| Tue 27 Jan 2009, 14:53 | | AQP - Aquarius Platinum - Second Quarter 2009 Prod |
|
AQP
AQP
AQP - Aquarius Platinum - Second Quarter 2009 Production Results
(to 31 December 2008)
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP ISIN Code: BMG0440M1284
Second Quarter 2009 Production Results (to 31 December 2008)
Highlights of the Quarter
- Increase in Group production
- Reductions in cash costs at Kroondal, Marikana, and CTRP and for
the Group as a whole
- Further falls in all PGM prices, with some respite from a weaker
Rand
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum
said, "The operational turnaround which started in the previous quarter
continued its momentum to deliver solid improvements in production and
costs across the Group during the quarter, despite the subsidence event
at Everest resulting in the temporary suspension of operations. This
temporary suspension will allow us the time we need to engage with our
insurers and develop a plan to ensure that Everest is brought back in
the right manner for the long-term, rather than rushing into a short-
term high-risk turnaround that could place strain on the business as a
whole."
The dire global macro environment continues however to impact on
profitability of the Group as PGM prices have weakened further during
the quarter. Preliminary assessment of the half yearly result for the
Group indicates a net after tax loss in the range of $75 million to $85
million after approximately $20m (pre tax) in writedowns associated
with the temporary closure of the Everest mine. The deterioration in
earnings has been attributable in the main to the continued decline in
metal prices during the second quarter, particularly rhodium which fell
54% and nickel which fell 27%. This guidance is preliminary in nature,
subject to finalisation within Aquarius as well as review by the
company`s external auditors. Additionally, the Company will be
conducting impairment testing of the carrying value of certain assets
as at 31 December 2008. As such, the actual results for the six months
to 31 December 2008 may differ from the guidance given in this update.
Given the ongoing turmoil in global markets and the impact this may
have on operations, we believe it is appropriate to provide an early
indication of half yearly results. Further detailed analysis will be
covered in the results announcement to be released on 5th February
2008."
P&SA1 at Kroondal
- PGM production up 8% to 109,707 PGM ounces (Aquarius attributable:
54,854 PGM ounces)
- Cash cost fell 13% to R4,856 per PGM ounce
- Effective cash margin of 15%, reduced to -78% after accounting for
negative sales price adjustments
P&SA2 at Marikana
- PGM production up 9% to 42,451 PGM ounces (Aquarius attributable:
21,226 PGM ounces)
- Cash costs fell 20% to R6,279 per PGM ounce
- Effective cash margin of -13%, reduced to -146% after accounting
for negative sales price adjustments
Everest
- Operations temporarily suspended following subsidence in decline
area
- PGM production down 2% to 31,703 PGM ounces (Aquarius attributable
31,703 PGM ounces)
- Effective cash margin of -19%, reduced to -210% after accounting
for negative sales price adjustments
Mimosa
- PGM production marginally lower at 43,232 PGM ounces (Aquarius
attributable 21,616 PGM ounces)
- Cash costs increased 2% to $473 per PGM ounce
- Cash margin for the quarter reduced to 56% following metal price
reductions
CTRP
- PGM production up marginally to 1,784 PGM ounces (Aquarius
attributable: 892 PGM ounces)
- Cash costs fell 11% to R3,361 per PGM ounce
- Effective cash margin of reduced to -2% after accounting for
negative sales price adjustments
Platinum Mile
- PGM production down 48% to 3,103 PGM ounces (Aquarius
attributable: 1,552 PGM ounces)
- Cash costs increased to R5,500 per PGM ounce due to interruption
during plant expansion
- Cash margin for the quarter at 42%
Cash Costs
At operations in South Africa, cash costs have been reduced; primarily
a reflection of increased volumes rather than the falling price of mine
consumables. Restructuring initiatives were implemented across all
operations to optimise labour complements and associated cost. Labour
cost therefore reduced across the period. Although some consumable
cost, such as steel, diesel and explosives showed a price decrease
towards the latter half of the quarter on the basis of falling
commodity prices the effect on cost was muted, with the cost benefit
expected to be more substantive in the next quarter along with further
efficiency initiatives.
Metals Prices and Foreign Exchange
Metals price performance for our commodities was volatile over the
quarter. Platinum closed the quarter down 10% to $865 per PGM ounce,
though has subsequently picked up in to the new calendar year.
Palladium closed the quarter up 4% to $191 per ounce. Rhodium fell
significantly over the quarter, closing down 54% at $1,688 per ounce
and has fallen further since. Gold was almost flat over the quarter,
closing down just 1% at $866 per ounce.
Looking at the 4PGE basket prices for the quarter, the average basket
for the operations in South Africa fell 57% to $744 per ounce and at
Mimosa in Zimbabwe by 58% to $905 per ounce. The average 4PGE basket
for the group for the quarter fell 54% to $770 per PGM ounce.
The Rand weakened significantly over the quarter, closing 21% down at
an exchange rate of 9.4 to the US Dollar. It should be noted, however,
that the quarter average was weaker still at 9.9 due to a short period
when the Rand was 11.6 to the US Dollar. The Rand has continued to
weaken during 2009.
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 100%)
P&SA 1 at Kroondal
Safety
The 12-month rolling average DIIR for the quarter deteriorated from
0.54 in the previous quarter to 0.77. Seven lost-time injuries were
reported during the quarter.
Regrettably a fatal accident occurred at the K5 Shaft on 18 September
2008, when Mr Castigo Machel, a load-haul-dumper (LHD) operator and
employee of mining contractor Redpath Mining, was fatally injured when
he was struck by an LHD vehicle in the underground operation.
AQPSA has concluded the internal investigation but was issued a Section
54 instruction under the Mine Health and Safety Act, 1996. The
instruction resulted in a 2-day stoppage of LHD operations on all
Kroondal shafts. The Department of Minerals and Energy (DME) has yet
to complete the enquiry into the accident.
Mining
- Production tons increased by 6% to 1,804,021 tons
- Head grade increased from 2.54 g/t to 2.60 g/t
Processing
- Tons processed increased by 7% to 1,673,563 tons
- Recoveries remained consistent at 78%
- PGM production increased by 8% to 109,707 PGM ounces
Revenue
The basket price for the quarter averaged $746 per PGM ounce, 58% lower
than the previous quarter. The Rand Dollar exchange rate averaged 9.75
for the quarter. Revenue at Kroondal decreased by 45% to R299 million
for the quarter (Aquarius attributable: R150 million).
The increase in production was offset by the significant reduction in
the basket price. This was compounded by negative sales adjustments
caused by weakening PGM prices at the close of the period compared to
the close of the prior quarter.
Operations
Total production increased by 6% to 1,804,021 tons. Production from
underground operations increased by 6% to 1,795,306 tons with only
8,715 tons produced from open pit operations. Open pit operations were
completed during the quarter.
The relationship building exercise initiated during the previous
quarter is ongoing, with no days lost as a result on industrial action.
Production was, however, impacted by the Section 54 instruction issued
by the DME following the fatal accident at K5 shaft.
Tons processed increased by 7% to 1,674,523 tons, comprising 1,673,563
tons from underground and 960 tons of opencast material. Stockpiles at
the end of the quarter were 154,000 tons.
The head-grade increased to 2.60 g/t.
Recoveries increased remained at 78%.
PGM production increased by 8% to 109,707 PGM ounces (Aquarius
attributable: 54,854 ounces) due to the increased underground
production.
Primary development for the quarter was 1,724 metres.
Operating Cash Costs
Cash costs per ton decreased by 12% to R318 and costs per PGM ounce
decreased by 13% to R4,856 as a result of increased production and
successful cost reduction initiatives. Gross revenue decreased by 45%
to R299m as a result of the significant decline in PGM prices and the
negative sales adjustment. As a result, Kroondal Mine shows a negative
cash margin for the period of -78%, however, the calculated cash margin
for the quarter excluding the sales adjustments is 15% showing that the
operation remains cash generative in terms of current operations.
Capital Expenditure
Capital expenditure for the quarter was R75,451 million, all ongoing
capital. Major items included underground infrastructure, underground
workshop upgrade, mobile mining equipment and the K5 rail link project.
P&SA2 at Marikana
Safety
The 12-month rolling average DIIR for the quarter deteriorated from
0.64 in the previous quarter to 0.70. Nine lost time injuries were
reported during the quarter.
Mining
- Production tons increased by 7% to 744,692 tons, comprising
378,641 tons from underground and 366,051 tons from open pit operations
- Head grade increased by 4% to 2.92 g/t
Processing
- Tons processed decreased by 1% to 679,111 tons
- Recoveries increased by 5% to 66%
- PGM production increased by 9% to 42,451 ounces (Aquarius
attributable: 21,226 ounces)
Revenue
The basket price for the quarter averaged $744 per PGM ounce, 56% lower
than the previous quarter. The Rand Dollar exchange rate averaged 9.75
for the quarter. Quarterly revenue at Marikana decreased by 44% to
R108 million (Aquarius attributable: R54 million) due to a significant
reduction in PGM prices and negative sales adjustments caused by
weakening PGM prices at the close of the period compared to the close
of the prior quarter as detailed.
Operations
Total production increased by 7% to 744,692 tons for the quarter.
The open pit operation performance improved, showing a quarter-on-
quarter increase of 10% to 366,051 tons. The open pit shell was re-
optimised during the quarter in line with the reduced PGM prices. A
new shell with a lower strip ratio of 21:1 from 30:1 is now being mined
resulting in a 24% quarter-on-quarter decrease in the stripping ratio.
Operations at Number 2 shaft were suspended at the end of the previous
quarter on the basis of its financial viability at current metals
prices. Despite the suspension, underground production increased by 5%
to 378,641 tons for the quarter although face length was adversely
affected by a high frequency of potholes. The focus remains on
development to mitigate the impact of the geological losses.
The `Areboleleng` (Tswana for "let`s talk") safety initiatives that
were implemented in the previous quarter and the new commercial
arrangement with MRC have both had a positive effect on industrial
relations, with no industrial action during the quarter.
Tons processed decreased by 1% to 679,111 tons, comprising 292,026 tons
from underground and 387,085 tons of open pit material.
Stockpiles at the end of the quarter were 145,407 tons, consisting
predominantly of open pit material.
The head-grade increased by 4% to 2.92 g/t, mainly as a result of the
higher proportion of open pit tons processed. Recoveries improved from
63% to 66% quarter on quarter, in line with the increased head grades
and competent open pit material processed.
The PGM production for the quarter increased by 9% to 42,451 PGM ounces
(Aquarius attributable: 21,226).
Operating Cash Costs
Cash costs per ton decreased by 12% to R392, whilst costs per PGM ounce
decreased by 20% to R 6,279 as a result of higher production and
ongoing improvement initiatives that are being implemented to counter
the effect of falling metals prices. However, gross revenue decreased
by 44% to R108m as a result of the significant decline in PGM prices
and the negative sales adjustment. As a result, Marikana Mine shows a
negative cash margin for the period of -146%.
Capital Expenditure
Ongoing capital expenditure totalled R29.9 million. (AQPSA share R14.95
million).
Contractor dispute with Moolman Mining
There have been no new developments during the quarter.
Everest Platinum Mine
On December 8 2008, Aquarius announced that operations at the Everest
Platinum Mine were suspended owing to geotechnical issues.
Operations at the Everest Mine were suspended from night shift on
Sunday 7 December 2008 after instability was detected in the upper
areas of the mine. The instability was subsequently found to be a
result of subsidence that has occurred over an upper area of the mine
with the area affected by subsidence limited to a mined out area of the
orebody which includes the upper levels of the decline shaft.
The extent of the subsidence was investigated by independent rock
engineering specialists in conjunction with the Department of Minerals
and Energy, who subsequently issued a Section 54 instruction in terms
of the Mine Health and Safety Act stopping all mining operations.
Following a comprehensive assessment of the options available to mine
management, and primarily focussing on the future safety of the mine
and its personnel, the decision has been made to suspend operations for
a minimum of six months, a prudent time frame that will permit
assessment of the best way forward for the long-term.
The nature of the suspension unfortunately resulted in the
retrenchment of some 1,900 employees, and consultation with relevant
unions were initiated in terms of Section 189 of the Labour Relations
Act in December 2008.
The following report for the Everest Platinum Mine is for the three
months to December 2008, however, it should be noted that the mine was
only operating until December 7, therefore period-on-period
comparables are not accurate.
Safety
The 12-month rolling average DIIR for the quarter improved from 0.65 in
the previous quarter to 0.58. Four lost time injuries were reported
during the quarter.
Mining
- Mining operations were suspended on December 7 2008
- Underground production was 408,342 tons
- The head grade improved to 2.96 g/t.
Processing
- The processing plant was stopped on December 8 2008
- Plant processed 401,781 tons
- Recoveries improved to 84%
- PGM production was 31,703 PGM ounces
Revenue
The basket price for the quarter (or production period to December 7
2008) averaged $746 per PGM ounce with an average Rand Dollar exchange
rate of 9.75. Revenue at Everest was R69 million for the quarter
(Aquarius attributable: R69 million) due to the significant weakening
of PGM prices and negative sales pipeline adjustments caused by
weakening PGM prices.
Operations
Total production decreased by 8% to 408,345 tons.
Production showed a positive improvement throughout the quarter. The
Northern panels were increased in length after all the panels were
undercut, leaving the shear zone in the hanging wall. The increased
panel length and the reduced stoping width resulted in improved
productivity, a reduction in dilution and a resultant improved grade.
This configuration also enabled better utilization of mobile mining
equipment which showed satisfactory availability improvements. Face
length availability remained a challenge at Everest.
Tons processed decreased by 8% to 401,806 tons in line with the
production. There was no stockpile at the end of the quarter.
The head-grade improved to 2.96 g/t due to a reduction in dilution from
underground.
Recoveries improved to 84% due to ongoing process optimisation.
PGM production decreased by 2% to 31,703 PGM ounces.
Primary development for the quarter decreased by 16% to 903.5 metres.
Operating Cash Costs
Cash costs per ton were R530 per ton, whilst costs per PGM ounce were
R6,717 per ounce. Although unit cost showed a major improvement for
the first two months of the quarter (for November, the cash cost R/oz
was R4,967, an improvement of 25% on Q1 2009), unit cost was negatively
impacted by the suspension of the operations and the continued overhead
cost for December. The cash margin for the quarter was -210%. This
variance is attributed to the negative pipeline sales adjustment that
resulted from the significant decline in PGM prices during the quarter
as detailed above. Gross revenue decreased to R69m.
Capital Expenditure
Capital expenditure for the quarter was R36 million, R10 million up
from quarter 1. The major contributors were the chrome spiral plant at
R17.5 million and mobile mining equipment at R8 million. The chrome
spiral plant project has subsequently been suspended.
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The 12-month rolling average DIIR for the quarter improved from 0.19 in
the previous quarter to 0.17. Two lost time injuries were reported
during the quarter.
Mining
- Underground production increased by 9% to 547K tons
- Head grade slightly increased 1% to 3.63 g/t
- The surface stockpile increased to a total 530,000 tons at the end
of the quarter, equivalent to over 82-days mill feed
Processing
- Concentrator plant recoveries increased to 74.2% from 73.4%
- Total mine production marginally decreased by 1% to 43,232 PGM
ounces (Aquarius share: 21,616 PGM ounces)
- A process optimisation programme was initiated in July 08
following the successful repairs to the No 2 Primary Ball Mill.
Positive results have followed in the current quarter which demonstrate
that the Phase V operations can achieve the design outputs both
underground and on surface. The only outstanding major efficiency
issues relate to PGM recoveries. Further improvements are expected as
process stability and mill grinds improves.
Revenue
The average achieved PGM basket price for the quarter decreased by 42%
to $905 per PGM ounce. The average achieved nickel price over the
quarter decreased by 27% to $7.15 per pound from $9.79 per pound in the
previous quarter. Revenue for the quarter decreased to $46.1 million,
with base metals accounting for approximately 24% of revenue. The cash
margin decreased to 56% from 69% in the previous quarter mainly due to
falling metal prices.
Operations
During the quarter mining operations hoisted 546,891 tons compared to
499,590 tons in the previous quarter. Tons milled during the quarter
totalled 499,331 tons, with 47,560 tons being transferred to the
stockpile, which totalled 529,976 tons at the quarter end. In line
with plan, the stockpile increased by 47,560 tons.
The average plant grade marginally increased to 3.63 g/t, compared to
3.59 g/t in the previous quarter.
Tons processed totalled 499,331, a 3% decrease compared to the previous
quarter, due to a number of operational issues which included crushing
plant stoppages, unplanned Phase V Primary Ball mill stoppage, planned
maintenance challenges experienced on the tailings disposal lines and
power failure.
Recoveries for the quarter slightly increased to 74.2% from 73.4%.
PGM production during the quarter decreased by 1% to 43,232 ounces
(Aquarius attributable: 21,616 ounces).
Operating Cash Costs
Cash costs per ROM ton increased by 4% to $41, whilst costs per PGM
ounce increased by 2% to $473. The increase in cash costs for the
quarter was attributable to low production throughput recorded during
the quarter. Consequently on mine cash costs were also higher at $403
per PGM ounce. The gross cash margin decreased to 56% from 69% in the
previous quarter mainly due to falling metal prices.
Net of by-products, cash costs were positive at $181 per PGM ounce,
compared to $144 per PGM ounce in the previous quarter, primarily due
to falling nickel prices.
Update on Foreign Currency Regime in Zimbabwe
The Interbank foreign exchange market introduced in April 2008 is still
operational. The Central Bank has also recently authorised
approximately 1,000 retail and wholesale outlets nation-wide to sell
products in United States dollars. Following this development, the
economy has now almost dollarised as every retailer or service provider
is demanding payment in foreign currency.
Update on Indigenisation Legislation in Zimbabwe
The Indigenisation and Economic Empowerment bill was enacted into law
during the last quarter of the previous financial year. Specific
details on the implementation of the act in various sectors are being
awaited. The details on the mining sector are supposed to be
incorporated into the amendments to the Mines and Minerals Act which
are yet to be brought before parliament.
Wedza Phase 5.5 Expansion
The project is progressing well with some notable milestones,, namely:
the civil construction of the silo, the installation of the 70m3
flotation cell, the laying of the tailing delivery line and the
delivery to site of the crusher and the sizing screen. All of the
major equipment and structural steel is now on site. Commissioning is
planned for end March 2009.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
The DIIR decreased from 5.69 to 4.80 from the previous quarter. No
lost time accidents were recorded.
Processing
- Material processed reduced to 50,000 tons
- Grade decreased 14% to 2.27 g/t
- Recoveries increased by 46% to 48%
- Production marginally increased to 1,784 PGM ounces (Aquarius
attributable: 892 PGM ounces)
CTRP PGM Production & Rand Cash Costs per PGM Ounce (100%)
Revenue
The basket price for the quarter averaged $818 per PGM ounce, 64% lower
than the previous quarter, with average Rand Dollar exchange rate of
9.75. Revenue decreased by 2% to R6 million for the quarter (Aquarius
attributable: R3 million) due to the lower production and negative
sales pipeline adjustments caused by weakening PGM prices at the close
of the period compared to the close of the prior quarter.
Operations
Material processed fell to 50,000 tons.
The head grade decreased 14% to 2.27 g/t as a result of grade variances
within the chromite dump source material.
Recoveries, however, increased significantly, up 46% to 48% due to
improvement in operational stability following the implementation of
several initiatives.
This resulted in production increasing by 1% to 1,784 PGM ounces
(Aquarius attributable: 892 ounces) this decrease in production was due
to the lower feed grade.
Operating Costs
Cash costs decreased by 11% to R3361 per PGM ounce. Cash margin for
the period of -2%, however, the operation remains cash generative in
terms of current operations.
Platinum Mile (Aquarius Platinum 50%)
The effective date of the acquisition of the 50% interest in Platinum
Mile was March 1 2008.
Safety
The DIIR was zero for the quarter. No lost time accidents were
recorded.
Processing
- Tailings processed decreased 22% compared to the previous quarter
to 2,006 million tons
- PGM grade was 0.67 g/t
- Production was 3,103 PGM ounces (Aquarius attributable: 1,552 PGM
ounces)
Revenue
Revenue as R32 million for the quarter (Aquarius attributable: R16
million). The basket price for the quarter averaged $596 per PGM
ounce, at an average Rand Dollar exchange rate of R9.89. The cash
margin for the quarter was 42%.
Operations
During the quarter the feed head grade decreased marginally to 0.67 g/t
compared to 0.76 g/t the previous quarter.
Recoveries decreased to 7% compared to the 10% achieved the previous
quarter.
As a result, production decreased 48% to 3,103 PGM ounces (Aquarius
attributable: 1,552 ounces). This was in part due to lower tonnages
received from Anglo Platinum but also due to the planned commissioning
of new milling capacity for the expansion project, due to be completed
in the third quarter FY 2009.
Operating Costs
Cash costs increased by 17% to R5,500 per PGM ounce. The increase is
as a result of lower PGM production.
Platinum Mile Milling Expansion Program
With the addition of additional grinding capacity in the third quarter,
the expansion program to increase annual production to 28,000 PGM
ounces from March 2009 is on track. Capital expenditure for the
quarter was R15.3 million. Of a project budget of R59 million, this
brings the total spent to date to R41 million, with R18 million
remaining in the third quarter to March 2009.
CORPORATE MATTERS
Update on BEE
On October 27 2008, Aquarius announced the completion of the final
phase of its South African BEE transaction with Savannah Consortium
whereby SavCon exchanged its 32.5% shareholding in AQPSA into
65,042,856 new shares in Aquarius, comprising approximately 20% of the
enlarged share capital of Aquarius. Subsequently, Aquarius increased
its holding in AQPSA to 100% of AQPSA. Following the acquisition of
Impala Platinum`s Holdings Limited interests in Aquarius and AQPSA
earlier in the year, Aquarius enjoys a 100% free-float and full access
to cash flows and earnings from its operations.
New UK Corporate Broker
On November 25 2008, Aquarius announced that it had appointed Merrill
Lynch International to act as joint UK corporate broker replacing
Morgan Stanley & Co. International Limited.
More information on corporate matters may 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
Hugo Holl Managing Director
Helene Nolte Director: Finance
Hulme Scholes Commercial Director
Anton Lubbe Operations Director: West
Anton Wheeler Operations Director: East
Graham Ferreira General Manager: Group Admin & Company Secretary
Mkhululi Duka General Manager: Group Human Resources &
Transformation
Wessel Phumo General Manager: Marikana
Jacques Pretorius General Manager: Everest
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
Fungai Makoni Finance Executive & Company Secretary
Issued Capital
At 31 December 2008, the Company had in issue: 327,095,634 fully paid
common shares and 1,680,305 unlisted options.
Substantial Shareholders 31 December 2008
HSBC Custody Nominess (Australia Limited) 20,811,259 shares, 6.36%
Nutraco Nominees Limited shares 6,530,643, 5.05%
Trading Information
ISIN number BMG0440M1284
ADR ISIN number US03840M2089
Aquarius Platinum (South Africa) (Proprietary) Ltd
100% Owned (At 31 December 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
BEE Black Economic Empowerment
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 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
Sponsor:
Investec Bank Limited
Date: 27/01/2009 14:53:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
