EQS - Eqstra Holdings Limited - Update: Disruptions at Pilanesburg Platinum Mine

EQS - Eqstra Holdings Limited - Update: Disruptions at Pilanesburg Platinum Mine
Eqstra Holdings Limited                                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/011672/06)                                            
ISIN: ZAE000117123                                                              
Share code: EQS                                                                 
UPDATE: DISRUPTIONS AT PILANESBURG PLATINUM MINE                                
On 24 June 2011, Eqstra Holdings Limited ("Eqstra") issued an announcement      
relating to disruptions to its operations at the Pilanesberg Platinum Mine      
caused by a small group of employees of MCC Contracts (Proprietary) Limited     
("MCC"), a wholly owned subsidiary of Eqstra.                                   
MCC`s priorities since the disruptions have been to ensure the safety of        
employees, the security of assets and equipment and the rapid resumption of     
mining operations. An assessment of the impact of the damage to equipment and   
vehicles whose book value amounts to R 98 million is ongoing, and will be       
lessened by the salvaging of component parts and insurance claims. Drilling and 
blasting equipment, fundamental to mining operations, was unaffected.           
On Saturday 9 July 2011, MCC maintenance teams began to repair the damaged      
vehicles and normal working shifts will resume today, Monday 11 July 2011.      
Employees who engaged in illegal industrial action and damage to property on 23 
June will remain suspended, pending disciplinary action. MCC has engaged with   
the National Union of Mineworkers ("NUM") in terms of MCC`s recognition         
agreement, and the parties are working closely with the South African Police    
Services in identifying and prosecuting those individuals suspected of being    
involved in the disruptions. Several arrests have been made.                    
Mining activities have been affected by these events.  However, the trading     
statement that was released on SENS on 30 May 2011 remains valid, wherein it is 
stated that Eqstra anticipates headline earnings per share and earnings per     
share of not less than 60 cents for the financial year ended 30 June 2011       
compared to the reported loss per share of 19.6 cents and a headline loss per   
share of 21.7 cents for the year ended 30 June 2010. More specific range        
guidance, as required by the JSE, will be provided to shareholders as soon as   
there is a reasonable degree of certainty.                                      
11 July 2011                                                                    
Johannesburg                                                                    
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 11/07/2011 14:35:01 Supplied by www.sharenet.co.za                     
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