Aquarius Platinum Shares Recover After 'Carve Out' Ruling

Aquarius Platinum (ASX: AQP) shares which had tumbled yesterday after the government in North West Province, South Africa proposed rules limiting 'carve out' of underground mine caverns, recovered today.

The new rules were proposed after the death of five Aquarius workers occurred in early July due to rock falls.

The Aquarius shares had fallen 24.5% yesterday but a mollified official stance on South African mine regulations saw it rise by 13.6% today, closing at AUD$4.510 after yesterday's slide of -24.52%.

A meeting with the Department of Mineral Resources (DMR) officials in South Africa has "greatly encouraged" Stuart Murray, the CEO of Aquarius.

He opened the door to consultation on ways to improve safety standards when he was encouraged by the cooperative attitude of the DMR officials. The DMR had no intention of unilaterally prescribing mining methods to companies.

The DMR said that it just wanted the companies to present safety measures to its workers, and not to stop mining. The safety directive was issued after five workers were crushed to death at the Marikana platinum mine owned by Bermuda- based Aquarius and Anglo Platinum.

Aquarius Platinum is the world's fourth largest primary platinum producer.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, content production, design, animation, database and networking, software, and editing. Joel has been with AZoNetwork since its inception in 2000.


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