HomeNewsEverest re-start is being delayed

Everest re-start is being delayed

Aerial view of
the Everest mine
London, England — MININGREVIEW.COM — 02 July 2009 – Aquarius Platinum – the world’s fourth-biggest platinum producer – says its Everest mine –which suffered instability in the main decline after periods of intense rainfall in November, and was subsequently shut down – could be more than a year away from resuming production, given weak markets and a planned acquisition.

An Aquarius spokesman said here that two events would have to happen before production would be resumed: an improvement in the macro environment – specifically commodity and currency markets – and completion of the company’s acquisition of Ridge Mining.

“The Ridge ramp-up will be the focus … and only then will we really turn our full attention to Everest,” the spokesman said, when asked whether it would be late 2010 before full production resumed.

“One might presume it will take a year to complete the ramp-up at Ridge, and that will take us through to Everest,” he added.

“However,” he continued, “the company is reluctant to put a specific date on Everest because there are so many variables.”

Aquarius said it was satisfied with its production in the fourth quarter of its financial year to the end of June. “We’ve been quite happy with the production we’ve achieved in the first two months of the fourth quarter,” the spokesman added.