101 resource," he explained.

The Rooipoort platinum and nickel project can be found about ten kilometres south of Mokopane at the southern end of the northern limb of the Bushveld complex.

According to reports from Mining Weekly, diamond drilling has uncovered three separate outcropping reefs of mineralisation.

Source:

Caledonia gives Mitsubishi right to earn 50% in SA platinum prospects, 30/06/08
http://www.miningweekly.com/article.php?a_id=136880

1st July 2008: Lonmin expects losses from smelter shutdown

Lonmin has reviewed the problem in its number one furnace and found that it could lead to a larger loss of production than was first thought.

The firm had originally said that it was unsure of the impact of the problem on production.

However, the problem may lead to a loss of 20,000 oz of platinum as repair work is carried out throughout the week.

Alex Shorland-Ball, a company spokeswoman, said that the problem was only a minor setback.

It was discovered by a new condition-based monitoring system that was installed over the last year.

Ms Shorland-Ball said the firm was pleased the new system had detected the problem in enough time for the firm to manage the situation.

Lomnin is currently waiting for the furnace to cool off and work could take a week to complete.

"We are proud of the fact that the overhaul work that was done on the furnace over the last twelve months have paid off," she said.

She also revealed that the firm hopes to move the cooler outside the furnace to ensure that any further problems will not require a smelter cooling off period.

Source:

Another platinum smelter shutdown loses output, 30/06/08
http://www.mineweb.com/mineweb/view/mineweb/en/page35?oid=55675&sn=Detail

Lonmin closes furnace for repairs, 30/06/08
http://platinum.matthey.com/media_room/lonmin_closes_furnace_for_repairs_18661096.html

30th June 2008: Impala Platinum begins construction of shaft 17

Impala Platinum has begun construction of the new R5.5 billion number 17 shaft at its Rustenburg mining operation.

The number 17 shaft will hoist miners, material and rock as well as acting as a ventilation shaft.

Speaking to Mining Weekly, Pierre van Jaarsveld, contracts manager at Shaft Sinkers, said that construction time for headgear was needed but it was completed efficiently.

"The operations in the shaft were only halted for the period when the different sections were moved into position, which increased time in the shaft," he explained.

The firm is expecting to have the necessary power supply to run the shaft, which could produce as much as 180,000 oz of platinum a year by 2018.

The new project will replace production from older shafts nearing the end of their mine life, reports from Creamer Media's Research Channel Africa reveal.

Number 17 shaft is located alongside number 16 shaft, which is also under construction.

Source:
Construction of platinum producer's new No 17 shaft under way in Rustenburg, 27/06/08
http://www.miningweekly.com/article.php?a_id=135595

30th June 2008: Lonmin closes furnace for repairs

Platinum producer Lonmin has closed its number one furnace for repairs after a leak was detected.

The firm has detected a small water leak in one of the copper waffle coolers on the side wall of the furnace.

It was detected by a new condition-based monitoring system which was installed at the furnace over the last year.

A statement from the firm said: "As we repair the furnace we will assess the impact of this incident on production and sales for the 2008 financial year."

The repairs are not expected to take longer than seven days but further inspection may change this.

It must be powered down so that the cooler can be inspected and repairs completed, but if further problems are found during the inspection the furnance may be shut down for longer.

"During this time we will continue to operate our Merensky furnace," the statement read.

Source:
No.1 Furnace Power Down, 30/06/08
http://www.lonmin.com/news.aspx?pageid=185&pressID=204

27th June 2008: Two Rivers Platinum project meets production targets

The Two Rivers Platinum joint venture has achieved its initial production targets for the first quarter of this year.

A joint venture between Impala Platinum and African Rainbow Minerals, the construction of the mine and the concentrator is complete.

Speaking to Mining Weekly, Stompie Shiels, Executive Director of African Rainbow Minerals, said that production was "above the target".

The Two Rivers project is expected to yield 120,000 oz of platinum, 68,000 oz of palladium and about 20,000 oz of rhodium every year.

Mr Shiels said that there are contingency plans in place should the power shortage begin to affect operations.

"We, therefore, do not expect any significant impact on production owing to electricity disruptions," he added.

Mr Shiels said there were challenges in bringing the mine into production but it was completed on time and on budget.

Source:
New mining operation reaches full production in first quarter 2008, 27/06/08
http://www.miningweekly.com/article.php?a_id=135602

27th June 2008: Impala Platinum granted mining rights and international rating

Impala Platinum has been granted new-order mining rights for the Leeuw-kop project.

The project is also undergoing an expansion programme, including the development of a twin mine shaft system enabling access to the orebody at the upper group two reef.

Les Paton, Executive Director of the firm, said that he welcomed the announcement of the new mining rights, saying that the project was a key part of Impala Platinum's long-term growth plan.

The mine is expected to produce 160,000 oz of platinum at full production.

Meanwhile, the BBB+ international and AA (zaf) national rating, which reflects the firm's position as an important platinum producer, showed that the company has a stable outlook.

Alistair Crosbie, Fitch Ratings analyst, said that the firm's outlook was strong and he did not expect this to change in the coming years.

"The BBB+ is an international investment-grade rating. Impala has also been assigned an AA rating, which is only two notches below government," Mr Crosbie explained.

Source:

New-order mining rights granted to world’s second-largest platinum producer, 27/06/08
http://www.miningweekly.com/article.php?a_id=135608

Platinum-miner assigned a sound credit rating by international agency, 27/06/08
http://www.miningweekly.com/article.php?a_id=135590

27th June 2008: Northam Platinum on the up

Northam Platinum is a project with good prospects, according to the Executive Manager: Commercial of Mvelaphanda Resources.

The operations at Northam Platinum had been known for being a deep, high-cost and high-risk operation, but the introduction of the Booysendal project has changed perceptions.

James Wellsted said that the project made it the only company in the industry that is going from "deepest mining to shallower lower-cost mining".

"Where Northam is unique is that it has steady-state production of about 300 000 oz/y, with Booysendal providing a growth step-change, with potential for further step-change down the line, because of its scale," he told Mining Weekly.

Mr Wellsted believes that as high platinum-group metal (PGM) prices remain, the project will generate enough cash to be able to fund part of Booysendal's capital requirements from internal cash flows.

But the Booysendal project is also dependent on Eskom and its plans to increase power generation capacity.

An additional smelting facility could also be introduced while Northam Platinum is planning to expand its refining operations in Port Elizabeth to full scale.

Source:

Northam Platinum changing from deep, complex to shallow, lower cost, 27/06/08
http://www.miningweekly.com/article.php?a_id=136117

26th June 2008: Eastern Platinum aiming to produce 530,000 oz by 2012

Eastern Platinum is aiming to produce over 530,000 oz of platinum group metals (PGM) every year until 2012.

The platinum producer will increase its anticipated production from 128,500 oz in 2008 to 530,000 oz in 2012 by opening four new mining operations.

Operations at Crocette, Mareesburg, Spitskop UG2 and Spitskop Merensky, as well as a new concentrator plant at Spitskop/Kennedy's Vale will increase production.

The firm will increase production to 220,000 oz in 2010 at the Crocodile River Mine while production at the Spitskop project will reach 205,000 oz per year by 2012.

In addition, production at the Mareesburg project will reach 105,000 oz in 2012.

Ian Rozier, President and Chief Executive Officer of Eastern Platinum, said that he was pleased to announce the increases in current market conditions.

"We are acquiring heavy fuel oil generating capacity that will enable us to meet the initial power requirements independently," he explained.

The firm also announced that it has received New Order Mining Rights for the Zandflontein and Marolabult Sections.

Source:

Eastplats Planning to Produce Over 530,000 Oz of PGM Per Year Within Four Years: Additional New Order Mining Rights Granted at CRM, 26/06/08
http://www.tradingmarkets.com/.site/news/Stock%20News/1715975/

25th June 2008: Rumours persist over Aquarius Platinum takeover

Aquarius Platinum was holding strong, despite rumours over a possible takeover bid from Xstrata.

Rumours insisted that the Anglo-Swiss mining firm Xstrata was poised to offer as much as 1,100p per share for Aquarius Platinum.

The rumours about a possible takeover sent shares in the platinum firm soaring.

Aquarius Platinum was up 10.5p to 827.5p, while shares in Xstrata were down 128p at 4,153p.

According to reports from the Independent, Aquarius Platinum would "fit in" with the strategies at Xstrata, which could bid with a Chinese state-backed group that is yet to be named.

Mvelaphanda Resources is another firm to have held talks with Aquarius Platinum about a possible deal.

Back in May, the firm held talks with Aquarius Platinum over a sale or joint venture for a section of the Booysendal platinum project.

Source:

Market Report: Aquarius shines on Xstrata bid speculation, 25/06/08
http://www.independent.co.uk/news/business/sharewatch/market-report-aquarius-shines-on-xstrata-bid-speculation-853543.html

Mvelaphanda Resources in talks with Aquarius Platinum, 20/05/08
http://www.platinum.matthey.com/media_room/mvelaphanda_resources_in_talks_with_aquarius_platinum_18600904.html

25th June 2008: Anglo American defends its decision to invest in Zimbabwe

Platinum producer Anglo American has defended its stance on investing in Zimbabwe, despite criticism in the world media.

The firm said it has invested in the country for the last 60 years and had a "clear responsibility to protect the wellbeing of its more than 650 employees".

The firm feels that it would jeopardise the livelihoods of the employees if it moved away from Zimbabwe.

In a statement, Anglo American expressed its concern of the political situation in Zimbabwe and condemned "the violence and human rights abuses that are taking place".

But it also revealed that if it stops investing in its projects in Zimbabwe the Government will "assume control".

The firm has been criticised in the media for not ceasing a £200 million investment to build a platinum mine in Zimbabwe.

According to reports in the Times, the Foreign Office was investigating whether the company's investment breached sanctions against Zimbabwe but Anglo American maintained that their investment was legal.

Source:

Anglo American statement on Zimbabwe 25/06/08
http://www.angloamerican.co.uk/article/?afw_source_key=6D6571EF-93A5-4CC8-AEE5-396A9D7D1380&xsl_menu_parent=/newsandmedia/pressreleases/archive2008/

Outrage over £200m UK investment in Zimbabwe 25/06/08
http://www.timesonline.co.uk/tol/news/world/africa/article4207971.ece

24th June 2008: Norilsk Nickel appoints Ralph Havenstein as Chief Executive

The world's largest palladium producer Norilsk Nickel has appointed Ralph Havenstein as Chief Executive.

Mr Havenstein will take up the new role from September 1st and he will have responsibility for the group's operations and development projects in Finland, South Africa, Botswana and Australia.

Denis Morozov, Chief Executive Officer of Norilsk Nickel, was delighted to announce the appointment and said it was a step forward for the firm.

"We look forward to the extensive experience he brings in leading the growth of large mining companies to our Group. This is another step in Norilsk Nickel's efforts to build its leading executive team," he explained.

Mr Havenstein said there was "further potential" to unlock additional value through strategic growth and development.

He has experience in oil, chemical and mining industries and started his career with Sasol.

Mr Havenstein was Chief Executive Officer of Anglo Platinum and also held the position of Vice President of the South African Chamber of Mines.

Source:

Norilsk Nickel press release

23rd June 2008: Anglo Platinum to offer more money to workers

Anglo Platinum has offered to raise the wages earned by its South African staff to counter the acceleration of consumer inflation.

According to the trade union Solidarity, Anglo Platinum has agreed to increase wages by 10.4 per cent rather than the eight or nine per cent it had planned on.

Reint Dykema, spokesman for Solidarity, said that inflation had been discussed with the bosses at Anglo Platinum.

"Due to the drastic rise in inflation in 2008 employees struggled to make ends meet," he explained.

But the platinum mining firm will not enter into further negotiations over wages for the next two years after a two-year agreement was reached.

"The price of platinum also supports Anglo Platinum's step. Labour peace before 2010 is important," he added.

UASA, another trade union, welcomed the move by Anglo Platinum and said it would help workers to manage the cost of living.

"This gesture by Anglo Platinum will help alleviate the plight of workers," Franz Stehring, a spokesperson for the Union, said.

Source:

DJ Angloplat To Lift Worker Wages To Offset Inflation - Union, 23/06/08
http://www.tradingmarkets.com/.site/news/Stock%20News/1705923/

Angloplat tops up wage increase, 23/06/08
http://www.iol.co.za/index.php?set_id=1&click_id=594&art_id=nw20080623153642361C890622

Solidarity welcomes salary adjustment, 23/06/08
http://bushradionews.blogspot.com/2008/06/solidarity-welcomes-salary-adjustment.html

23rd June 2008: Development of platinum operations could be hindered by Eskom

Growth in the platinum market could be hindered by the continued problems being caused by the South African power crisis.

Impala Platinum has voiced concerns that it may not be able to develop new platinum production operations because of the lack of power.

The firm has already said that it must make a decision by year-end on whether or not to proceed with the development of the Leeuwkop mine.

Eskom has guaranteed enough power to sink a twin-shaft system but there are no guarantees that it would be allowed to operate the shaft when in production.

Les Paton, Executive Director of the firm, said it would work closely with Eskom to ensure there were no errors made.

He said the mine was due to start production from 2012/2013 and expected the power situation to be in better shape by then.

"The project goes to the Implats board for approval in December, at which point we'll make a call on Eskom's promises on future power supply," Mr Paton said.

Source:

Eskom could trip SA platinum growth plans 20/06/08
http://www.miningmx.com/platinum/625445.htm