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AQP
AQP
AQP - Aquarius Platinum Limited - Full Year Results: 30 June 2007
Aquarius Platinum Limited
JSE code: AQP
ISIN: BMG0440M1029
8th August 2007
Full Year Results: 30 June 2007
Highlights of the year:
Record group production at 530,726 PGM ounces
Record net profit up 119% to $187.2 million (US218.5 cents per share)
Net operating cash flow up 84% to $323 million
Full year dividend up 75% to US42 cents per share
Proposed share split on a 3:1 basis to be put to shareholders
Operational
Group attributable production up 19% to 530,276 PGM ounces (2006:
447,693 PGM ounces)
Kroondal production tons increased by development at new K5 Shaft
Marikana production demonstrates potential as underground mining
commences
Everest delivers strong increases in production as underground
operations ramp-up
Mimosa delivers steady increase in production
Chrome Tailings Re-treatment Program delivers modest increase of high
margin production
Increased focus on mine development to improve face availability
flexibility and redundancy
Financial
Revenue increased 67% to $710.8 million
Net operating cash flow up 84% to $323 million from $175 million
Net profit increased 119% to $187.2 million (US218.5 cents per share)
Cash balances rose to $287.6 million from $162.4 million
US30 cents per share final dividend declared, payable on 5th October
2007 (2006: US18 cents)
Total 2007 dividend (interim and final) up 75% to US42 cents (2006:
US24 cents)
Strategic
Completion of South African new order mining rights conversions
Completion of 3.5% subsidiary buy-back from BEE partner SavCon
Agreement with Bakgaga Mining to drill and conduct feasibility work
over 3,000 hectares
Mimosa Wedza Phase V expansion announced, ramping up into 2008
Commenting on the full year results, Stuart Murray, CEO of Aquarius
Platinum said, "I am delighted to again report a set of record
production and earnings figures and our highest dividend yet. This
performance is credible when set against an ever more challenging
operating environment. At Aquarius we are not alone in experiencing
more challenging geology, though recognising this, we have changed our
mining planning and strategy to provide for more on-reef development
at our operations which over time will result in improved mining
efficiencies.
Looking to the new financial year, our operations will continue to
ramp-up production and deliver even more ounces at times of ongoing
record upside in prices. The challenge will be to manage costs as
these issues continue to dominate the operating environment. That
said, we aim for more growth, and target an additional 15% production
in the next financial year."
Aquarius announces consolidated earnings for the year to 30 June 2007
of $187.2 million equal to US218.5 cents per share. This represents a
119% increase in net profit over the previous year. The increase is
attributed to a 19% increase in production to 530,726 PGM ounces
attributable to Aquarius and an increase in the average 4E PGM basket
price (Platinum, Palladium, Rhodium and Gold) for the Group to
US$1,293 per ounce in 2007 compared to US$932 per ounce in 2006, and
not least other metals produced as by-products - notably nickel,
iridium and ruthenium.
The operations delivered net operating cash flow of $323 million for
the year, up from $175 million in the previous year due to higher
prices and production volumes. The increased cash flow allowed the
Group to reduce debt, repay shareholder loans and fund mine
development and rehabilitation at the Group`s respective mines, and
buy back 3.5% of AQPSA from our empowerment partners.
The Directors have declared a final dividend of US30 cents (2006: US18
cents) per share payable on 5th October 2007 to shareholders
registered on 14th September 2007. This brings the total dividend
payable for the year ended 30 June 2007 to US42 cents, an increase of
75% over the previous year.
The Board has also requested to place before shareholders at the
upcoming AGM in November 2007 a resolution seeking approval to
subdivide the issued capital of the company on the basis that each
existing share be subdivided into three shares and each existing
option be subdivided into three options each. The share split will
benefit shareholders by increasing the liquidity and affordability to
investors of the company`s shares. Further details will be provided
in the notice of meeting materials that will be circulated to
shareholders prior to the AGM.
Revenues from ordinary activities for the year rose 67% to $710.8
million (comprising sales revenue of $690 million and interest and
other income of $21 million) from $426 million (sales revenue $417
million and interest and other income of $9 million). The increased
revenue was due to a 19% increase in PGM production and a 39% increase
in the average PGM basket price over the year.
As outlined in the table above, this year`s performance has shown a
stronger first half production for the year as the Group`s expansion
program was interrupted by short-term industrial action in the second
half coupled with a strategic decision in January 2007 to temporarily
focus on increasing mine development to provide increased redundancy
and flexibility for the longer-term. Management`s focus on
development is to ensure that the Group`s ongoing growth profile is
achieved in a sustainable and economic manner. The increase in
production in 2007 is largely attributable to the ongoing ramp-up at
Everest and the new underground production ramping up at Marikana.
The Group`s existing operations are expected to continue to increase
production and deliver around 15% additional production in FY2008.
On mine cash costs at $261.4 million reflects an increase in average
group attributable unit costs to $470 per PGM ounce compared to $391
per PGM ounce in the previous year, despite labour and input cost
pressures.
Amortisation and depreciation was higher compared to FY 2006 at $39.5
million from $29 million, largely a consequence of the 19% increase in
production and an increase in the rehabilitation provision at
Marikana.
Interest income was 132% higher at $19.1 million, reflecting the
increased cash reserves of the Group. Interest expense, which included
a non-cash component of $3.7 million relating to the unwinding of the
interest in the net present value of the Marikana and Kroondal
rehabilitation provisions was $15.2 million. Interest expense includes
interest paid on pipeline finance advanced from the smelters.
Cash balances of $287.6 million at 30 June 2007 are expected to
increase progressively (subject to any corporate activity) in line
with the Group`s increased production profile for FY 2008. This
together with the current RMB facility will provide Aquarius with the
requisite funding for any future growth opportunities, balance sheet
optimisation and for continued progressive dividends.
Cash balances
Aquarius Group cash balances increased by $125 million since 30 June
2006 to $287.6 million at 30 June 2007.
Group Debt
As at 30 June 2007, group debt comprised the following facilities:
R450 million loan facility (main facility)
R200 million standby facility
R50 million guarantee facility
Interest bearing debt:
Group interest bearing debt (excluding pipeline advances) for the
year at $27 million comprised the following:
RMB facility $27 million
Rand US Dollar Exchange Rate
The US Dollar was flat against the Rand year on year at 7.10, however
there was considerable volatility in the rate during the year, with
highs close to 8.0 and lows at 6.7.
Platinum Group Metal Prices ($ per ounce)
PGM prices in US Dollar terms continued to perform well during the
year. Platinum, palladium, rhodium and gold all moved higher during
the year. Platinum closed the year 4% higher at $1,273 per ounce,
whereas palladium was 18% higher at $365 per ounce, and rhodium doing
best of all, up 34% to $6,250 per ounce. Gold added a modest 4% over
the year to close at $651 per ounce.
The South African PGM basket price averaged 32% higher for the year at
US$1,360 per 4PGE ounce driven by strong rhodium and platinum prices
in particular. In Zimbabwe (where the ratio of metals is lower in
platinum and rhodium and higher in palladium), the basket price for
the year averaged 31% higher for the year at US$974 per 4PGE ounce.
The PGM (4E) basket (platinum, palladium, rhodium and gold) comprises
the principal revenue driving commodities produced; in addition,
economic quantities of ruthenium, iridium, copper, nickel, cobalt and
chromite are also produced, with revenues used to offset costs. These
metals also enjoyed healthy gains over the year demonstrated in the
PGE(6E) basket after by-product costs detailed in the table above.
OPERATIONS
Production
The chart below illustrates the increases in annual production, and
the positive impact enjoyed primarily from the ongoing ramp-up at
Everest.
Production of PGMs attributable to shareholders of Aquarius increased
19% to 530,726 PGM ounces from 447,693 ounces. All mines enjoyed
increased production, with the exception of Kroondal where
attributable production was unchanged. The tables below compare
production by operation and attributable to Aquarius, over the four
quarters and year on year.
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 54%)
P&SA1 at Kroondal
Safety
The 12-month rolling average DIIR for the year improved to 0.75 from
0.96 in the previous year. Regrettably a fatality occurred during the
financial year when a Murray & Roberts Cementation employee was
fatally injured in a conveyor belt accident.
Production
Underground production increased 8% year-on-year to 6,129,000 tons and
open-pit production increased 18% to 495,000 tons, resulting in a
total 10% increase in tons to 6,624,000 tons. The average head grade
over the year was marginally lower at 2.81 g/t, in part due to the
increased share of lower-grade open pit production in the mix,
increasing to 7.5% from 6.9%, but importantly also due to a higher
proportion of production coming from K5 Shaft. The geology is more
complex at K5 Shaft and a number of down throw faults have been
encountered in the main decline. Recoveries were 1% lower at 77%,
although these did see an improvement in the final quarter of the
financial year to 77% from 76% in the third quarter. Total PGM
production was flat year-on-year at 439,350 PGM ounces with 219,675
PGM ounces attributable to Aquarius.
Revenue
The average PGM basket price for the year increased 34% to $1,386 per
PGM ounce. The basket price rose steadily during the year, averaging
$1,520 per PGM ounce in the final quarter. This resulted in a 46%
increase in mine revenue to R4.0 billion for the year (Aquarius share:
R2.0 billion). The cash margin for the year rose to 66% from 59%.
Operating Costs
Cash cost per ROM ton increased by 14% to R213 per ton due to higher
mining and labour costs and an increase in on-reef development.
Consequently, cash costs per PGM ounce, impacted by lower grades and
recoveries, increased 20% to R3,069. During the year Kroondal
completed considerable development, which is attributed to the profit
and loss account and not capitalised. These costs are included in the
table below.
Operating cash costs include ledging and primary development costs of
R393 per PGM ounce (up 34% on the previous year), secondary
development costs of R71 per PGM ounce (up 39% on previous year) and
engineering infrastructure costs of R216 per PGM ounce (up 43% on
previous year). The stoping cost was R2,388 per PGM ounce, a 16%
increase compared to the previous year. It should be noted that
operating costs continue to include costs associated with the new K5
Shaft of R130 per PGM ounce. The K5 Shaft is in a ramp-up phase and
therefore attracts high relative unit costs.
P&SA2 at Marikana Platinum Mine
Safety
The 12-month rolling average DIIR for the year deteriorated slightly
to 0.36 from 0.31 in the previous year. Marikana Mine`s safety
performance remains credible as it also reported a fatality free year.
The mine achieved 1.3 million fatality free shifts at the end of the
financial year.
Production
Open-pit production increased, 40% to 1,409,000 tons. Underground
operations continued to ramp-up during the year with production
increasing more than three-fold to 708,000 tons. The ratio of
production over the year shifted favourably towards underground
material which represented approximately 50% during the final quarter
of total tonnes processed. This compares to 14% underground in the
previous year. The average head grade remained constant for the year
at 3.19 g/t compared to 3.20 g/t in the previous year. The open pit
production will be further scaled down in the 2008 financial year to
50,000t per month where it will stabilise until the reserve is mined
out in 2015. It is expected that the grade will slightly decrease in
2008 financial year to approximately 3.15 g/t as the higher grade open
pit production is reduced. Recoveries were 5% lower at 64% due to
increased open pit oxidised material being processed. The recoveries
are planned to improve in 2008 financial year as underground
production continues to ramp-up. Total PGM production was up 54% year-
on-year to 132,375 PGM ounces with 66,187 PGM ounces attributable to
Aquarius. Year on year attributable comparisons are not meaningful
due to the implementation of the P&SA2 at Marikana in September 2005.
Revenue
The average PGM basket price for the year increased 33% to $1,344 per
PGM ounce. Over the year, however, the PGM basket rose steadily,
averaging $1,453 per PGM ounce in the final quarter. This resulted in
a 135% increase in mine revenue to R1.2 billion for the year (Aquarius
share: R612 million). The cash margin for the year continued its
strong upwards momentum in the 2007 financial year to 44%, compared to
16% in 2006 and negative 10% in 2005.
Operating Costs
Cash cost per ROM ton reduced by 2% due to increased underground
volumes. Cash costs per PGM ounce for the year were increased 5% to
R5,219 per PGM ounce due to lower recoveries.
Everest Platinum Mine
Safety
The 12-month rolling average DIIR for the year improved to 0.62 from
0.73 in the previous year. Regrettably, two fatalities occurred at
Everest during the year. On 3rd August 2006 an Underground Team
Leader suffered fatal injuries as a result of a fall of ground. The
DME Report concluded that the requisite safety management systems were
in place, ascribing the underlying cause of the accident to poor
judgement on the part of the deceased in that he entered an area that
was not yet supported to standard. On 20 January 2007 a Rock Drill
Operator was fatally injured when he was struck by an underground load-
haul-dumper. The DME Report concluded that the requisite safety
management systems were in place, ascribing the basic cause of the
accident to the deceased taking an unsafe position and not following
procedures. The implementation of remedial actions arising from both
investigations have been completed.
Production
Underground production increased significantly to 1,805,000 tons for
the year, compared to 471,000 tons in the previous year. Open pit
operations, in-line with plan, reduced production, to 589,000 tons for
the year compared to 991,000 tons in the previous year. Underground
production is now the primary tonnage source, accounting for 92% of
all tons in the fourth quarter. The current open pit reserve is
planned to be mined out in October 2007. The average head grade over
the year fell to 2.89 g/t from 3.04 g/t due to significantly poorer
quality production from the open pits, and ongoing development tons
from underground operations. Recoveries increased by 13% to 77% due
to higher quality underground tons dominating the feed. It is
expected that recoveries will increase to 79% in the 2008 financial
year as underground production becomes the only feed material for
processing. Total PGM production was up 69% year-on-year to 163,937
PGM ounces, 100% attributable to Aquarius.
Revenue
The average PGM basket price for the financial year was up 24% to
$1,286 per PGM ounce. This resulted in mine revenue of R1.5 billion
(Aquarius share: 100%). The cash margin for the year increased
marginally to 62%.
Operating Costs
Cash costs per ROM ton increased 16% to R187 per ton in line with the
increased ratio of higher cost underground tons. Cash costs per PGM
ounce increased to R3,373 in line with the increased cost for
underground tons and due to a lower grade.
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The DIIR for the year deteriorated to 0.41 from 0.28 for the previous
year. Regrettably, there were three fatalities during the financial
year. A fatality occurred in the second quarter when an Underground
Team Leader was fatally injured by a fall of ground. In the fourth
quarter, two fatalities occurred underground when a Safety Health
Environmental Officer and an Acting Ventilation Officer succumbed to
asphyxia in a previously abandoned underground area where pumping was
being carried out to reopen it. An official investigation is
underway; however, the results have not yet been released.
Production
Underground operations hoisted an 8% increase in production to
1,847,000 PGM ounces. Tons processed increased 10% to 1,692,000 tons,
with the balance going to the stockpile which totalled 361,000 tons at
the end of the financial year. The average head grade fell 1% to 3.66
g/t. Recoveries remained flat at 77%. PGM production for the year
increased 8% to 154,448 ounces (Aquarius attributable 77,224 PGM
ounces).
Revenue
The average PGM basket price for the year was 35% higher at $974 per
PGM ounce. This resulted in mine revenue of US$199 million (Aquarius
share: 50%). The cash margin for the year was 74%.
Operating Costs
Cash costs per ounce for the year increased 13% to $381 per PGM ounce.
After by-product credits cash costs per 4 PGM ounce were lower at -
$123 per PGM ounce compared to $100 per ounce in the previous year.
This reduction was due to the extremely strong nickel and copper
prices throughout the year.
Wedza Phase IV Upgrade
Satisfactory progress has been achieved as regards the mining side of
the project. Most of the equipment is now on site and being
commissioned.
The process side of the project is facing challenges. The project
scope has been revised twice due to concerns about the re-use of old
equipment and slow progress is being registered as a result. The (RSA
based) contractors who were awarded most of the work are pressed due
to the difficulties of operating in Zimbabwe. Consequently, completion
of the project will be delayed until the last quarter of calendar
2007. The capital cost has escalated by $5.7 million to $28.9
million.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD (Aquarius Platinum
50%)
Chromite Tailings Retreatment Plant (CTRP)
Safety
The Plant recorded a DIIR of zero for the year and has done so since
operations began.
Production
Over the year recoveries reduced to 31%, due to the unsatisfactory
blending of arisings and dump materials. Tons processed, however
increased in grade to 4.32 g/t for the year compared to 3.21 g/t in
the previous year, with volumes, increasing 12% to 182,000 tons. This
negated the reduction in recoveries to increase production by 19% to
7,408 PGM ounces (Aquarius attributable: 3,704 PGM ounces).
Revenue
The PGM basket price for the year increased by 41% to $1,704 per PGM
ounce. Reflecting increased production and basket prices, revenue
increased 80% to R77 million (Aquarius attributable R38.5 million).
The cash margin for the year increased to 77% from 63%.
CTRP: Operating Costs
Cash costs per ounce for the year decreased 5% to R2,377 per PGM
ounce.
CORPORATE
Agreement with Bakgaga Mining
On 23rd October 2006 Aquarius announced that through its wholly owned
subsidiary Aquarius Platinum (SA) Corporate Services (Pty) Ltd
("ASACS") it had signed a farm-in agreement with Bakgaga Mining (Pty)
Ltd to drill and conduct feasibility work at prospective Platinum
Group Metals (PGMs) bearing properties on South Africa`s Bushveld.
Conversion of Mining Licenses to New Order Rights
On 24th October 2006 Aquarius announced that the South African
Department of Minerals and Energy (DME) approved AQPSA`s applications
for the new order mining rights conversions in respect of all three of
its mines: Kroondal, Marikana and Everest. Consequently, AQPSA is now
in full compliance with the South African Mineral and Petroleum
Resources Development Act 2002, having exceeded the requirement for
26% Black Economic Empowerment ownership by 2014.
Appointment of New Broker
On 13th December 2006, Aquarius announced the appointment of Investec
Bank (UK) Limited and Morgan Stanley & Co International Limited as
joint corporate brokers to Aquarius on the London Stock Exchange.
Further Expansion in Production Announced at Mimosa
On 9th January 2007, Aquarius announced an approved low capital cost
expansion to increase annual production capacity to 195,000 PGM ounces
(100,000 platinum ounces in concentrate) at the Mimosa Platinum Mine
in Zimbabwe. The expansion project, known as "Wedza Phase V", follows
four earlier successful expansion projects at Mimosa, is expected to
increase annual PGM production from 168,750 PGM ounces to 195,000 PGM
ounces. It is due for completion by the end of the 2007 calendar
year.
Directorate Changes
On 12th March 2007, Patrick Quirk resigned as a director of the
Company to concentrate on his private business interests. The
directors wish to record their sincere appreciation for the
outstanding contribution Mr. Quirk has made to the Company in his
capacity as director over the last five years, and wish him well in
his future endeavours.
AQPSA Management Changes
In March 2007, Gert Ackerman retired as Managing Director of AQPSA.
He continues to work for the group as a consultant, primarily involved
with the implementation of social, labour and development plans.
Mr Anton Wheeler has in turn been appointed Managing Director of
AQPSA. Mr Wheeler joined Aquarius in April 2006 as Operations
Director, responsible for the day-to-day management of Aquarius
Platinum`s South African operations.
Aquarius completes purchase of 3.5% of South African subsidiary from
SavCon
On 26th April 2007, Aquarius announced the completion of the
acquisition of a 3.5% equity interest in AQPSA from SavCon for a cash
consideration of ZAR 342.5 million, as first announced in November
2006.
As a result of the Transaction, Aquarius increased its ownership of
AQPSA from 50.5% to 54%. The number of new Aquarius shares to which
SavCon will be entitled in exchange for its equity interest of 26% in
AQPSA will reduce proportionately by 2,918,590 shares to 21,680,952
shares. The conditions for ultimate disposal of SavCon`s 26% in AQPSA
and the take-up of its Aquarius shares in terms of the Final Phase
remain unchanged.
Contractor Dispute with Moolman Mining
Quarterly updates concerning the ongoing contractor dispute with
Moolman Mining are made in quarterly reports. Please refer to these
reports for the updates throughout the 2007 financial year.
More information on all the corporate matters can be found at
www.aquariusplatinum.com
Aquarius Platinum Limited
Incorporated in Bermuda
Exempt company number 26290
Board of Directors
Nicholas Sibley Non-executive Chairman
Stuart Murray Chief Executive Officer
David Dix Non-executive
Timothy Freshwater Non-executive
Edward Haslam Non-executive
Sir William Purves Non-executive (Senior Independent Director)
Kofi Morna Non-executive
Zwelakhe Mankazana Alternate to Kofi Morna
Audit/Risk Committee
Sir William Purves (Chairman)
David Dix
Edward Haslam
Nicholas Sibley
Remuneration/Succession Planning Committee
Edward Haslam (Chairman)
Nicholas Sibley
Nomination Committee
The full Board comprises the Nomination Committee
Company Secretary
Willi Boehm
AQPSA Management
Stuart Murray Executive Chairman
Anton Wheeler Managing Director
Ayanda Khumalo Finance Director
Graham Ferreira General Manager Admin & Company Secretary
Hugo Holl General Manager Everest
Willie Byleveld General Manager Marikana
Gordon Ramsay General Manager Metallurgy
Rudi Rudolph General Manager Kroondal
Gawie de Wet General Manager Engineering
Mimosa Mine Management
Alex Mhembere Managing Director
Winston Chitando Finance Director
Herbert Mashanyare Technical Director
Peter Chimboza Operations Director
Issued Capital
At 30 June 2007, the Company had on issue:
85,485,101 fully paid common shares and 1,098,652 unlisted options
Trading Information
ISIN number BMG0440M1029
Aquarius Platinum (South Africa) (Proprietary) Ltd
54% Owned
(Incorporated in the Republic of South Africa)
Registration Number 2000/000341/07
Block A, 1st Floor, The Great Wall Group Building
5 Skeen Boulevard, Bedfordview
South Africa 2007
Postal Address P O Box 1282, Bedfordview, 2008, South Africa.
Telephone: +27 (0)11 455 2050
Facsimile: +27 (0)11 455 2095
Aquarius Platinum Corporate Services Pty Ltd
100% Owned
(Incorporated in Australia)
ACN 094 425 555
Level 4, Suite 5, South Shore Centre,
85 The Esplanade, South Perth, WA 6151, Australia
Postal Address PO Box 485, South Perth, WA 6151, Australia.
Telephone: +61 (0)8 9367 5211
Facsimile: +61 (0)8 9367 5233
Email: info@aquariusplatinum.com
Glossary
A$ Australian Dollar
Aquarius/AQP Aquarius Platinum Limited
ABET Adult Basic Education Training programme
APS Aquarius Platinum Corporate Services Pty Ltd
AQPSA Aquarius Platinum (South Africa) Pty Ltd
ASACS Aquarius Platinum (SA) (Corporate Services)
(Pty) Limited
CTRP Chromite Ore Tailings Retreatment Operation
DIFR Disabling Injury Incidence Rate - being the
number of lost-time injuries expressed as a rate
per 1,000,000 man-hours worked
DIIR Disabling Injury Incidence Rate - being the
number of lost-time injuries expressed as a rate
per 200,000 man-hours worked
DME South African Government Department of
Minerals and Energy
DMS Dense Media Separation
Dollar or $ United States Dollar
EMPR Environmental Management Programme Report
Everest Everest Platinum Mine
Great Dyke Reef A PGE bearing layer within the Great Dyke Complex
in Zimbabwe
g/t Grams per ton, measurement unit of grade (1g/t = 1
part per million)
JORC code Australasian code for reporting of Mineral
Resources and Ore Reserves
JSE JSE Limited
Kroondal Kroondal Platinum Mine or P&SA1 at Kroondal
LHD Load Haul Dump machine
Marikana Marikana Platinum Mine or P&SA2 at Marikana
Mimosa Mimosa Mining Company (Private) Limited
MRC Murray & Roberts Cementation
NOSA National Occupational Safety Association
PGE(s) (6E) Platinum Group Elements plus Gold. Five metallic
elements commonly found together which constitute
the platinoids (excluding Os (osmium)). These are
Pt (platinum), Pd (palladium), Rh (rhodium), Ru
(ruthenium), Ir (iridium) plus Au (gold)
PGM(s) (4E) Platinum Group Metals plus Gold. Aquarius reports
the PGMs as comprising Pt+Pd+Rh plus Au (gold)
with the Pt, Pd and Rh being the most economic
platinoids in the UG2 Reef.
P&SA1 Pooling & Sharing Agreement between AQPSA and
RPM Ltd on Kroondal
P&SA2 Pooling & Sharing Agreement between AQPSA and
RPM Ltd on Marikana
R South African Rand
RK1 Consortium comprising Aquarius Platinum (SA)
(Corporate Services) (Pty) Limited (ASACS),
Ivanhoe Nickel and Platinum Limited and Sylvania
South Africa (Pty) Ltd (SLVSA).
ROM Run of Mine. The ore from mining which is
fed to the concentrator plant. This is usually a
mixture of UG2 ore and waste.
RPM Rustenburg Platinum Mines Limited
SavCon The Savannah Consortium. The principal Black
Empowerment Investor in Aquarius Platinum
TKO TKO Investment Holdings Limited
Ton 1 Metric ton (1,000kg)
UG2 Reef A PGE bearing chromite layer within the Critical
Zone of the Bushveld Complex
Z$ Zimbabwe Dollar
For further information please contact:
In Australia:
Willi Boehm
Aquarius Platinum Corporate Services Pty Limited
+61 (0)8 9367 5211
In the United Kingdom and South Africa
Nick Bias
Aquarius Platinum Limited
+ 44 (0)7887 920 530
or visit: www.aquariusplatinum.com
Date: 08/08/2007 08:00:04 Produced by the JSE SENS Department.
