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AQP
AQP
AQP - Aquarius Platinum Limited - Second Quarter 2008 Production Results
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
JSE code: AQP
ISIN: BMG0440M1029
Second Quarter 2008 Production Results
24 January 2008
Second Quarter 2008 Production Results
Highlights of the Quarter
- Improvements in margins achieved in the quarter at all operations, due to
PGM basket prices and strong control of cash costs
- Attributable production fell only 2% quarter-on-quarter to 137,456 PGM
ounces due to safety, industrial relations and power shortage shut downs
P&SA1 at Kroondal
- PGM production decreased by 5% quarter-on-quarter to 101,542 PGM ounces
(Aquarius attributable: 50,771 PGM ounces)
- 7,000 PGM ounces lost due to an unplanned stoppage of the K2 mills to
effect emergency repairs, mine closure following a fatal accident on 15
November, and Eskom power outages and a one-day national stay-away
- Cash margin for the quarter increased to 66%
P&SA2 at Marikana
- PGM production increased by 7% to 37,744 PGM ounces (Aquarius attributable:
18,872 PGM ounces)
- 3,000 PGM ounces lost due to the 7-day unprotected industrial action
reported in December and a one-day national stay-away
- Gross cash margin for the quarter increased to 52%
- Appointment of Mr. Wessel Phumo as General Manager
Everest
- PGM production decreased from 48,841 PGM ounces to 46,719 PGM ounces
- 2,000 PGM ounces were lost due to the voluntary closure of the mine as a
result of the fatal accident on 24 November 2007, poor mining contractor
performance and a one-day national stay-away
- Gross cash margin for the quarter increased to 70%
Mimosa
- PGM production increased to 39,372 PGM ounces (Aquarius attributable:
19,686 PGM ounces)
- Wedza Phase V expansion 85% complete at end December 2007, as the previous
quarter`s delays were resolved. Commissioning to commence in late February
2008
- Gross cash margin for the quarter increased marginally to 72%
CTRP
- PGM production increased to 2,816 PGM ounces (Aquarius attributable:1,408
PGM ounces)
- Recoveries increased 20% to 28%
- Gross cash margin for the quarter increased to 81%
Metals Prices and Foreign Exchange
All the PGMs reported strong price increases over the quarter, with platinum
closing 11% higher at $1,530 per ounce, rhodium 11% higher at $6,850, palladium
3% higher at $364 per ounce and gold closing up 12% at $837 per ounce.
Platinum, palladium and rhodium prices continued to benefit from heightened
concerns over supply constraints in South Africa. Furthermore, gold benefited
from the weak US dollar and the flight to precious metals as an alternative
asset class in the face of recessionary concerns. As we have moved into 2008,
all metals have risen from their year end price levels, notably Rhodium, which
has broken through $7,000 per ounce, but prices have become more volatile as a
result of economic turbulence.
PGM basket prices for the Group reached record levels over the quarter in US
Dollar terms. At our South African operations, the four element basket price
broke through R11,000 per ounce, averaging 5% higher than the previous quarter
at R11,173 per ounce, equal to $1,648 per ounce. In Zimbabwe, the average
achieved basket price for the quarter averaged 2% higher at $1,083 per ounce.
This resulted in a group basket price equivalent of $1,567 per PGM ounce or
R10,562 per PGM ounce. The nickel price, however, fell significantly to
close$13.41/lb. This impacted on revenue at the Mimosa mine where nickel is a
significant by-product.
The Rand Dollar exchange rate for the quarter averaged 6.75, trading sideways
through much of the quarter and closing at 6.81, compared to 6.87 at the start
of the quarter.
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 54%)
P&SA 1 at Kroondal
Safety
The 12-month rolling average DIIR for the quarter improved to 0.44 from 0.59 in
the previous quarter. Seven lost time injuries occurred during the quarter.
Regrettably, a fatality occurred on 21 November 2007 at Central Shaft. Mr
Johannes Tseliso Nthunya, an underground load haul dumper operator, employed by
contractor Murray and Roberts Cementation was fatally injured following a fall
of ground accident. The mine was voluntarily shut down for 5 days. The DME,
together with AQPSA Management has conducted inquiries into both the accidents.
The results of the enquiries are still pending.
Production
- Production increased by 7% to 1,722,377 tons, consisting of 1,672,500
underground and 49,877 open pit tons
- Head grade decreased by 4% to 2.63 g/t
Processing
- Processed tons decreased by 2% to 1,564,042 tons
- Recoveries increased by 1% to 77%
- PGM production decreased by 5% to 101,542 PGM ounces
Revenue
Revenue at Kroondal increased by 10% to R1,119 million for the quarter (Aquarius
attributable: R559 million) as a result of higher commodity prices. The basket
price for the quarter averaged $1,657 per PGM ounce, 9% higher than the previous
quarter. The cash margin for the quarter improved from 61% to 66%.
Operations
Total mined production increased by 7% to 1,722,377 tons. Underground
production increased by 10% to 1,672,500 tons and open pit production decreased
40% to 49,877 tons, in line with the mining plan.
During the quarter, production was adversely affected by 9-day shut down of the
K2 mill to repair both of the mill girth gears, the voluntary shut down of the
mine following the fall of ground fatality, Eskom power outages and a one day
national NUM strike. It is estimated that this reduced production by 7,000 PGM
ounces (Aquarius share: 3,500 PGM ounces). Furthermore, the direction of the K5
declines had to be changed due to adverse geological anomalies, which negatively
affected production. It is envisaged that production at K5 will be normalised in
Q4 2008.
Total processed tons decreased by 2% to 1,564,042 tons, comprising 1,512,456
tons from underground and 51,586 tons of opencast material.
Over the quarter, stockpiles increased to 123,487 tons as a result of the K2
shut down.
The head grade decreased by 4% to 2.63 g/t, mainly due to an increase in the
internal and external waste.
Primary development during the quarter increased by 6% compared to the previous
quarter.
Plant recoveries improved by 1% to 77%.
Total PGM production decreased by 5% to 101,542 PGM ounces (Aquarius
attributable: 50,771 oz).
Operating Cash Costs
Cash costs per ton improved by 1% to R244 whilst costs per PGM ounce increased
by 2% to R3,758, a solid performance in view of the shut downs described above.
Capital Expenditure
Capital expenditure for the quarter was R119 million. Major items included K5
project infrastructure enhancement and the purchase of equipment for the K5 rail
project.
P&SA2 at Marikana
Safety
The 12-month rolling DIIR improved from 0.40 to 0.33. Three lost-time injuries
occurred during the quarter.
Regrettably, a fatality occurred on 11 December 2007 at One Shaft when Mr.
Thabiso T Chaka, an underground load haul dumper operator, employed by mining
contractor Murray and Roberts Cementation, was fatally injured following a load
haul dumper accident. The DME, together with AQPSA Management has conducted an
inquiry into the accident. The result of this enquiry is still pending.
Marikana operations achieved 1.6 million fatality-free shifts before this
accident.
Mining
- Production increased by 4% to 604,082 tons, consisting of 258,569 tons from
underground and 345,513 tons from open cast
- Head grade decreased by 5% to 2.95 g/t
Processing
- Processed tons increased by 7% to 609,530 tons
- Recoveries improved by 5% to 65%
- PGM production increased by 7% to 37,744 ounces (Aquarius attributable:
18,872 oz)
Revenue
Revenue increased to R411 million for the quarter (Aquarius attributable: R206
million) due to higher commodity prices and improved production. The basket
price for the quarter averaged $1,632 per PGM ounce, 10% higher than the
previous quarter. The margin for the quarter increased from 33% to 52% as a
result of higher commodity prices, increased production and lower cash costs.
Operations
Total production increased by 4% to 604,082 tons for the quarter; 43% from
underground operations and the balance from open pit.
Production from underground operations decreased by 13% to 258,569 tons.
Production was adversely affected by industrial action of the underground
contractor`s (Murray & Roberts Cementation) employees. Due to an ongoing
dispute over bonus payouts the workforce embarked on a slow strike which
culminated in a seven day unprotected industrial action towards the end of the
quarter. The workforce further participated in a one day national stay away.
The estimated production loss as a result of the above was 3,000 PGM ounces.
(Aquarius share: 1,500 oz).
Production from open pit operations increased by 22% to 345,513 tons.
Production was however adversely affected by higher than normal rainfall.
Stockpiles at the end of the quarter were 171,553 tons, including 125,371 tons
of low recovery oxidised material.
A total of 609,530 tons were processed during the quarter, 269,127 tons from
underground and 340,402 tons of open pit material.
Head grade decreased by 5% to 2.95 g/t due to changes in geology, notably the
opencast reef intersecting areas of excessive internal waste.
Recoveries improved by 5% to 65%.
Operating Cash Costs
Cash cost per ton improved by 17% to R322 per ton and by 18% to R5,203 per PGM
ounce, due to reduction in the stripping ratios and improved production.
Capital Expenditure
Capital expenditure totalled R26.3 million which includes R1.9 million of
expansion capital (AQPSA share R1.0 million). The total P&SA2 committed
expansion capital to date is R107 million (AQPSA share: R54 million).
Contractor dispute with Moolman Mining
AQPSA has received a response from Moolman Mining to AQPSA`s answering affidavit
in Moolman Mining`s counter-application in the motion proceedings instituted by
AQPSA. AQPSA`s application is to stay the Arbitration proceedings instituted by
Moolman Mining in the "rise and fall" formula dispute, pending the outcome of
the action proceedings instituted by AQPSA against Moolman Mining to set aside
the mining contract by reason of Moolman Mining`s misrepresentation when the
mining contract in question was originally concluded. The response has not
changed AQPSA`s view of the merits of the matter in any respect.
AQPSA has served a plea to Moolman Mining`s counterclaim in the abovementioned
action proceedings. AQPSA denies that any amounts whatsoever are owing to
Moolman Mining because such claims arise either directly out of the mining
contract or as a result of a finding that AQPSA was not entitled to rescind the
mining contract. A finding that there was a misrepresentation at the instance
of Moolman Mining will have the effect that none of the amounts in the counter-
claim will be payable.
All pleadings in the matter are now closed and the legal teams will be meeting
in the near future to discuss a time table and procedural issues for the hearing
of the matter.
Everest Platinum Mine
Safety
The 12-month rolling DIIR deteriorated from 0.72 to 0.84. Four lost-time
injuries occurred during the quarter.
Regrettably two fatalities occurred during the quarter. On Tuesday 23 October,
Mr. Juao Jose Paulo, an Utility Vehicle Driver employed by the mining
contractor, Shaft Sinkers Mining Ltd, was fatally injured in an accident
resulting from being trapped between two vehicles on surface. On Saturday 24
November, Mr. Tete Tlali, a Rockdrill Operator employed by the mining
contractor, Shaft Sinkers Mining Ltd, died following a fall of ground accident.
The DME, together with AQPSA Management has conducted inquiries into both the
accidents. The results of the enquiries are still pending.
Mining
- Production decreased by 8% to 619,448 tons; consisting of 553,819 tons from
underground and 65,629 from opencast
- Head grade improved to 3.00 g/t from 2.94 g/t
- Development increased from the previous quarter as the declines were
restarted and the development of strike 12 South resumed.
Processing
- Plant processed 623,411 tons, a 3% decrease compared to the previous
quarter
- Recoveries deteriorated to 78% from 80% in the previous quarter
- PGM production decreased by 4% to 46,719 PGM ounces
Revenue
Revenue increased by 15% to R532 million for the quarter on the back of higher
commodity prices. The basket price for the quarter averaged $1,635 per PGM
ounce, 11% higher than the previous quarter. The cash margin for the quarter
improved to 70% from 62% in the previous quarter.
Operations
Combined mining production from opencast and underground was 619,448 tons, a
decrease of 8% compared to the previous quarter. Underground production
decreased by 9% to 553,819 tons, as a result voluntary stoppages due to the
fatal accidents, a two day unprotected work stoppage and a national one day
protected stay-away. 2,000 PGM ounces were lost (Aquarius share: 2,000 PGM
ounces), due to the voluntary closure of the mine as a result of the fatal
accident on 24 November 2007. Complex geological ground conditions requiring
additional support also adversely affected production on the northern side of
the mine.
The transaction whereby JIC Mining Services (Pty) Ltd intends to acquire the
full shareholding of Shaft Sinkers Mining (Pty) Ltd from Shaft Sinkers Pty Ltd,
the mining contractor at Everest, has not yet been concluded. The uncertainty
arising from the proposed transaction has negatively affected the morale of the
contractor employees, contributing to labour instability.
Open pit production, decreased by 4% to 65,629 tons in line with the mine plan.
Rehabilitation is planned to be completed in Q4 of FY08.
The head grade improved to 3.00 g/t from 2.94 g/t as a result of improved in-
situ grades and higher channel widths.
Concentrator throughput was 623,411 tons milled for the period.
Recoveries decreased from 80% to 78% due to frequent process interruptions
arising from Eskom load shedding.
PGM production for the quarter correspondingly decreased by 4% to 46,719 ounces.
Operating Cash Costs
Cash costs decreased by 5% to R256 per ROM ton milled, and 4% to R3,417 per PGM
ounce. The reduction in operating cost is primary attributed to a decrease in
underground mining costs.
Everest Operating Cash Costs per PGM Ounce
Capital Expenditure
Capital expenditure for the quarter totaled R13.6 million, all of it was
sustaining capital expenditure.?
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The 12-month rolling DIIR improved from 0.33 to 0.26. There were no disabling
injuries in the second quarter, a commendable achievement. The Zero Harm
campaign will continue into the new quarter with emphasis on pre-task risk
assessment, a fall of ground campaign, on the job coaching and supervisory
training.
Mining
- Underground production increased 12% to 513,383 tons
- Head grade decreased 1% to 3.54 g/t
- The surface stockpile increased to a total 418,000 tons at the end of the
quarter, equivalent to over 80 days mill feed
Processing
- Concentrator plant recoveries decreased to 75.9% from 76.2%
- Total mine production increased by 2% to 39,372 PGM ounces (Aquarius share:
19,686)
Revenue
The average achieved PGM basket price for the quarter increased by 2% to $1,083
per PGM ounce. However, the average achieved nickel price over the quarter
decreased by 25% to $13.41 per pound from $17.95 per pound in the previous
quarter. Revenue decreased 4% to $52.4 million for the quarter, due to low
sales volumes and reduced nickel prices. Base metals accounted for
approximately 32% of revenue. The gross cash margin increased to 72% from 71%
in the previous quarter.
Operations
During the quarter mining operations hoisted 513,383 tons compared to 457,155
tons in the previous quarter. Tons milled during the quarter totalled 455,784
tons, with 57,599 being transferred to the stockpile, which totalled 418,481
tons at the quarter end.
The average plant head grade decreased to 3.54 g/t, compared to 3.59 g/t in the
previous quarter. The decline was attributable to low blasted grades in the
month of October as a result of the effects of reduced mining width and dilution
of ore whilst negotiating faults. Stringent controls on the mining width,
optimisation of the mined slice and control of secondary blasting of oversize
material have resulted in improvements in the feed grades.
Tons processed totalled 455,784, a 4% increase compared to the previous quarter,
due to the steady state of operations experienced during the quarter.
Recoveries for the quarter slightly decreased to 75.9% from 76.2%. This was
caused by running the roughers at relatively high densities because of process
water shortage. Return water volumes were limited by serious increase in
evaporation and seepage on the slimes dam. The second raw water line was
installed to prevent recurrence.
PGM production during the second quarter increased by 2% to 39,372 ounces
(Aquarius attributable: 19,686 ounces).
Operating Cash Costs
Cash costs for the quarter improved to $392 per PGM ounce, a 10% decrease
compared to the previous quarter`s figure of $437 per PGM ounce. This was
mainly due to high production throughput and mine wide stringent cost control
measures that are being implemented by management.
Net of by-products, cash costs were negative at ($71) per PGM ounce, compared to
($150) per PGM ounce in the previous quarter, primarily due to the lower
contribution from by-product nickel.
Update on Foreign Currency Regime in Zimbabwe
The Zimbabwean economy continues to be characterized by foreign currency
shortages. Mimosa`s foreign currency accounts continue to be maintained offshore
with no changes to the operational modalities agreed between the company and the
authorities.
Wedza Phase 5 Expansion
The mining part of the project is complete except for the raise boring of
ventilation shafts. The plant construction is overall 85% complete. Two shut
downs to link the Phase V and existing plant are scheduled for 17/18 Jan and
11/13 Feb 2008 ahead of commissioning in late February.
The estimated final capex is $28,9 million.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
The DIIR is zero. No Lost Time Accidents have occurred since the project
commenced.
Processing
- Material processed increased to 71,000 tons
- Grade decreased 9% to 4.53 g/t
- Production increased 5% to 2,816 PGM ounces
Revenue
The PGM basket price for the quarter increased by 11% to $1,967 per PGM ounce.
Revenue increased by 15% to R30 million (Aquarius share: R13 million) for the
quarter, due to higher production and commodity prices. The cash margin
increased to 81%.
Operations
A mill was installed ahead of the flotation plant towards the end of the first
quarter, and the plant performance has improved as a result. The head grade
decreased due to a drop in the dump feed grade as a result of treating a lower
grade area in the dump. The head grade fell 9% to 4.53 g/t.
Recoveries improved to 28% from 20%, resulting in production up 5% to 2,816 PGM
ounces.
Operating Costs
Cash costs increased by 1% to 1,988 per PGM ounce. A saving of approximately
R200,000 per month on the chrome penalties was also realised during the past six
months.
CORPORATE MATTERS
Share Split Completed
On 23rd November 2007, at the Annual General Meeting, shareholders approved,
inter alia, the subdivision of the issued capital of the Company on the basis
that every one fully paid common share of US$0.15 each be sub-divided into three
fully paid common shares of US$0.05 each. On 5th December 2007, the three-for-
one share split became effective, and the new shares of $0.05 each commenced
trading.
The new ISIN for shares on the Australian Securities Exchange, The London Stock
Exchange and the JSE Limited is BMG0440M1284 and for the ADRs remains
US03840M2089.
Following the share split there are 256,534,266 shares in issue and 3,059,061
unlisted options.
More information on all corporate matters can be found at
www.aquariusplatinum.com
Interim Results
On 7th February 2008, Aquarius Platinum will report unaudited Interim Financial
Results for the Half Year to December 2007. Further information concerning the
release and a conference call will be provided on the corporate website
www.aquariusplatinum.com one week before the release.
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
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 Financial Director
Graham Ferreira General Manager Group Admin & Company Secretary
Rudi Rudolph General Manager Kroondal
Wessel Phumo General Manager Marikana
Jacques Pretorius General Manager Everest
Gordon Ramsay General Manager Metallurgy
Hugo Holl General Manager Projects & Transformation
Gabriel de Wet General Manager Engineering
Willie Byleveld General Manager Technical Services
Mimosa Mine Management
Winston Chitando Managing Director
Herbert Mashanyare Technical Director
Peter Chimboza Operations Director
Issued Capital
At 30 December 2007, the Company had in issue:
256,534,266 fully paid common shares and 3,059,061 unlisted options
Substantial Shareholders 30 December 2007 Number of Shares Percentage
Impala Platinum Holdings Ltd 21,381,828 8.33
Nutraco Nominees Limited 17,009,579 6.63
Trading Information
New ISIN number following share split BMG0440M1029
Old ISIN number prior to share split BMG0440M1284
ADR ISIN number US03840M2089
Broker (LSE) (Joint)
Morgan Stanley & Co International Limited
20 Cabot Square, Canary Wharf
London, E14 4QW
Telephone: +44 (0)20 7425 8000
Facsimile: +44 (0)20 7425 8990 Euroz Securities
Investec Securities Limited
Investec Bank (UK) Limited
2 Gresham Street
London, EC2V 7QP
Telephone: +44 (0)20 7597 5970
Facsimile: +44 (0)20 75975120
Broker (ASX)
Euroz Securities
Level 14, The Quadrant
1 William Street
Perth WA 6000
Telephone: +61 (0)8 9488 1400
Facsimile: +61 (0)8 9488 1478
Sponsor (JSE)
Investec Bank Limited
100 Grayston Drive
Sandown
Sandton 2196
Telephone: +27 (0)11 286 7326
Facsimile: +27 (0)11 291 1066
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 Aquarius Platinum Limited
ABET Adult Basic Education Training programme
APS Aquarius Platinum Corporate Services Pty Ltd
AQPSA Aquarius Platinum (South Africa) Pty Ltd
ACS(SA) 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
Affairs
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 tonne, measurement unit of grade (1g/t = 1 part per
million)
JORC code Australasian code for reporting of Mineral Resources and Ore
Reserves
JSE JSE Securities Exchange South Africa
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
NUM South African National Union of Mineworkers
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 tonne (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 Ltd
+61 (0)8 9367 5211
In the United Kingdom and South Africa
Nick Bias
BuckBias Limited
+ 44 (0)7887 920 530
Date: 24/01/2008 09:00:01 Produced by the JSE SENS Department.
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