Murray & Roberts Cementation and Aquarius Platinum South Africa agree to move from contract mining to an owner-operated model
04 July 2012
Johannesburg - 04 July 2012 - Murray & Roberts Cementation (M&RC) and platinum miner, Aquarius Platinum South Africa (AQPSA), today announced the end of its contract mining agreement. M&RC has for many years been the exclusive underground contract miner for AQPSA.
During March 2012, M&RC and AQPSA agreed revised contractual terms on the contract mining agreement, whereby the parties had to agree the budget for each new financial year. An agreement could not be reached on certain conditions for the financial year commencing 1 July 2012 and as a consequence, a mutual decision was reached to terminate the agreement.
AQPSA has decided to convert its business model to an owner-operator model and M&RC has agreed to provide the necessary support to AQPSA with the take-over of all resources to ensure a smooth transition to the owner-operator model. This M&RC support could extend to December 2012.
The Construction Global Underground Mining platform has experienced good growth in its international mining operations over the past 12 months, as the platform continues to grow its international earnings base. Locally, over a similar period, M&RC has gradually been diversifying its order book and reducing its exposure to the platinum sector. The M&RC budget for the year to 30 June 2013 anticipated the separation with AQPSA.
Murray & Roberts is currently in a closed period and further details will be shared with the market when its annual results are released on or about 29 August 2012.
For further information contact:
Mr Ed Jardim
Group Communications Executive
Mobile +27 (0) 83 357 6282
Murray & Roberts Client Service
Tel: +27 (0)11 456 1144
Fax: +27 (0)86 637 0113