| Thu 24 Jul 2008, 8:00 | | AQP - Aquarius Platinum - Aquarius Platinum Fourth Quarter 2008 Production |
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AQP
AQP - Aquarius Platinum - Aquarius Platinum Fourth Quarter 2008 Production
Results
AQUARIUS PLATINUM
JSE code: AQP
ISIN: BMG0440M1284
Reg Num: EC26293
Aquarius Platinum Fourth Quarter 2008 Production Results
Highlights of the Quarter
- Record achieved average PGM basket price at all operations
- Quarterly attributable mine production falls marginally to 109,863 PGM
ounces
- Annual group attributable PGM production in line with revised target at
500,203 ounces
- Buyback completion of Implats stakes in Aquarius and AQPSA creates
significant value
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said:
"Production during the quarter was hampered by industrial relations issues
at our operations. This situation necessitated significant intervention and
activism by AQPSA management, largely in respect of dealing with the
relationships between mining contractors and their employees. As a
consequence AQPSA entered into contract renegotiations with the major mining
contractor at Kroondal and Marikana which saw AQPSA taking over key mining
and finance positions on the mines. These changes to the company`s
contracting model in South Africa, whilst disruptive to implement, are
necessary, and I am confident will bear fruit in the future. Lifting volumes
is paramount if margins are to be maintained in light of significant cost
pressures, as we all continue grapple with significant escalation in prices
for electricity, diesel, steel, chemicals, labour and explosives. Record
prices during the quarter went someway to offsetting the impact of higher
costs, though not enough to lift margins as in previous quarters."
P&SA1 at Kroondal
- PGM production of 83,062 PGM ounces, down 17% quarter on quarter
(Aquarius attributable 41,531 PGM ounces)
- Cash margin for the quarter at 66%
- Revised bonus system implemented to overcome production issues due to
industrial action
P&SA2 at Marikana
- PGM production increased by 17% quarter-on-quarter to 28,416 PGM ounces
(Aquarius attributable: 14,208 PGM ounces)
- Cash margin for the quarter decreased to 28%
- Change in the open pit mining methodology resulted in a more than
doubling of production, albeit with high stripping costs
Everest
- PGM production increased 1% quarter-on-quarter to 31,327 PGM ounces
(Aquarius attributable: 31,327 PGM ounces)
- Cash margin for the quarter at 65%
- High labour turnover, go-slows and general unrest affected labour
availability during transition to owner-operator
Mimosa
- PGM production increased by 12% quarter-on-quarter to 38,517 PGM ounces
(Aquarius attributable: 19,258 PGM ounces)
- Cash margin for the quarter increased to 77%
- Wezdza Phase V Project commissioned
- Premature break down of Primary Ball Mill 2 in the older Phase 3
milling circuit negatively impacted production
CTRP
- PGM production decreased by 11% quarter-on-quarter to 2,044 PGM ounces
(Aquarius attributable: 1,022 PGM ounces)
- Gross cash margin for the quarter at 80%
Platinum Mile
- PGM production for the quarter was 5,035 PGM ounces (Aquarius
attributable: 2,517 PGM ounces)
- Gross cash margin for the quarter was 47%
Metals Prices and Foreign Exchange
PGM prices continued to strengthen in the fourth quarter, but were showing
weakness in June as turmoil in financial markets affected most metals
prices. Platinum closed 8% higher at $2,064 per ounce; rhodium increased 9%
to $9,725 per ounce; palladium increased 10% to $497 per ounce, while gold
added 4%, closing at $934 per ounce.
Platinum, rhodium and to a lesser extent palladium continued to benefit from
heightened supply concerns from South Africa, notably due to industrial
relations and power constraints. On the demand side, jewellery has
certainly seen some reduction in demand, yet demand from platinum
autocatalysts and ETFs in particular during the quarter witnessed
significant growth. All of our commodities continue to benefit from the
weak US dollar and the flight to precious metals as an alternative asset
class in the face of recessionary concerns.
Average PGM basket prices for the Group maintained record levels over the
quarter in both Rand and US Dollar terms, achieving a peak of $2,454 per
ounce during the quarter.
At our South African operations, the four element basket price peaked at
R19,565 per ounce, and the average achieved price was 20% higher than the
previous quarter at R17,929 per ounce, equal to $2,310 per ounce.
In Zimbabwe, the average achieved basket price for the quarter was 30%
higher at $1,607 per ounce.
This resulted in a record group basket price equivalent of $2,187 per PGM
ounce or R11,173 per PGM ounce, 10% higher than the previous quarter.
The Rand Dollar exchange rate for the quarter averaged 7.76, 5% weaker than
the 7.40 average recorded in the previous quarter.
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 67.5%)
P&SA 1 at Kroondal
Safety
The 12-month rolling average DIIR for the quarter deteriorated from 0.40 in
the previous quarter to 0.49. Thirteen lost time injuries were reported
during the quarter.
Mining
- Production tons decreased by 10% to 1,389,997 tons
- Head grade decreased by 1.6% to 2.52g/t.
Processing
- Tons processed decreased by 16% to 1,334,325 tons.
- Recoveries remained unchanged at 77%.
- PGM production decreased by 17% to 83,062 PGM ounces.
Revenue
The basket price for the quarter averaged $2,350 per PGM ounce, 10% higher
than the previous quarter and the Rand Dollar exchange rate averaged 7.76.
Revenue at Kroondal decreased by 22% to R1,368 million for the quarter
(Aquarius attributable: R684 million) due to the lower production and
negative sales pipeline adjustments, caused by a strengthening of the Rand
at the close of the period compared to the close of the prior quarter.
Operations
Total production decreased by 10% to 1,389,997 tons. Production from
underground operations decreased by 8% to 1,389,997 tons.
The Central West opencast was completed during the previous quarter.
Production from the Klipfontein opencast is planned to be completed during
the first quarter of the new financial year.
Production was adversely affected by underground mining contractor Murray &
Roberts Cementation employees embarking on several bonus related go-slow
industrial action and work stoppages, whilst Redpath SA`s employees at K5
shaft also embarked on industrial action relating to pay issues. A revised
bonus-system was developed in consultation with the unions to resolve these
issues.
Production was also negatively affected by having fewer production days due
to four public holidays during the quarter. Absenteeism was high following
these public holidays. The consequence of the industrial action and
absenteeism resulted in a loss of around 375,000 tons or 24,000 PGM ounces
(12,000 attributable) for the quarter.
During the quarter, the commercial arrangement between AQPSA and MRC was
changed substantially to enable AQPSA to assume more managerial
responsibility, effectively allowing MRC to continue providing skilled
labour and supervision, procurement and engineering maintenance services.
It is expected that this revised structure will positively affect operations
going forward.
Tons processed decreased by 16% to 1,334,325 tons, comprising 1,327,740 tons
from underground and 6,586 tons of opencast material. Stockpiles at the end
of the quarter were 4,907 tons.
The head-grade decreased by 1.6% to 2.52g/t as a result of lower in-situ
grade mined
Recoveries remained unchanged at 77%.
PGM production decreased by 17% to 83,062 PGM ounces (41,531 attributable).
Primary development for the quarter was 2,500 metres.
Operating Cash Costs
Cash costs per ton increased by 35% to R354 and costs per PGM ounce
increased by 37% to R5,680. The cost base is experiencing significant
appreciation due to the escalation of power, diesel, chemical, explosive and
steel grinding media prices. Specific to Kroondal, lower production output
due to go-slow industrial action and work stoppages, absenteeism and lower
achieved grade also affected costs. Consequently the cash margin fell to
66%.
Capital Expenditure
Capital expenditure for the quarter was R93 million, all ongoing capital.
Major items included establishment of the second phase of the K5 Rail
Project and underground infrastructure extensions.
P&SA2 at Marikana
Safety
The 12-month rolling DIIR deteriorated from 0.45 to 0.54. Six lost-time
injuries were reported during the quarter.
Mining
- Production tons increased by 40% to 515,492 tons, consisting of 276,498
tons from underground and 238,994 tons from open pit operations.
- Head grade decreased by 3.6% to 2.68 g/t.
Processing
- Tons processed increased by 23% to 524,674 tons.
- Recoveries fell by 2% to 62.6%.
- PGM production increased by 17% to 28,416 ounces (Aquarius
attributable: 14,208 ounces)
Revenue
The basket price for the quarter averaged $2,311 per PGM ounce 13% higher
than the previous quarter, with an average Rand Dollar exchange rate of
7.76. Revenue at Marikana decreased by 8% to R428 million for the quarter
(Aquarius attributable: R214 million). Despite higher production and basket
prices, revenue was lower due to a negative sales pipeline adjustment,
caused by a strengthening of the Rand at the close of the period compared to
the close of the prior quarter.
Operations
Total production increased by 40% to 515,492 tons for the quarter comprising
276,498 tons underground material and 238,994 tons open pit material.
Production was adversely affected by underground mining contractor Murray &
Roberts Cementation employees embarking on several bonus related go-slow
industrial action and work stoppages, whilst Redpath SA`s employees at K5
shaft also embarked on industrial action relating to pay issues. A revised
bonus-system was developed in consultation with the unions to resolve these
issues. Production was also negatively affected by having fewer production
days due to four public holidays during the quarter. Absenteeism was high
following these public holidays.
During the quarter, the commercial arrangement between AQPSA and MRC was
changed substantially to enable AQPSA to assume more managerial
responsibility, effectively allowing MRC to continue providing skilled
labour and supervision, procurement and engineering maintenance services.
It is expected that this revised structure will positively affect operations
going forward.
Production from underground operations increased by 8.8% to 276,498 tons,
dominating the underground to open pit production mix.
Production from the open pit material increased by 114% to 238,994 tons.
The change in mining methodology reported in the previous quarterly report,
is bearing fruit and the outlook is positive. The stripping ratio for the
quarter had to be increased to 46% to get the pit in the correct shape. The
stripping ratio for the 2009 Financial Year is planned at a much reduced
level 28:1 compared to 46:1 for the last quarter of the 2008 Financial Year.
Stockpiles at the end of the quarter were 70,263 tons, a reduction of 38%.
The low-recovery-oxidised stockpile was processed during the quarter, taking
advantage of the high metal prices. Stockpiles at the end of the quarter
were significant as all the fresh open pit material that was mined towards
the end of the quarter could not be processed in the quarter.
A total of 524,674 tons were processed during the quarter: 273,486 tons from
underground; 251,188 tons of open pit material which includes 70,220 tons of
low-recovery-oxidised material.
The head-grade decreased by 3.6% to 2.68 g/t due to the processing of the
low-recovery-oxidised material and pothole intersections in the decline
sinking operations. Certain areas in the open pit intersected reef with
increased internal waste, having a further effect.
Recoveries deteriorated slightly to 62.6% due to the lower head grade and
treatment of oxidised material which was processed during the quarter. The
oxidised material equates to 13% of tons processed.
Operating Cash Costs
Cash costs per ton increased by 11% to R586, whilst costs per PGM ounce
increased by 16% to R10,817. As explained at Kroondal, appreciation in
input costs is placing significant pressure on costs. Particular to
Marikana a stripping ratio of 46:1 in the open pit, production interruptions
and processing the low-recovery-oxidised material also affected costs.
Consequently, the cash margin was lower at 28% for the quarter.
Capital Expenditure
Capital expenditure totalled R34 million, including R0.1 million of
expansion capital (AQPSA share R0.05million).
Contractor dispute with Moolman Mining
AQPSA`s application to stay the Arbitration proceedings instituted by
Moolman Mining in the "rise and rall" 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,
has been set down for hearing during the first week of March 2009.
Should AQPSA succeed in the application, the main action will be heard
before a judge in the High Court at some time in the future after that date,
alternatively should the outcome of the application be that the main action
should be referred to arbitration, that arbitration would also take place at
some indeterminate time in the future. Accordingly, the March 2009
application is simply to determine whether the main misrepresentation action
can be heard by the High Court or whether it must be submitted to
Arbitration.
Everest Platinum Mine
Safety
The 12-month rolling average DIIR deteriorated from 0.75 to 0.89. Ten lost-
time injuries occurred during the quarter, of which two were regrettably
fatal accidents.
Mr Shaba Lepheana was injured on 21 March 2008, while he was busy replacing
a water manifold on a temporary water pipe installation. Mr Lepheana died
in hospital two months later.
Mr Daniel Moeng was fatally injured on 23 April 2008 by a FOG whilst
drilling a face.
Investigations and enquiries into both fatalities were concluded by the DME.
No official reports have been received to date.
Mining
- Production increased by 7% to 414,240 tons; consisting of 407,133 tons
from underground and 7,107 tons from opencast operations
- Underground production increased by 23%
- The head grade deteriorated by 2.6% to 2.91 g/t
Processing
- Plant processed 418,934 tons, 2.3% less than the previous quarter
- Recoveries improved from 75% to 80%, an improvement of 6.7%
- PGM production increased marginally by 0.1% to 31,327 PGM ounces
Revenue
The basket price for the quarter averaged $2,266 per PGM ounce, 7% higher
than the previous quarter, with average Rand Dollar exchange rate of 7.76.
Despite higher production and basket prices, revenue was lower at R530
million due to the negative sales pipeline adjustments, caused by a
strengthening of the Rand at the close of the period compared to the close
of the prior quarter.
Operations
Total production increased by 7.1% to 414,240 tons consisting of 407,133
tons from underground and 7,107 tons from opencast operations. Open pit
operations were completed at the end of the quarter in-line with the
business plan.
Although production from underground operations increased by 23% to 407,133
tons, during the quarter, production was adversely affected by employees
embarking on go-slow industrial action and illegal work stoppages followed
by a number of interruptions which were bonus and pay-related.
On 28 May forty two LHD operators embarked on a stoppage relating to
grievances in respect of pay, joined in sympathy the next day by the
remainder of the underground workforce. On 3 June the workforce returned to
work, following an agreement between AQPSA management and employee
representatives, facilitated by the NUM, whereby both parties resolved to
work together to build a constructive climate of engagement in the future.
In total, around 2,000 ounces of PGMs was lost due to this industrial
action.
Production was also negatively affected by the fewer number of production
days due to four public holidays during the quarter. Absenteeism was high
following these public holidays.
As the transition to owner operator progresses, the time and attendance
system, as well as pay systems were improved and related problems were
largely resolved.
No stockpile remained at the end of the quarter.
A total of 418,934 tons were processed during the quarter: 411,827 tons from
underground; 7,107 tons of open pit material.
The head-grade deteriorated by 2.6% to 2.91 g/t. A risk assessment during
the quarter resulted in a decision by management to include the pyroxenite
beam in the face-cut on the northern-side of the mine for safety reasons.
This beam thins out in the direction of mining and the effect of the
additional waste will reduce as mining approaches the norite hanging wall
area. Mining in the higher stoping width area of the north bord section was
below target resulting in overall stoping widths not being achieved. This
was the main contributor for not achieving the target grade.
Recoveries improved from 75% to 80% during the quarter.
Operating Cash Costs
Cash costs per ton increased by 40% to R438, whilst costs per PGM ounce
increased by 36% to R5,859. This was due to the significant increases to
the cost base of all consumable, and the impact of lost shifts due to
industrial action, absenteeism and the lower production units.
Consequently, margins were lower at 65%.
Capital Expenditure
Capital expenditure for the quarter was R45 million, for ongoing capital.
Major items included trackless mining equipment (associated with the move to
owner-operator), mining pumps and pump stations, conveyors (both strike and
dip), and portable standby generators.
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The 12-month rolling DIIR improved from 0.41 to 0.18. Three lost-time
injuries occurred during the quarter.
Mining
- Underground production increased by 19% to 497,228 tons
- Head grade increased 2% to 3.60g/t
- The surface stockpile increased to a total 497,693 tons at the end of
the quarter, equivalent to over 99-days mill feed
Processing
- Concentrator plant recoveries increased to 75.9% from 75.1%
- Total mine production increased by 12% to 38,517 PGM ounces (Aquarius
share: 19,258 PGM ounces)
- Successful commissioning of the Wedza Phase V metallurgical plant
- Premature breakdown of the Primary Ball Mill in the older Phase Three
milling circuit negatively affected production
Revenue
The average achieved PGM basket price for the quarter increased by 30% to
$1,607 per PGM ounce. The average achieved nickel price over the quarter
increased by 2% to $13.17 per pound from $12.92 per pound in the previous
quarter. Revenue for the quarter increased to $76.3 million, with base
metals accounting for approximately 24% of revenue. The cash margin
increased to 77% from 70% in the previous quarter.
Operations
During the quarter mining operations hoisted 497,228 tons compared to
419,196 tons in the previous quarter. Tons milled during the quarter
totalled 438,401 tons, with 58,827 being transferred to the stockpile, which
totalled 497,693 tons at the quarter end. In line with plan, the stockpile
increased by 58,827 tons.
At Mimosa, the successful commissioning of the Phase 5 metallurgical plant
expansion and the very good performance of mining operations was negatively
impacted by premature equipment failures of the Primary Ball Mill 2 (PBM2)
in the older Phase 3 milling circuit. The failure of a bearing and the mill
end of the PBM2 (the end was scheduled for replacement in July 2008)
necessitated repairs in South Africa and occurred in the run up to the
election run-off. The reluctance by engineering service contractors to
assist mine personnel during this time, gave rise to total downtime on the
Phase 3 milling circuit (around 60% of mill capacity) of 38 days, of which
23 days were during the quarter and 15 days in the first quarter of the 2009
financial year. The impact of the mill end failure on Mimosa`s production
is estimated at 5,550 4E PGM ounces for the quarter.
The average plant grade marginally increased to 3.60g/t, compared to 3.56g/t
in the previous quarter.
Tons processed totalled 438,401, a 10% increase compared to the previous
quarter, due to Phase V commissioning at the end of the quarter.
Recoveries for the quarter slightly increased to 75.9% from 75.1%.
Operating Cash Costs
Total cash costs for the quarter increased to $488 per PGM ounce, a 4%
increase compared to the previous quarter`s figure of $471 per PGM ounce.
The increase in cash costs for the quarter was attributable to the low
production throughput, increased power tariffs and internal inflation
pressures which resulted in increased Zimbabwean dollar denominated costs as
the inflation rate was not in parity with the achieved exchange rate. The
gross cash margin increased to 77% from 70% in the previous quarter.
Net of by-products, cash costs were negative at $(23) per PGM ounce,
compared to $(1) per PGM ounce in the previous quarter, primarily due to the
higher nickel price.
Update on Foreign Currency Regime in Zimbabwe
On the 30th of April 2008, the Governor of the Reserve Bank of Zimbabwe
issued a Monetary Policy Statement. Part of the measures announced within
this statement was the liberalisation of the foreign exchange market,
whereby foreign currency trade takes place on a willing-buyer willing-seller
basis at the interbank market. Mimosa also participates on the inter-bank
foreign currency market and transact at the inter-bank exchange rates to
raise local currency to meet local obligations.
Update on Indigenisation Legislation in Zimbabwe
The Indigenisation and Economic Empowerment Bill was enacted into law during
the last quarter of the financial year. Specific details on the
implementation of the Act in various sectors of the economy are being
awaited. The details on the mining sector are proposed to be incorporated
into the amendments to the Mines and Minerals Act which are yet to be
brought before Parliament.
Wedza Phase 5 Expansion
Wedza Phase 5 Expansion Project was commissioned in April 2008.The Phase 5
part of the operations has operated well since commissioning. Operations
are close to steady-state, subsequent to the repair of the Primary Ball Mill
2.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
The DIIR reduced from 5.65 to 5.62 from the previous quarter. No lost time
accidents were recorded.
Processing
- Material processed increased by 10% to 69,618 tons
- Grade decreased 29% to 3.25 g/t
- Recoveries increased by 15% to 29%.
- Production decreased 11% to 2,044 PGM ounces (Aquarius attributable:
1,022 PGM ounces).
Revenue
Revenue decreased by 17% to R45 million for the quarter (Aquarius
attributable: R22.5 million). The basket price for the quarter averaged
$2,850 per PGM ounce 15% higher than the previous quarter, the average Rand
Dollar exchange rate weakening to 7.76. The higher basket prices helped to
offset lower production, resulting in the cash margin for the quarter
decreasing to 80% from 88% in the previous quarter.
Operations
Material processed increased to 69,618 tons due to increased feed-rate of
tailings dam material.
The head grade, however, decreased 29% to 3.25 g/t due to treatment of the
lower-grade material in the tailings dam.
Nevertheless, recoveries increased by 15% to 29% due to optimisation of the
mill circuit by increasing the media charge.
This resulted in production decreasing by 11% to 2,044 PGM ounces (Aquarius
attributable: 1,022 ounces). Although the recovery and throughput increased
during the quarter the decrease in production was a result of treating lower
grade tailings dam material.
Operating Costs
Cash costs increased by 54% to R4,329 per PGM ounce. The increase is a
result of the grinding media being exported from China and R1 million being
spent to increase the stock levels to ensure feed and the purchase of a
spare drum for the Deswik mill at a cost of R350,000.
Platinum Mile (Aquarius Platinum 50%)
The effective date of the acquisition of the 50% interest in Platinum Mile
was 1 March 2008. Comments below concern the three month period for the
quarter April to June 2008. A quarter-on-quarter comparison is therefore
not available.
Safety
The DIIR was zero for the quarter. No lost time accidents were recorded.
Processing
- 2,347 million tons were processed
- Grade was 0.71 g/t
- Production was 5,035 PGM ounces (Aquarius attributable: 2,517 PGM
ounces)
Revenue
Revenue at Platinum Mile was R69 million for the quarter (Aquarius
attributable: R34.5 million). The basket price for the quarter averaged
$1,989 per PGM ounce, at an average Rand Dollar exchange rate of R7.76. The
cash margin for the quarter ended 30 June 2008 was 47%.
Operations
The head grade was 0.71 g/t. Recoveries were 9%. This resulted in production
of 5,035 PGM ounces (Aquarius attributable: 2,517 ounces).
Production for the four months, 1 March to 30 June was 7,040 PGM ounces
(Aquarius attributable: 3,520 PGM ounces)
Operating Costs
Cash costs for the quarter were R7,376 per PGM ounce.
Capital expenditure for the quarter was R4.8 million: R0.2 million for
ongoing capital expenditure and R4.6 million for expansion capital
expenditure. Major items included capital incurred in expansion of the fine
grinding circuit at the operation.
CORPORATE MATTERS
General Meeting
Subsequent to the period under review, on 16 July 2008, shareholders
ratified both Resolution 1, the ratification of issue of 23,144,000 (per
Impala repurchase) shares and Resolution 2, the ratification of issue of
2,680,854 (per Platinum Mile shares).
Purchase of Stakes of Impala Platinum in both Aquarius Platinum Limited and
Aquarius Platinum South Africa
On 28 April 2008, Aquarius announced the completion of the repurchase of the
21,425,898 common shares (approximately 8.4% of Aquarius` issued share
capital) previously held by Implats for GBP6.71 ($13.34) per share,
representing a total consideration of GBP143.8 million ($285 million). These
shares have now been cancelled. In addition, AQPSA repurchased Implats` 20%
stake in AQPSA for a total consideration of $504.9 million; comprising a
cash payment of $459.0 million to Implats and a Secondary Tax on Companies
("STC") charge of $45.9 million, as required under South African tax
legislation.
The transactions were funded through a combination of an accelerated book
build, cash and debt. The completed bookbuild resulted in the issuance of
23,144,000 new common shares of $0.05 each in Aquarius Platinum, at a price
of GBP 800 pence per placing share, raising gross proceeds of approximately
$366 million (GBP185 million). The balance of the transaction was funded
through cash and debt.
AQPSA and ACS(SA) Appointments
Aquarius is pleased to announce three appointments at AQPSA and one at ASACS
during the quarter.
Mr Hulme Scholes, an attorney specialising in mineral rights legislation has
returned to work for AQPSA on a full time basis from the South Africa law
firm Werksmans. Mr Scholes will continue to hold his seat at the AQPSA
Board, though as an Executive Director.
Ms Helene Nolte, was appointed at AQPSA Finance Director on 1 July 2008. Ms
Nolte commenced her career at KPMG where she spent over 9 years, mostly
servicing mining industry clients, her last position being that of Senior
Audit Manager. She has been involved with AQPSA since 1999 in an audit
capacity and from 2004 in a consulting capacity.
Mr Mkhululi Duka has been appointed to the new position as General Manager
of Human Resources & Transformation. Mr Duka joins from Petro SA where he
was the Group HR Manager. His primary focus areas will include human
resource development, policies and procedures, Social and Labour Plans,
local economic development, recruitment and performance management.
In addition, Mr Paul Smith has been appointed to the new position of
Director New Business at Aquarius Platinum (SA) Corporate Services (Pty) Ltd
(ACS(SA)) where he will be responsible for a wide remit including strategy
and new business development opportunities. Paul has abundant experience in
mining and finance, notably at ABSA, African Merchant Bank and BoE-NatWest.
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
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
Helene Nolte Director: Finance
Willie Byleveld General Manager: Technical Services
Graham Ferreira General Manager: Group Admin & Company Secretary
Hugo Holl General Manager: Projects
Mkhululi Duka General Manager: Group Human Resources & Transformation
Wessel Phumo General Manager: Marikana
Jacques Pretorius General Manager: Everest
Gordon Ramsay General Manager: Metallurgy
Rudi Rudolph General Manager: Kroondal
Gabriel de Wet General Manager: Engineering
ACS(SA) Management
Paul Smith Director: New Business
Mimosa Mine Management
Winston Chitando Managing Director
Herbert Mashanyare Technical Director
Peter Chimboza Operations Director
Issued Capital
At 30 June 2008, the Company had in issue:
262,052,778 fully paid common shares and 1,680,305 unlisted options
Trading Information
ISIN number 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
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
67.5% Owned (At 30 June 2008)
(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. Consortium
comprising Aquarius Platinum (SA) (Corporate Services)
(Pty)
Limited (ASACS), Ivanhoe Nickel and Platinum Limited and
Sylvania South Africa (Pty) Ltd (SLVSA).
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
nm Not measured
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
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
+61 (0)8 9367 5211
In the United Kingdom and South Africa
Nick Bias
+ 44 (0)7887 920 530
nickbias@aquariusplatinum.com
24 July 2008
Date: 24/07/2008 08:00:17 Produced by the JSE SENS Department.
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