01:01 Wed 25 Mar 2020
Sylvania Platinum - Response to South Africa's COVID-19 measures
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("Sylvania" or "the Company")
AIM (SLP)
Response to
In response to the statement by the South African President,
The implication of this announcement is that all mining operations in SA will be impacted during the lockdown. As a consequence, the Sylvania Dump Operations ("SDO") are also required to be placed on care and maintenance, resulting in no PGM ounce production during the lockdown period. The SDO have commenced with shutdown planning and will slow down operations from
The safety and wellbeing of our employees is our highest priority and from the beginning of the outbreak of COVID-19 in SA, the Company has implemented stringent precautionary measures to safeguard all employees. These included additional cleaning and sanitization programs, the supply of additional detergents and hand sanitisers for employees, as well as continued education on the increased hygiene and awareness requirements during this unprecedented time.
The Board wishes to assure shareholders that all possible cost reduction strategies will be implemented to reduce costs to only essential spend during this period and that the Group has more than ample liquidity to sustain a prolonged lockdown period as well as the anticipated two-week start-up period for operations. As reported on
As there is currently still significant uncertainty around the full impact of the lockdown and the COVID-19 pandemic in general, the Company is unable to issue revised guidance at this time, but will release a further announcement if and when there are any material developments.
This announcement is released by
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by
CORPORATE INFORMATION
Registered and postal address: |
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Clarendon House |
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Hamilton HM 11 |
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SA Operations postal address: |
PO Box 976 |
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Sylvania Website: www.sylvaniaplatinum.com
CONTACT DETAILS
For further information, please contact: |
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Lewanne Carminati CFO |
+27 11 673 1171 |
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Nominated Adviser and Broker |
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+44 (0) 20 3100 2000 |
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Communications |
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+44 (0) 20 3405 0208 |
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