Northam to clinch deal with Aquarius
In 2012 Aquarius noted that the ramp-up at Everest has encountered several challenges. These included poor ground conditions and ongoing disruptive industrial relations over a long period.
LYDENBURG – Despite the platinum mining sector still struggling to recover from the lengthiest and most costly strike ever in South African history at Rustenburg in 2014, Northam and Aquarius Platinum (AQP) recently entered into a sale agreement of R450 million whereby Northam plans to buy Aquarius’s Everest mine on the outskirts of town.
Everest, Aquarius’ third operation in South Africa, was its sole wholly owned operation. The project was awarded its mining license in June 2003, following which construction began initially in October 2004. –
In 2012 Aquarius noted that the ramp-up at Everest has encountered several challenges. These included poor ground conditions and ongoing disruptive industrial relations over a long period. Those issues, accompanied by low platinum group metals (PGM) prices then rendered the mine uneconomic and Everest was placed on care and maintenance.
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