Aquarius Platinum has today announced that it has won permission from the South African department of minerals and energy to go ahead with development at its Everest South Mine.

Both the mining licence and environmental management programme report have been approved, meaning that the final requirements have been met, providing a five-year window in which the company can work at the site.

Aquarius Platinum chief executive Stuart Murray said he was delighted with the efficiency of the permitting process, and looked forward to moving forward with the mine.

'We anticipate that - should the project proceed - we will be producing our first platinum group metals (pgm) by 2005. Aquarius is known for bringing its projects into production in record time and within budget. We are set to do the same with Everest South,' he commented.

It is anticipated that construction on the project will commence towards the end of 2003.

At full production, which the company anticipates arriving in 2006, it is thought the mine will produce 225,000 oz pgms per annum.