June 21, 2010 / 2:02 PM / 8 years ago

UPDATE 1-Anooraq sees increased production at Bokoni mine

* Says production volumes at Bokoni beginning to increase

* Says unit costs decreasing

June 21 (Reuters) - Canadian platinum metals miner Anooraq Resources Corp ARQ.V said production volumes are beginning to increase at its flagship operation, Bokoni Platinum Mines, in South Africa, following a labor restructure.

The company, which had been grappling with union issues in South Africa, said it transferred 374 employees as part of a labour restructuring program. [ID:nSGE6490TY]

The Bokoni labor restructuring, which was completed in the second quarter, has resulted in increased production volume and decreased unit costs at the operations.

“Management is confident that the company will meet its first cost-cutting target of 905 South African rand per ton milled by June, as previously stated,” the company added.

Additionally, the company said vamping operations have commenced at Bokoni, and production from vamping activities is likely to increase to about 6,000 tons per month by December.

Shares of the company were trading flat at C$1.17 Monday morning on the Toronto Venture Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Roshni Menon)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below