See More

Aquarius warns on SA safety stoppages

Jan 31 2012 13:26 Reuters

Company Data


Last traded 0
Change 0,03
% Change 0
Cumulative volume 233491
Market cap 3.87bn

Last Updated: 28-11-2014 at 03:50. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Safety stoppages hit Lonmin Q1 production

Minister: Zim mulls ban on raw platinum exports

Zim: no raw platinum export ban yet

Surprise inspections for Northam

Lonmin, Num seal wage deal

PGM prices to falter in 2012, recover in 2013

London - Aquarius Platinum [JSE:AQP], the world's fourth-largest primary producer, joined a chorus of warnings from the platinum industry that a South African drive to cut accidents was leading to lengthier and more damaging halts to production.

The South African platinum sector has been battered by oversupply, squeezed margins and an uncertain economic outlook, making producers increasingly vocal about regulatory pressures, particularly the impact of inspections and stoppages as part of the government's zero-harm target.

Lonmin said last week the increased inspections actually increased risks as they interrupted momentum.
Aquarius, which announced a 17% year-on-year drop in output for the second quarter on Tuesday, said the stoppages had meant its key Kroondal operations did not operate at full capacity.

"This issue is making the South African mining industry a difficult place in which to operate, and whilst zero-harm is laudable, there must be practical implementation of the law," Aquarius Chief Executive Stuart Murray said.

"Not only has the incidence of these stoppages risen markedly, in many cases the time now taken by the regional department to resolve these stoppages has risen from some 2 days to a week or sometimes more."

Aquarius also operates in Zimbabwe, where it has the Mimosa 50-50 joint venture with Implats. It saw a 7%  year-on-year rise in second-quarter production, though output dipped on the previous quarter, but the miner warned of increased regulatory impositions.

"All these relentless challenges make it clear that some of the stakeholders in both countries in which we operate simply do not grasp the fact that there are only 100 cents in the rand and 100 pennies in the dollar," Murray said
"There is simply no more to be taken before the operations are threatened."

It said it was in talks with the Chamber of Mines to ensure changes to mining fees being considered in Zimbabwe, including ground rental, licensing and export fees, are sustainable.

State media reported last week that registration fees could soar to discourage the holding of claims for speculative purposes.
platinum sector  |  aquarius platinum

Lonmin completes BEE credits

2014-11-26 15:46


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.

Africa: Land of Billionaires!

Find out who are the richest of the richest in Africa!



Best bro movies 2014
Every man should be able to do these three things
Goalkeeper saves five penalties with his FACE!
Hottie of the day: Jesselyn

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...