Aquarius Platinum has confirmed today (15th December) that it will be shutting its Everest platinum mine for a minimum of six months.

Operations at the mine were initially suspended last Sunday after instability was detected in the upper areas, which was subsequently found to be caused by subsidence.

The company has conducted an exhaustive assessment of the problem - which occurred in a mined out area of the orebody containing the upper levels of the decline shaft - and decided that a half-year closure was the most prudent response.

Aquarius Platinum CEO Stuart Murray said: "Our decision to suspend operations is most regrettable, however it is the right one because it will allow us the time we need to ensure that Everest is brought back into production in the safest manner for the long-term, rather than rushing into a short-term high-risk decline rehabilitation project."

Mr Murray added that the move was designed to minimise the strain on the South African business in light of the current depressed PGM prices and that it will not have any lasting long-term effects.

While the cause of the subsidence is unclear at present, the company believes that it may be linked to the fact that a third of the typical annual rainfall occurred on 23rd November.

Rock propagators have also confirmed that the problem will not spread to other areas of the mine.

Source:

Aquarius shutting Everest platinum mine for 6 months, retrenching 1 950 workers (15/12/08)
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