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Reuters
Published
Jul 2, 2009
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Aquarius Platinum: Everest restart not a priority

By
Reuters
Published
Jul 2, 2009


Aquarius Platinum's Kroondal site at night - Photo: Aquarius Platinum
LONDON, July 1 (Reuters) - Aquarius Platinum's Everest mine could be more than a year away from resuming production given weak markets and a planned acquisition, a spokesman for the world's fourth-biggest platinum producer said on Wednesday 1 July.

The spokesman said two events would have to happen before production could resume: an improvement in the macro environment - specifically commodity and currency markets - and completion of its acquisition of Ridge Mining (RDG.L)

"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 said the company was reluctant to put a specific date on Everest because there were so many variables.

Aquarius said it was "satisfied" with its production in the fourth quarter to end June.

"We've been quite happy with the production we've achieved in the first two months of the fourth quarter," the spokesman said.

(Reporting by Julie Crust; editing by Paul Hoskins)

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