[miningmx.com] — Shares in Aquarius Platinum, the world’s fourth-largest platinum producer, rose more than 15% on Tuesday following the company’s reassurances that it had a say in how it improved safety at its mines.
The shares surged 15.4% to R30 during the morning trade and by 14:30 was
trading 11.54% higher at R29.
This helped it recoup some of Monday’s losses. Aquarius closed 23.53% or R8 lower at R26.00 on Monday.
That was after the company said it had been instructed by the Department of
Mineral Resources (DMR) to review the Code of Practice applying to the bord-and-
pillar mining method.
This would mean the company would have to limit mining by reducing the size of mineable rock panels and leaving bigger support pillars behind to improve safety.
One of the platinum and chrome companies in the North West region impacted by the directive, Aquarius said the move would have a “detrimental economic effect” on mines in the Bushveld.
But the company appealed the DMR’s directive and on Tuesday said it was
reassured by the department’s decision to allow companies to present their cases on an individual basis and that the rule would not apply unilaterally.
“We are grateful to have been able to clarify the recent directive with the DMR, and we welcome the opportunity for each of our mines to make individual
presentations on safety to the inspectorate,” said Aquarius CEO Stuart Murray in a
statement on Tuesday.
