Sylvania Dump Operations - fire at Mooinooi

RNS Number : 8955W

Sylvania Platinum Limited

24 August 2015

 

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Sylvania Platinum Limited

("Sylvania" or "the Company")

 AIM (SLP)

24 August 2015

Sylvania Dump Operations - fire at Mooinooi

In the Company's Western dump operations, the Mooinooi dump and ROM plants have been affected by a fire at the Sylvania electrical substation which occurred on Friday night, 21 August 2015. The cause of the fire is yet to be confirmed but the Company believes that it could be related to a current in-rush as a result of a power failure. Production losses are currently being incurred but it is expected a temporary substation and electrical equipment will be installed before the end of the week commencing 24 August 2015.

In addition, two of the Company's Eastern dump operations, namely Lannex and Steelpoort, were among several platinum and chrome mines in the Steelpoort area of the Limpopo province affected by recent violent community protests regarding demands for improved infrastructure and jobs. After engagement between the communities and local government departments, the communities have withdrawn the protestors and operations in the area have resumed as normal.

It is anticipated that the above events could result in production during the first quarter of the 2016 financial year being up to 1,000 PGM ounces lower than anticipated. Management are however confident that operations will still be able to achieve the Company's stated guidance of 55,000 ounces forecast for FY2016.

Registered office:        Sylvania Platinum Limited

                                    Clarendon House

                                    2 Church Street

                                    Hamilton HM 11

                                    Bermuda

Postal address:            PO Box 976

                                    Florida Hills, 1716

                                    South Africa

Sylvania Website:        www.sylvaniaplatinum.com

CONTACT DETAILS

For further information, please contact:

Terence McConnachie (Chief Executive Officer)

[phone]

Nominated Advisor and Joint Broker:

Liberum Capital Limited

Richard Crawley/Tom Fyson

[phone]

Joint Broker

GMP Securities Europe LLP

Richard Greenfield/ Alexandra Carse

[phone]

Communications:

Newgate

Tim Thompson / Adam Lloyd / Ed Treadwell / Helena Bogle

[phone]

 

END

 

 

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