Perth, Australia — 26 June 201 – Australian-based and listed mining exploration company Platinum Australia (PLA) has embarked on an urgent review of operations at its Smokey Hills mine which is situated on the Eastern Limb of the Bushveld complex in South Africa to determine the future strategy and viability of the mine.
In an announcement released here, the group said the mine had encountered difficult operating conditions, including a Section 54 safety stoppage that had led to a complete shutdown for four days. As a consequence, the tonnes mined for June were expected to be 29,000t against planned output of 47,980t.
“In light of the above and current low PGM prices, the company has embarked on an urgent review of operations to determine the future strategy and viability of the mine, given that current commodity prices are not expected to improve in the medium term,” read a company statement.
“The review is expected to be complete within a week and a further announcement will be made at that time,” it said.
“Accordingly, Platinum Australia requests a trading halt in its shares and requests that the halt remain in place until such time as the company makes an announcement as to the outcome of the review,” the statement added.
Trading in PLA shares have been suspended at the company’s request.
Source: Platinum Australia Limited. For more information, click here.