Aquarius Platinum revealed today (19th November) that it is set to resume pgm production at its Everest mine in the first quarter of the 2010 financial year.

The South African facility was temporarily closed last December following a subsidence incident, with re-establishment subsequently commencing in June 2009.

Phase One, which involves the excavation of the North and South boxcuts and the initial development of new declines, is currently progressing ahead of schedule.

The Australian company has now confirmed that Phase Two - the implementation of underground and surface infrastructure - is underway after receiving early approval.

As a result, this will reduce the estimated duration of the R259 million project by nine months, allowing production to resume far sooner than originally expected.

"It is now envisaged that the mine will restart immediately following the completion of the re-establishment project," read a statement.

"Everest will be in a position to resume milling operations in the latter part of the first quarter of [the] next financial year."

The firm also noted that its plans have been boosted by the recent improvement in its pgm basket price from R7,763 per 4E oz last September to above R9,000 per 4E oz.

Aquarius Platinum is currently the world's fourth-largest producer of the precious metal.

Sources:

Everest Platinum Mine Update: Phase 2 of the re-establishment project commences (19/11/09)

Aquarius Platinum Begins Phase 2 Re-Establishing Everest Mine (19/11/09)

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