Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 7, 2011) – Mr. Ian Rozier, President and CEO of Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) (“Eastplats” or the “Company”) reports that mining operations at the Crocodile River Mine (“CRM”) have been suspended following a fatal accident at the mine.
Mr. Afiach Ngobeni, an employee of High Point Trading (an engineering company doing development work at CRM), was fatally injured in a blasting accident at an ore pass development raise at the Zandfontein Section at CRM on Monday 7th November.
A Section 54 Stop Work Order has been issued by the Development of Mineral Resources (“DMR”) and mining operations at CRM have been stopped pending a full investigation by the DMR Inspector of Mines on Tuesday November 8th.
“This is terrible news for the families affected and also for the Company. Management has made health and safety a key priority at CRM and we were making substantial progress in this regard, having recorded 3.8 million fatality free shifts at the mine until yesterday. This is a tragic accident and it will be investigated thoroughly,” stated Ian Rozier.
Total shares issued and outstanding: 908,187,807
