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Shares in gold miner Afrikander Lease (Aflease) plunged 24 percent on Tuesday following the news that the company would close its operations due to the strong rand and the lower-than-expected in situ grades at its open pit operations.
The Afrikander Lease Limited - Restructuring Of Afrikander Operations For A
Release Date: 09/12/2003 10:38:10 Code(s): AFL
The Afrikander Lease Limited - Restructuring Of Afrikander Operations For A
Strong Rand
The Afrikander Lease Limited
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration number 1921/006955/06)
(" Aflease" )
(ISIN Number: ZAE000000253 Share Code: AFL)
RESTRUCTURING OF AFRIKANDER OPERATIONS FOR A STRONG RAND
On 14 November 2003 Aflease announced that it had begun a strategic review of
its Afrikander operations, due to the continued strengthening of the rand
against the US dollar and the lower than expected in situ grades in the open pit
at the Afrikander operations. The review has been completed and approved by the
Board and will be implemented subject to the provisions of the Labour Relations
Act and the Basic Conditions of Employment Act.
The review, which was conducted by Aflease and independently audited by Steffen,
Robertson and Kirsten (South Africa) (Pty) Ltd (" SRK" ), included re-modeling the
inner basin open pit operations. The key outcome of the review is that the inner
basin is not able to generate sufficient operating profits in the current rand
gold price environment.
In line with the review, the following measures will be implemented at the
Afrikander and Modder East operations:
Aflease will cease production from its opencast operations at Afrikander with
effect from January 2004. Given the shallow nature of the ore body, production
could be resumed without major cost implications once the macro-economic
environment renders this operation profitable;
The current underground production profile is insufficient to justify the
continued operation of the CIL plant. The underground production will therefore
be terminated until the development of the Bonanza South mine has been
completed. Current underground production, combined with production scheduled
from Bonanza, will be sufficient to operate the CIL plant profitably;
Development of the Bonanza South mine will continue as scheduled with production
expected to commence in 2005;
The re-treatment of the leach pads at the Afrikander operations will continue
through the CIS plant;
Aflease" s exploration programme at Afrikander including Bonanza and at Modder
East will continue as scheduled; and
Development of Aflease" s Modder East mine on the East Rand will continue as
scheduled. Aflease recently completed a conceptual design study and is currently
proceeding to a detailed mine design to commence site establishment in early
2004.
The group will continue to communicate strategic and operational developments to
shareholders as and when appropriate.
Johannesburg
9 December 2003
Date: 09/12/2003 10:38:12 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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