Angloplat gets okay for for new mine

Angloplat gets okay for for new mine

South Africa’s Anglo Platinum said on Tuesday it had received a court go-ahead for its new mine operated by Potgietersrust platinums.

The project is expected to more than double output at Potgietersrust which produced 205,300 ounces in 2005. The expansion project would add 230,000 platinum ounces per year.

The world’s biggest platinum producer Angloplat was defending itself against a lawsuit by communities attempting to halt the project there because it interfered with their access to arable land and restricted their cattle from grazing.

The lawsuit, filed by attorney Richard Spoor, demanded an urgent halt to activities by the company ahead of the expansion such as drilling since it was causing damage to the lands.

The mine will bring an investment of some 6 billion rand into the area, resulting in the creation of jobs, both directly and indirectly, in a region suffering high unemployment, the firm said in a statement.

Anglo Platinum has budgeted at least 600 million rand to relocate some communities in the area to farms where formal and properly serviced townships will be established, it added.

Angloplat shares were up 1.57 percent to 702 rand by 1055 GMT, outperforming the blue-chip index which was down 0.84 percent.

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