| Thu 5 Feb 2009, 9:27 | | AQP - Aquarius Platinum Limited - 2009 Half Year Financial Results (December |
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AQP
AQP
AQP - Aquarius Platinum Limited - 2009 Half Year Financial Results (December
2008)
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
2009 Half Year Financial Results (December 2008)
Key Points: Operational
- Attributable production for the first half of the 2009 financial year was
260,208 PGM ounces, 17% higher than the previous 6 months to June 2008,
though 6% lower compared to the 6 months to December 2007, due largely in
part to;
- Temporary suspension at Everest following early detection of subsidence
event
- Group Cash costs for the first half 2009 increased 17% to $639 per PGM
ounce from $547 per ounce compared to first half 2008
Key Points: Financial
- Average basket prices decreased 19% to $1,211 per PGM ounce from $1,502 per
PGM ounce
- Revenues decreased 67% to $139.2 million (impacted by $41.0 million
negative sales adjustments from prior period)
- Net loss $70.1 million (US 25.1 cents per share), impacted by one-off
charge of $16.8 million on Everest suspension costs.
- However, net gross "cash" profit, (before Everest suspension, prior period
sales adjustments and non cash charges, for the half year was $10.6 million
- Consolidated cash balances at period end $87.0 million
- Interim dividend decision deferred
Key Points: Strategic
- Proposal for refinancing RMB debt facility at documentation stage
- BEE transaction completed increasing Aquarius` holding in AQPSA to 100%
- Continued progress with Mimosa and Platinum Mile expansions
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said, "The
declines in the PGM basket price resulting from a difficult global environment
along with the implications of the Everest suspension have significantly
impacted the company. Aquarius` people are working through these difficult
times, reducing costs and capex to improve profitability and cashflows."
Production
Total on mine PGM production for the period was 456,345 PGM ounces. This
represents a 19% increase compared to 2H 2008, however, a 1% decrease when
compared to 1H 2008. Production attributable to Aquarius shows a similar
pattern, up 17% to 260,208 PGM ounces for 1H 2009 when compared to 2H 2008,
though 6% lower compared to 1H 2008. This decrease was due to the temporary
closure of the Everest Mine on 7 December 2008 resulting from a subsidence
event. This demonstrates that following a weak 2H 2008, the group had started
to see improvements in production to December 2008.
At the start of the financial year, the Group was targeting a 2009 annual
production of 575,000 PGM ounces, an increase of approximately 15% on the
previous year. This target has been reduced by 100,000 ounces to take account
of the suspension of operations at Everest and the impact of the transition to
owner operator.
Foreign Exchange
The Rand weakened over the 6 months to December 2008, averaging 8.79 (closing at
9.37), and continues to weaken into 2009. For the previous corresponding period
to December 2007 the Rand averaged 6.93.
Platinum Group Metal Prices
PGM prices reported significant falls over the first half of this financial
year. Platinum closed the period 56% lower at $904 per ounce, rhodium 87% lower
at $1,250 per ounce, palladium 60% lower at $184 per ounce, and gold 6% lower at
$866 per ounce. Platinum, palladium and rhodium prices fell due to sharp falls
in sales to autocatalyst manufacturers and liquidation of physical metal by
investment institutions. All this despite tightening emissions standards,
ongoing supply constraints and in November and December 2008 an overall increase
in jewellery and investment demand.
The PGM basket prices for the Group consequently fell. At our South African
operations, the four element basket price averaged R10,673 per ounce, equal to
$1,214 per ounce. In Zimbabwe, the average achieved basket price for the first
half of the financial year averaged $1,196 per ounce. This resulted in a group
basket price equivalent of $1,211 per PGM ounce or R10,647 per PGM ounce.
Financial results: Half Year to 31 December 2008
Aquarius Platinum Limited announces a consolidated loss for the half year to 31
December 2008 of $70.1million (US 25.1 cents per share), down from the previous
corresponding six month period to December 2007 which recorded a profit of
$106.6 million (US41.58 cents).
The results for the period were heavily influenced by:
- The significant reduction in metal prices experienced since June 2008,
which saw platinum decrease from an average of $2,036 per ounce in the
month of June to an average of $840 per ounce in the month of December.
Rhodium similarly decreased from an average of $9,774 per ounce in the
month of June to $1,220 per ounce in the month of December. In addition,
by-product nickel also fell 50%, averaging $6.76/lb for the period compared
to $13.47/lb in 1H 2008.
- Interest expense $21.6 million (pre-tax) due to increased debt following
repurchase of 20% of AQPSA
- $16.8 million (pre-tax) of adjustments associated with the temporary
suspension of mining at the Everest mine on 7 December 2008. $10.1 million
of this related to impairment of mining assets damaged in the underground
and $6.7 million related to provision for redundancies and inventory
losses.
- $29 million foreign currency loss (pre-tax) on pipeline advances due to US
dollar strengthening during the half year.
- Declining PGM prices causing $41 million of negative PGM sales adjustments
(pre-tax) in the current period. This related to the difference between the
value of PGM concentrate sales provisionally priced and recorded in the
June quarter 2008 and the actual settled PGM price recorded in the Dec 2008
half.
Add back
Half year Dec Everest Portion of Adjusted gross
2008 closure costs sales profit for the
adjustment Half Year
relating to
prior period
Revenue $268.2m - - $268.2m
Impact of ($129.0m) - $41.0m ($88.0m)
Sales
Adjustments
Reported $139.2m - $41.0m $180.2m
Revenue
Cost of Sales ($176.3m) $6.7m - ($169.6)
(excl D&A)
Gross "Cash" ($37.1m) - - $10.6m
Profit /
(Loss)
Gross "Cash" - - - 5.9%
Margin (%)
Revenue from ordinary activities for the period was $139 million, down from the
previous corresponding period due to the factors described above. After
adjusting for the items described above the gross "cash" profit of the Group for
the half year was $10.6 million.
Total mine PGM production for the period decreased 1% to 456,345 PGM ounces.
Production attributable to Aquarius was 6% lower at 260,208 PGM ounces. The
decrease in attributable production was due mainly to lower production at the
Everest mine. Operations at the Everest mine were suspended on 7 December 2008
following a subsidence event.
Total cash cost of production was $176.3 million, up 17% per PGM ounce in dollar
terms. Amortisation and depreciation was lower at $21 million from $24 million
in line with the 8% decrease in production. Finance charges for the half year
of $21.6 million included interest payments on the RMB debt facility of $14.9
million; pipeline finance of $3.2 million; and a non-cash component of $3.4
million on the unwinding of the rehabilitation provision.
Cash balances during the half year were impacted by the net repayment of
approximately $90 million of pipeline sales advances resulting from the decline
in PGM prices from the time of the advance to the time of sale. Following the
recent stabilisation of PGM prices, pipeline advances are not expected to
continue to impact cash flow adversely.
No interim dividend has been declared.
Group Financials by Operation (attributable to Aquarius)
$ million Kroon Marik Evere Mimos CTRP PMR Corpor Total
dal ana st a ate
PGM ounces (4E) 105,7 40,66 64,06 43,43 1,774 4,544 - 260,2
(attributable) 20 7 8 5 08
Revenue 53.8 19.2 29.5 25.9 1.2 3.8 5.8 139.2
Cost of sales (71.8 (39.7 (59.5 (21.8 (2.1) (2.4) (0.1) (197.
) ) ) ) 4)
Gross profit (18.0 (20.5 (30.0 4.1 (0.9) 1.4 5.7 (58.2
) ) ) )
Other Income (0.1) 0.1 0.2 0.2
Corporate admin - - - - - - (4.7) (4.7)
& other costs
Foreign currency (14.2 2.5 (6.2) (9.2) - - (9.1) (36.2
gain/(loss) ) )
Finance charges - - - - - - (21.6) (21.6
)
Impairment of (10.1 (2.5) (12.6
assets ) )
Profit/(loss) (32.2 (18.0 (46.3 (7.6) (1.0) 1.5 (29.5) (133.
before tax ) ) ) 1)
Tax - - - - - - 27.2 27.2
benefit/(expense
)
Profit/(loss) - - - - - - - (105.
after tax 9)
Minority - - - - - - - 35.8
interest
Profit/(loss) - - - - - - - (70.1
after minority )
interest
A proposal for refinancing the RMB debt facility is currently at the
documentation stage.
Financials
Aquarius Platinum Limited
Consolidated Income Statement
For the Half Year ended 31 December 2008
$`000
Half Year Ended Year
Ended
Not 31/12/08 31/12/07 30/6/08
e:
Production: (attributable 260,208 277,183 500,203
PGM ounces)
Revenue (i) 139,179 423,657 919,012
Cost of sales (including (ii (197,321) (175,662 (359,873)
D&A) ) )
Gross profit/(loss) (58,142) 247,995 559,139
Other income 186 595 2,109
Corporate Admin & other (ii (4,710) (3,822) (10,467)
costs i)
Finance costs (iv (21,590) (8,068) (28,260)
)
Foreign exchange (v) (36,299) (8,908) 14,286
gains/(losses)
Impairment of assets (vi (12,582) - -
)
Profit/(loss) before tax (133,137) 227,792 536,807
Income tax credit (expense) (vi 27,165 (59,178) (173,214)
i)
Profit/(loss) after tax (105,972) 168,614 363,593
Minority interest (vi 35,842 (61,968) (127,119)
ii)
Net profit/(loss) (70,130) 106,646 236,474
Earnings per share (basic - (25.09) 41.58 91.98
cents)
Notes on the Consolidated Income Statement
i. Revenue is lower compared to December 2007 due to a significant decreases
in metal prices, an 8% drop in PGM production and $41 million negative
sales adjustments on prior period production
ii. Increase in cost of sales reflects impact of inflation, on mine cash cost
increases and $10.0 million costs associated with the temporary closure of
Everest, including depreciation and amortisation of $21.0 million
iii. Relates to administration costs of the Aquarius Group
iv. Increase in finance costs reflects interest expense on RMB bridge facility
5. $14.9 million, pipeline finance $3.2 million and interest expense on
the unwinding of the rehabilitation provisions $3.4 million
v. Reflects effects of adjusting revenue recorded at time of production at
Kroondal, Marikana and CTRP to actual receipts received at the end of the
four month pipeline $27 million and revaluation of net monetary assets
including impact of the depreciating Zimbabwean Dollar $9 million
vi. Includes impairment charges for $10.1 million of Everest mining assets and
$2.5m for listed investments
vii. Income tax includes deferred tax credit attributable to the loss incurred
at AQPSA
viii.Minority interests reflect outside equity interest of the Savannah
Consortium (SavCon) for the months of July to October. Aquarius assumed
100% ownership of AQPSA from 27 October following the final phase of the
BEE flip which resulted in the SavCon consortium being issued with
65,042,856 shares in Aquarius in return for their 32.5% equity interest in
AQPSA
Aquarius Platinum Limited
Consolidated Cash Flow Statement
Half year ended 31 December 2008
$`000
Half year ended Year
ended
Note 31/12/08 31/12/07 30/06/08
:
Net operating cash (i) (15,880) 205,152 339,073
inflow
Net investing cash (ii) (24,444) (32,996) (118,048)
outflow
Net financing cash (iii (30,094) (95,297) (320,081)
outflow )
Net increase in cash (70,418) 76,859 (99,056)
held
Opening cash balance 170,956 287,663 287,663
Exchange rate (iv) (13,584) 4,160 (17,651)
movement on cash
Closing cash balance 86,954 368,682 170,956
Notes on the Consolidated Cash Flow Statement
i. Net operating cash flow includes $243.5 million net inflow from sales
(includes net repayment of $90 million of pipeline advances since June
2008), $247.8 million paid to suppliers, net finance expense of $9.7
million
ii. Reflects development and plant and equipment expenditure of $24.4 million.
iii. Includes the final dividend for payment to shareholders of $26.2 million
and $3.6 million AQPSA dividend to minorities.
iv. Reflects movement of Rand against the US dollar
Aquarius Platinum Limited
Consolidated Balance Sheet
At 31 December 2008
$`000
Half year ended Year
ended
Not 31/12/08 31/12/0 30/06/08
e: 7
Assets
Cash assets 86,954 368,682 170,956
Current receivables (i) 71,754 107,282 186,964
Other current assets (ii 45,017 38,587 35,941
)
Property, plant and (ii 195,904 214,043 221,515
equipment i)
Mining assets (iv 260,002 316,408 277,428
)
Other non-current assets (v) 13,029 13,234 15,599
Goodwill 49,231 - 58,505
Total assets 721,891 1,058,2 966,908
36
Liabilities
Current liabilities (vi 229,635 68,128 267,517
)
Non-current payables (vi 1,986 2,391 2,219
i)
Non-current interest- (vi 1,933 33,731 1,752
bearing liabilities ii)
Other non-current (ix 100,868 181,215 150,906
liabilities )
Total Liabilities 334,422 285,465 422,394
Net assets/(liabilities) 387,469 772,771 544,514
Equity
Parent entity interest 387,469 542,199 508,914
Minority interest - 230,572 35,600
Total Equity 387,469 772,771 544,514
Notes on the Consolidated Balance Sheet
i. Reflects debtors receivable on PGM concentrate sales.
ii. Reflects PGM concentrate inventory, reef stockpiles and consumables stores.
iii. Represents plant and equipment within the Group.
iv. Mining assets relates to Kroondal, Marikana, Mimosa and Everest mine
properties and mine development.
v. Includes recoverable portion of rehabilitation provision from Anglo
Platinum ($11.5 million), investments in unlisted entities ($0.4 million)
vi. Includes RMB bridge facility $166.7 million, creditor and other payables
$59 million and tax payable $3 million.
vii. Includes rehabilitation obligations on P&SA1 and P&SA2 structures.
viii.Reflects Investec loan at PMR.
ix. Reflects deferred tax liabilities $48 million, provision for closure costs
$53 million.
OPERATIONS
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 100%)
P&SA1 at Kroondal
Safety
The 12-month rolling average DIIR deteriorated to 0.77 from 0.44 during the half
year.
Mining
- Underground tonnages increased 9% to 3.5 million tons
- Open pit tonnages declined in line with plan to 18,000 tons
- Head-grade averaged 2.57 g/t for the first half, down 4% compared to the
first half 2008.
Processing
- Plant processed 3.2 million tons, 3% higher than the first half 2008
- Concentrator recoveries improved marginally to 78%
- Production increased 2% to 211,438 PGM ounces
Revenue
The PGM basket price for the half was $1,233 per PGM ounce, 22% lower than 1H
2008. The Rand Dollar exchange rate averaged 8.79 for the six months. Revenue
at Kroondal consequently suffered, down 61% to R841 million, due primarily to
repayment of sales advances caused by weakening PGM prices.
Operations
Production for the first six months increased 5% compared with the first half
2008, totaling 3.5 million tons: 3,483,000 tons from underground operations and
18,000 tons from open pit operations.
Primary development decreased by 52% over the period to a total 3,646 metres.
Development decreased in accordance with mine planning.
At the end of period, the stockpile had increased to 154,000 tons in preparation
for the Christmas close and to mitigate the Q3 holiday impact.
Tons processed increased 3% to 3,241 million tons. The plant head grade fell to
2.57g/t for the first half. PGM production increased by 2% to 211,438 (Aquarius
attributable: 105,720 PGM ounces).
Operating Cash Costs
Cash costs for the first half increased to R339 per ROM ton and $592 per PGM
ounce.
P&SA2 at Marikana
Safety
The 12-month rolling average DIIR for the half year deteriorated to 0.70
compared with 0.33 in the previous corresponding period. Operations moved from
primarily open pit operations to a combination of underground and open pit
mining resulting in a higher risk profile.
Mining
- Underground production ramp-up continues to progress with 740,000 tons
mined for the period
- Open pit production also increased to 700,000 tons
- Head grade decreased to 2.87 g/t due to increased underground tonnage
Processing
- Tons processed increased to 1,363,000 a 15% increase compared to the first
half 2008
- Recoveries remained steady at 64%, though increasing in the second quarter
compared to the first quarter
- 81,333 PGM ounces produced (Aquarius attributable 40,667 PGM ounces), a 12%
increase compared to the first half 2008.
Revenue
The PGM basket price for the half was $1,198 per PGM ounce, 23% lower than 1H
2008. The Rand Dollar exchange rate averaged 8.79 for the six months. Revenue
at Marikana consequently suffered, down 59% to R303 million, due primarily to
repayment of provisional sales advances.
Operations
Total production for the first six months increased to 1,440 million tons, made
up of 740,000 underground tons and 700,000 open pit tons.
The surface stockpile decreased to 145,000 tons at the end of the period.
During the first six months, a total of 1,363,000 tons were processed, a 15%
increase period on period.
The average plant head grade decreased to 2.87g/t for the first six months
compared to 3.02 g/t for 1H 2008 due to higher percentage of underground ore.
Plant recoveries were steady at 64%, resulting in production of 81,333 PGM
ounces (Aquarius attributable 40,667 PGM ounces, up 12% compared to 1H 2008.
Operating Cash Costs
Cash costs averaged R420 per ROM ton for the period. Cash costs per PGM ounce
increased by 23% to R7,038 compared to the first six months to 2008, equal to
$701 per PGM ounce. Cash costs in the second quarter, however, showed some
improvement, reducing 20% to R6,279 per PGM ounce compared to the first quarter.
The following report for the Everest Platinum Mine is for the six 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.
Everest Platinum Mine
Safety
The 12 month rolling average DIIR for the half year improved to 0.58 compared
with 0.84 in the previous corresponding period.
Mining
Underground operations produced to 839,000 tons
Head grade fell 3% to 2.89 g/t
Processing
- 839,000 tons processed
- Significant improvement in recoveries to 83% reflecting ending of open pit
production
- Production 64,068 PGM ounces
Revenue
The PGM basket price fell by 21% to $1,224 per PGM ounce compared to 1H 2008.
The Rand Dollar exchange rate averaged 8.79 for the six months. Revenue at
Everest consequently suffered, down 77% to R226 million, due to lower
production, the temporary suspension of operations and repayment of sales
advances.
Operations
Underground operations produced 839,000 tons. Open pit mining ceased in the
previous period.
Underground production was still ramping up following the conversion to owner-
operator during 2H 2008 and affected by challenging geology on northern sections
of the mine and wage negotiations concluded during the period.
Stockpiles were depleted during the period. Concentrator throughput was 839,000
tons milled for the period.
Metallurgical recoveries improved to 83% for the first six months compared with
79% in the previous corresponding period, reflecting the results of
metallurgical optimisation.
Production for the first six months until operations were suspended totalled
64,068 PGM ounces.
Operating Cash Costs
Cash costs for the period increased to R511 per ROM ton milled, consequently,
cash costs per PGM ounce for the period increased to R6,686 per PGM ounce, with
significant impact due to operation suspension
Mimosa Mine (Aquarius 50%)
Safety
The 12-month rolling average DIIR deteriorated to 0.17 from 0.11 for the period.
Mining
- Underground production increased to 1,046,000 tons
- The surface stockpile increased by 27% to 530,000 tons at the end of the
period
Processing
- Tons processed increased 13% to 1,014,000 tons despite plant shutdowns
- Average concentrator plant recoveries fell to 73.7%
- Total mine production increased 11% to 86,870 (Aquarius attributable:
43,435 PGM ounces)
Revenue
The PGM basket price for the period averaged $1,196 per PGM ounce, an 11%
increase compared to 1H 2008. The average nickel price over the period was 47%
lower at $8.35 per pound and copper 8% higher at $3.00 per pound compared to the
previous corresponding period.
Revenue for the period was $110 million (Aquarius attributable: 50%), a 2%
increase compared to the previous corresponding period.
During the period mining operations hoisted 1,046,000 tons compared with 971,000
tons in the previous corresponding period. Tons milled during the quarter
totalled 1,014,000 tons, with the surface stockpile at the end of the period
530,000 tons.
The average plant head grade for the period increased slightly to 3.61 g/t.
Recoveries for the period fell slightly to 73.7%.
Production for the period increased 11% to 86,870 PGM ounces (Aquarius
attributable: 43,435 PGM ounces).
Operating Cash Costs
Cash costs for the period increased 11% to $40 per ROM ton and increased by 13%
to $469 per PGM ounce compared to the previous corresponding period. Net of by-
products, cash costs were $161 per PGM ounce.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
The DIIR is for the period was 4.80 compared to 0 for 1H 2008.
Processing
- Feed processed was 120,000 tons
- Average recoveries for the period increased 51% to 39%
- 3,548 PGM ounces produced (Aquarius attributable: 1,774 PGM ounces)
Revenue
The PGM basket price for the period decreased 18% to $1,530 per PGM ounce. The
CTRP enjoys a high rhodium content hence the higher basket prices achieved. The
Rand Dollar exchange rate averaged 8.79 for the six months. Revenue at CTRP
consequently suffered, down 78% to R12 million, due to PGM sales adjustments.
Operations
Feed decreased 15% 120,000 tons.
The head grade over the first half averaged 2.5 g/t.
Recoveries increased by 51% to 39%, though notably increasing though the period
and averaging 48% in the second quarter.
This resulted in production of 3,548 PGM ounces produced (Aquarius attributable:
1,774 PGM ounces) compared with the previous corresponding period
Operating Costs
Cash costs increased to R3,572 per PGM ounce, equal to $406 per PGM ounce.
Platinum Mile (Aquarius Platinum 50%)
Safety
The DIIR is for the period was zero.
Processing
- Feed processed was 4.6 million tons
- Average recoveries for the period were 9%
- 9,087 PGM ounces produced (Aquarius attributable: 4,544 PGM ounces)
Revenue
The PGM basket price for the period was $841 per PGM ounce. The Rand Dollar
exchange rate averaged 8.79 for the six months. Revenue at Platinum Mile was
R74 million.
Operations
Feed during the period totalled 4,574,000 tons.
The head grade over the first half averaged 0.72 g/t with recoveries at 9%.
This resulted in production of 9,087 PGM ounces produced (Aquarius attributable:
4,544 PGM ounces) compared with the previous corresponding period.
Operating Costs
Cash costs for the period was R3,387 per PGM ounce, equal to $384 per PGM ounce.
Other Matters
Sylvania
AQPSA and AQP ("AQP Group") have since mid 2008, directed correspondence to the
Sylvania group of companies ("Sylvania Group"), recording the AQP Group`s
dissatisfaction with the manner in which the Sylvania Group has managed its
contractual and business relationship with the AQP Group. This dissatisfaction
extends to the manner in which the Sylvania Group has failed to honour the
spirit of the agreement concluded between the AQP Group and the Sylvania Group
for the Everest North project, for which AQPSA is the holder of a prospecting
right and has the exclusive right to apply for a mining right in accordance with
the provisions of the MPRD Act 28 of 2002, which is contrary to the recent
statements made by the Sylvania Group in the financial press to the effect that
the Sylvania Group is entitled to make such an application for a mining right.
To date and despite requests for a response, the AQP Group has not received a
conclusive response to the aforementioned correspondence and the AQP Group has
referred the dispute with the Sylvania Group to its lawyers to provide the AQP
Group with an opinion as to the merits of the dispute with the Sylvania Group,
whereafter decisive legal action against the Sylvania Group may follow.
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 Non-executive (appointed 5 November 2008)
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 Number of Percentage
December 2008 Shares
Savannah Consortium 65,042,856 19.88%
HSBC Custody Nominees (Australia 20,811,259 6.36%
Limited)
Nutraco Nominees Limited 16,530,643 5.05%
Trading Information
ISIN number BMG0440M1284
ADR ISIN number US03840M2089
Broker (LSE) (Joint)
Merrill Lynch International
2 King Edward St
London, EC1A 1HQ
Telephone: +44 (0)20 7628 1000
Investec Securities Limited
Investec Bank plc
2 Gresham St, London, EC2V 7QP
Telephone: +44 (0)20 7597 5970
Broker (ASX)
Euroz Securities
Level 14, The Quadrant
1 William Street, Perth WA 6000
Telephone: +61 (0)8 9488 1400
Sponsor (JSE)
Investec Bank Limited
100 Grayston Drive
Sandown, Sandton 2196
Telephone: +27 (0)11 286 7326
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 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
PMR Platinum Mile Resources Pty Ltd
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
+ 41 (0)79 888 1642
nickbias@aquariusplatinum.com
Date: 05/02/2009 09:27:02 Produced by the JSE SENS Department.
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