| Fri 31 Jul 2009, 12:54 | | AQP - Aquarius Platinum - Quarterly production results |
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AQP - Aquarius Platinum - Quarterly production results
AQUARIUS PLATINUM
JSE code: AQP
ISIN: BMG0440M1284
Fourth Quarter 2009 Production Results
Highlights of the Quarter
- Quarterly attributable production increased 1% compared to previous
quarter to 98,258 PGM ounces.
- Improvements in US Dollar commodity prices, however, offset by South
African Rand : Dollar exchange rate.
- On mine margins well maintained.
- Capital raising comprising equity placement, rights-issue and convertible
bond completed:- gross amount raised $270 million
- R1.6 billion (approx $177 million) bridge facility fully repaid.
- Ridge transaction completed post-quarter with post-merger integration now
underway.
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said "The
final quarter of the year has been a busy one. Operationally our mines
performed well, with an increase in attributable production despite the
shortfall in production shifts due to public-holidays. Further, it is
particularly pleasing to see the completion of the Wedza Phase 5.5 expansion
project at Mimosa in Zimbabwe, and the near completion now of the expansion at
Platinum Mile.
From a corporate perspective, it has also been a busy period, with the
successful completion of the company refinancing through both a rights issue
overwhelmingly supported by shareholders that followed the equity placement in
the previous quarter, and the convertible bond in South Africa. Further, I am
delighted that today sees the finalisation of the acquisition of Ridge Mining,
so that now we can turn our attention to integrating the Ridge assets into the
Aquarius Group."
P&SA1 at Kroondal
- PGM production of 105,720 PGM ounces (Aquarius attributable 52,860PGM
ounces), a modest 1% increase compared to the previous quarter.
- Effective cash margin was 34%.
- Firm increase in mining efficiencies, despite shortfall in mining shifts
due to public holidays.
P&SA2 at Marikana
- PGM production of 37,753 PGM ounces (Aquarius attributable 18,877 PGM
ounces), a 3% decrease compared to the previous quarter.
- Effective cash margin was 22%.
- Underground production increased, further dominating the production mix,
while open-pit production suffered from potholing.
Mimosa
- PGM production of 46,874 PGM ounces (Aquarius attributable 23,437 PGM
ounces), a modest 1% increase compared to the previous quarter.
- Effective cash margin was 28%.
- Wedza Phase 5.5 expansion completed
CTRP
- PGM production of 1,689 PGM ounces (Aquarius attributable 833 PGM
ounces), a 5% increase compared to the previous quarter.
- Effective cash margin was 49%.
- Project reconfiguration generating positive results.
Platinum Mile
- PGM production of 4,479 PGM ounces (Aquarius attributable 2,240 PGM
ounces), a 61% increase compared to the previous quarter.
- Effective cash margin was 44%.
- Production ramp-up generating positive results, due for completion in Q1
2010.
Metals Prices and Foreign Exchange
Metals prices both provisional and realised for PGM`s have continued to
improve from the lows experienced in the December 2008 quarter.
For Q4 2009 platinum averaged 15% higher at $1,172 per ounce compared the Q3
average price, and closed 5% higher at $1,183 per ounce on 30 June 2009
compared to $1,124 per ounce on 31 March 2009.
The palladium price averaged 20% higher at $234 per ounce compared the Q3
average price, and closed 16% higher at $249 per ounce on 30 June 2009
compared to $215 per ounce on 31 March 2009.
The rhodium price averaged 23% higher at $1,414 per ounce compared the Q3
average price, and closed 25% higher at $1,450 per ounce on 30 June 2009
compared to $1,160 per ounce on 31 March 2009.
Gold showed less movement and averaged $947 per PGM ounce during June 2009.
The improvement in metals prices was, however, off-set by strength in the
Rand, with the exchange rate averaging R8.09 over the quarter, and
strengthening 18% over the quarter to close at R7.76 on 30 June 2009.
Impact on Pipeline advances
Following the increase in PGM prices since a December month average of $840
per ounce for platinum, prices have recovered through calendar 2009 year to
date. The stability and recovery in PGM prices has seen an end to the
abnormally high sales adjustments experienced in the December half year.
US Dollar PGM basket prices strengthened at all operations, with the group
basket price averaging 16% higher compared to the previous quarter at $879 per
ounce. The average basket price at South African operations was $921 per PGM
ounce, equal to R7,941 per PGM ounce at an average exchange rate of R8.62 :
$1.
The Rand reversed the weakness of the previous quarter, strengthening by 18%
over the period to close at R7.76 to the US Dollar. The average Rand rate
realised at South African operations during the quarter was R8.62 to the US
Dollar.
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 100%)
P&SA 1 at Kroondal
The 12-month rolling average DIIR for the quarter deteriorated to 0.74 from
0.71 in the previous quarter. Ten lost-time injuries were reported during the
quarter.
Mining
- Production tons increased by 11% to 1,624,553 tons due to improved
mining efficiencies, reduction in off-reef mining and slightly more
mining shifts
- Head grade increased marginally from 2.54 g/t to 2.58 g/t
Processing
- Tons processed remained stable at 1,617,074 tons
- Recoveries increased from 78% to 79%
- PGM production increased by 1% to 105,720 PGM ounces
Revenue
The achieved mine basket price for the quarter averaged $915 per PGM ounce,
15% higher than the previous quarter. However this gain was offset by Rand
strength, with the achieved mine Rand Dollar exchange rate 13% stronger at an
average R 8.62 for the quarter. Consequently, despite increased production
and US Dollar commodity prices, revenue at Kroondal decreased by 2% to R831
million for the quarter (Aquarius attributable: R415.5 million).
Operations
With 7 public-holidays occurring during the quarter, the fourth quarter only
contained one more mining shift than the third quarter. Although the number
of mining shifts were comparable, total square meters mined increased by 8% on
the back of efficiency improvements. Redevelopment reduced off-reef square
meters mined as a result of geological features by 20% from the previous
quarter. These factors contributed to improve the tonnage yield. Underground
production increased by 11% to 1,624,553 tons for the quarter. Stoping
performance at K5 remains a challenge, however, K5 decline development showed
improvement and completion of the development through the Townlands fault is
expected in the next quarter.
The `Areboleleng` (Tswana for "let`s talk") industrial relations initiative is
ongoing and has been extended to Redpath at K5 shaft where it is showing
positive impact. No significant industrial relations incidents occurred
during the quarter.
Concentrator throughput in the previous quarter was supported by stockpile
consumption as planned, and concentrator throughput for the quarter reflected
mining production, remaining relatively stable at 1,617,074 tons. Stockpile
accumulation therefore was limited, with remaining stock of 14,708 tons at the
end of the quarter.
The head-grade increased marginally, averaging 2.58 g/t for the quarter
compared to 2.54 g/t in the previous quarter. This was due to the reduction
in off-reef square meters mined.
Recoveries also increased further, up 1% to 79% due to improvement initiatives
in operational stability and control.
PGM production increased by 1% to 105,720 PGM ounces (Aquarius attributable:
52,860 ounces).
Primary development for the quarter was 1,838 metres.
Operating Cash Costs
Although mining costs remained stable, cash costs per ton increased by 3% to
R339 and costs per PGM ounce increased by 2% to R5,188 principally as a result
of increased electricity cost and relining expenses during the quarter.
Electricity cost showed a 34% increase due to seasonal tariffs (applicable to
the full quarter) coupled with the Eskom annual increase which came into
effect in June 2009.
Gross revenue decreased by 2% to R831 million with the impact of the strong
rand offsetting gains in US dollar commodity prices. As a result, Kroondal
Mine shows a positive cash margin for the period of 34% compared to 38% in the
previous quarter.
Capital Expenditure
Capital expenditure for the quarter was R68 million, all ongoing capital
principally focused on underground mining infrastructure.
P&SA2 at Marikana
Safety
The DIIR has deteriorated to 0.91 in Q4 from 0.88 in Q3 in spite of only 2
lost time injuries occurring the quarter.
Mining
- Undergound production increased by 5% to 316,822 tons
- Open pit production decreased by 11% as a result of intersection of
potholed reef which impacted on the mining yield
- Total production tons decreased by 2% to 551,000 tons
- Head grade decreased by 4% to 2.75 g/t due to higher relative
contribution of underground material
Processing
- Tons processed increased by 3% to 619,639 tons
- Recoveries decreased by 2% to 69%
- PGM production decreased by 3% to 37,753 ounces (Aquarius attributable:
18,877 ounces)
Revenue
The achieved mine basket price for the quarter averaged $928 per PGM ounce,
16% higher than the previous quarter. The achieved mine Rand Dollar exchange
rate averaged 8.62 for the quarter, thereby offsetting gains in US Dollar
commodity prices and resulting in revenue decreasing 4% compared to the
previous quarter to R311 million (Aquarius attributable: R155.5 million)
Operations
With 7 public-holidays occurring during the quarter, the fourth quarter only
contained one more shift than the third-quarter.
The production ratio between underground and open-pit continued to move
favourably over the quarter to 57:43.
At both No.1 and No.4 Shafts, primary development and redevelopment continued
well, with a 14% increase in development from the previous quarter with re-
establishment of sections contributing to improved production as planned.
Stoping sections at No. 4 Shaft maintained efficiency improvements during the
quarter but reef production remained adversely affected by the off-reef
primary development and high incidence of potholing. Consequently, Marikana
underground production increased by 5% to 316,822 tons for the quarter but
underground mining grades were adversely affected by the higher contribution
of redevelopment and development tons.
Open pit production reduced due to intersection of potholed reef in the ROM
Pit which significantly reduced the mining yield from the area mined. The
open pit stripping ratio was negatively impacted by the lower mining yield,
resultantly increasing to 23:1 for the quarter. As a result of these factors,
open pit operations showed a quarter-on-quarter decrease of 11% to 234,340
tons. It is anticipated that the pothole intersection will further impact
production during the next quarter and in-fill drilling is in process to
determine the full extent of the feature. In the interim, stripping of the
west-west pit has been expedited to provide alternative openpit production.
The `Areboleleng` (Tswana for "let`s talk") industrial relations initiative is
ongoing with MRC showing a positive effect on industrial relations, with no
industrial action during the quarter.
Stockpile consumption alleviated the reduction in mining production with tons
processed increasing by 11% to 619,639 tons, comprising 324,306 tons from
underground and 295,333 tons of open pit material. The scheduled rod mill
reline was completed and positively contributed to plant availability as
anticipated. Stockpiles at the end of the quarter were 13,449 tons,
consisting predominantly of open pit material.
The head-grade decreased by 4% to 2.75 g/t due to higher relative contribution
of the underground material which has lower grade than open pit material.
Recoveries decreased by 2% to 69% due to intermediate partially weathered
open pit material processed during the quarter.
PGM production for the quarter decreased by 3% to 37,753 ounces (Aquarius
attributable: 18,877 ounces).
Operating Cash Costs
Operating costs were negatively impacted by increased electricity cost and the
mill reline expenses, but total on-mine cost remained stable quarter on
quarter. Cash costs per ton therefore decreased by R1 to R394, whilst costs
per PGM ounce increased by 5% to R6,460 as a result of a of the lower ounce
yield associated with slightly lower grades and recoveries.
Gross revenue decreased by 4% to R311 million, principally as a result of the
stronger rand and slightly lower production. As a result, Marikana Mine shows
a cash margin for the period of 22% compared to 26% in the previous quarter.
Capital Expenditure
Ongoing capital expenditure totalled R19 million. (AQPSA share R9.5 million).
This consisted of primarily of underground mining infrastructure.
Contractor dispute with Moolman Mining
During March 2009, AQPSA and Moolman Mining agreed that the dispute relating
to AQPSA resiling from the contract originally concluded between AQPSA and
Moolman Mining on the basis of misrepresentation by Moolman Mining and Moolman
Mining`s conditional counter claims, would be referred to trial and would not
be subject to Arbitration. As a result, the original Arbitration instituted by
Moolman Mining against AQPSA relating to the application of the rise and fall
formula in that contract, will be indefinitely suspended pending the outcome
of the trial proceedings. This agreement was made an order of court with the
consent of both parties and provisional dates in September 2010 have been
allocated for the trial.
Everest Platinum Mine
In December 2008 Aquarius announced the temporary closure of the Everest Mine
resulting from a subsidence event.
The area affected by the subsidence has been surveyed, confirming the
subsidence is confined to the upper areas of the original decline and
previously mined out areas in the vicinity of the decline, and that existing
stoping and development areas are not affected.
Multiple access alternatives have been evaluated and development of two new
declines, one north and one south of the original decline, was identified as
the most expedient and capital-efficient means to recommence operations whilst
ensuring optimal longer term infrastructure placement in terms of the ore body
geometry. Initial focus will be on the establishment of the North decline,
which will serve as the main decline (including decline conveyors) whilst the
south decline will be used for ventilation, men and material access. Capital
of R 77 million has been approved for the first phase of the project: namely
the north boxcut, storm water management, temporary and permanent services,
access road, initial underground development and rock support.
The first phase of the project will require approximately 6-months to complete
with excavation of the North boxcut having commenced in June 2009. Phase 2 of
the project includes completion of the decline development, establishment of
underground services and the reclamation of infrastructure, equipping of
declines and strike sections, and re-establishment of stoping sections.
Permanent surface infrastructure, such as mine services and overland conveyers
will also be completed during this phase. This preparation, coupled with
early production from the open pit area, will enable ramp-up of underground
production, with reef stockpiling prior to resumption of milling operations.
Completion of Phase 2 and production ramp-up to process plant resumption will
require approximately 10 months. The detail engineering designs associated
with Phase 2 are in process, and preliminary Capital Budget Estimates (CBE)
have been completed, confirming the capital requirement for the entire project
(including Phase 1 and 2) to be approximately R 250 million.
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The 12-month rolling average DIIR for the quarter was at 0.10, following a
DIIR of 0.00 for the two previous quarters.
Mining
- Underground production decreased by 2% to 525,682 tons
- Head grade slightly increased 1% to 3.60 g/t
- The surface stockpile decreased to a total 235,765 tons at the end of the
quarter, equivalent to almost 40-days mill feed
Processing
- Concentrator plant recoveries increased to 75.4% from 73.3%
- Total mine production increased by 1% to 46,874 PGM ounces (Aquarius
share: 23,437 PGM ounces)
Revenue
The average achieved PGM basket price for the quarter increased by 20% to $751
per PGM ounce. The average achieved nickel price over the quarter increased
by 2% to $4.84 per pound from $4.75 per pound in the previous quarter.
Revenue for the quarter increased to $36.2 million, with base metals
accounting for approximately 21% of revenue. The cash margin increased to 28%
from 24% in the previous quarter mainly due to slight increases in metal
prices achieved during the quarter.
Operations
During the quarter mining operations hoisted 525,682 tons compared to 539,004
tons in the previous quarter. Tons milled during the quarter totalled 537,917
tons, with 12,235 tons being taken from the stockpile, which totalled 235,765
tons at the quarter end.
In May 2009, the Wedza 5.5 expansion successfully commissioned, providing
capacity to produce and this entrenches installed capacity to produce 200,000
PGM ounces per annum, with run-rates in June achieving production.
The average plant grade marginally increased to 3.60 g/t, compared to 3.58 g/t
in the previous quarter.
Tons processed totalled 537,917, a 2% decrease compared to the previous
quarter, primarily due to the phase 5.5 tie-in work that was deferred from
March to May.
Recoveries for the quarter slightly increased to 75.4% from 73.3%.
PGM production during the quarter increased by 1% to 46,874 ounces (Aquarius
attributable: 23,437 ounces), despite commissioning.
Operating Cash Costs
Cash costs per ROM ton increased by 17% to $49, whilst Zimbabwean Dollar costs
per PGM ounce increased by 13% to $562. The increase in cash costs for the
quarter was attributable to dollarisation of the Zimbabwean economy over the
last year. Input costs such as salaries are now expensed in US Dollars, which
has put increased pressure on margins. Price distortions were also
experienced during the transition period and management is working on
addressing these anomalies through revised contracts with various private and
municipal service providers, as well as stricter management of materials,
procurement and inventory.
The gross cash margin increased to 28% from 24% in the previous quarter mainly
due to the slight rise in achieved mine PGM basket prices. Net of by-
products, cash costs were $379 per PGM ounce, compared to $326 per PGM ounce
in the previous quarter.
Update on Foreign Currency Regime in Zimbabwe
Since the announcement of the National Budget and Monetary Policy Statement in
January 2009 that liberalised foreign currency trading in the economy there
has not been any further changes in the foreign currency regime. The recently
announced Mid Term national budget on 16 July 2009 presented no changes to the
general foreign currency framework.
Update on Zimbabwean Indigenisation Legislation
The Indigenisation and Economic Empowerment bill was enacted into law during
the last quarter of the previous financial year. The proposed amendments to
the Mines and Minerals Act which were tabled just before the dissolution of
the previous parliament have been withdrawn by the current Minister of Mines.
He has requested for input from the industry through the Chamber of Mines.
These amendments include provisions relating to the localisation.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
The 12-month rolling average DIIR for the quarter was maintained at 0.00 with
no lost time injuries occurring during the quarter.
Processing
- Material processed increased by 48% to 75,875 tons
- Grade increased 2% to 2.20 g/t
- Recoveries decreased to 31%
- Production increased to 1,689 PGM ounces (Aquarius attributable: 845 PGM
ounces)
The achieved mine basket price for the quarter averaged $993 per PGM ounce,
16% higher than the previous quarter. The achieved mine Rand Dollar exchange
rate averaged R 8.62 for the quarter, with Rand strength partially off-setting
metals price increases
The increase in production coupled with gains in the basket price resulted in
quarterly revenue increasing by 26% to R 9 million. (Aquarius attributable: R
4.5 million)
Operations
The repositioning of the reclamation facilities on the chrome dump source
continued to yield positive results and material processed increased by 49% to
by 75,879 tons.
The head grade increased 2% to 2.20 g/t as a result of grade variances within
the chromite dump source material.
Recoveries decreased 29% to 31% due to further breakdowns on the Deswick mill,
which resulted in the mill being bypassed for extensive periods during the
quarter. The higher throughput achieved resulted in reduced flotation
residence time which also negatively impacted on recoveries achieved.
This resulted in production increasing 6% to 1,689 PGM ounces (Aquarius
attributable: 845 ounces).
Operating Costs
Cash costs normalised to R2,675 per PGM ounce, a 31% increase as compared with
the previous period which included a reversal of unrealised expense accruals.
The cash margin for the period of was 49%, an reduction from 53% in the
previous quarter.
Capital Expenditure
No capital expenditure occurred during the quarter.
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. For the 4th quarter in a row no lost time
accidents were recorded.
Processing
- Tailings processed remained very constant compared to the previous
quarter at 2.101 million tons
- PGM grade was 0.59 g/t
- Production was 4,479 PGM ounces (Aquarius attributable: 2,240 PGM ounces)
Revenue
The achieved mine basket price for the quarter averaged $930 per PGM ounce,
15% higher than the previous quarter. The achieved mine Rand Dollar exchange
rate averaged 9.01 for the quarter. Quarterly revenue increased by 20% to
R30 million (Aquarius attributable: R15 million) as a result of the increased
production for the quarter.
Production levels rose considerably due to improved plant operation and
stability.
Operations
Total feed for the quarter was 2,101 tons, a 92 ton increase compared to the
previous quarter.
During the quarter the feed head grade decreased marginally to 0.59g/t
compared to 0.65 g/t the previous quarter.
Recoveries increased to 11% compared to the previous quarter due to increased
plant stability and improved grinding of rougher concentrates.
As a result, production increased 61% to 4,479 PGM ounces (Aquarius
attributable: 2,240 ounces).
During the quarter, a new ultra-fine-grind Deswik mill was commissioned, with
a second planned to commission in the coming quarter. This phased
commissioning approach reduces downtime and allows production to be
maintained. The Deswik mill will reduce bottlenecking associated with the
already installed and working SMD mills. Target production at Platinum Mile
remains 35,000 per annum. It is estimated that full monthly production ramp-
up will be achieved during the first quarter of FY 2010.
Operating Costs
Cash costs decreased 49% to R2788 per PGM ounce due to increased production.
Capital Expenditure
Capital expenditure for the quarter was R2 million. The expansion and fine
milling project budget of R59 million remains on target, with the total spent
to date to R57 million, with R2 million remaining in the first quarter of the
new financial year.
Total expenditure to date on the expansion program is R59 million (Aquarius
attributable R30 million), versus a budget of R59 million. This has been
funded from cash flows and debt via an original loan of R75 million from
Investec Ltd, repayable quarterly.
CORPORATE MATTERS
Capital raising by way of equity placement, rights issue and convertible note
issue.
During the quarter Aquarius concluded its capital raising package raising
gross proceeds of $270 million by way of:
- $118.5 million from an equity placement of 46,330,000 common shares
- $73.5 million from a rights issue of 41,491,737 common shares as part of
the 1 for 9 Rights Issue
- $78 million (R650 million) from a convertible bond issue of 65,000 Bonds
Details of the capital raising include:
Rights Issue (and Prior Period Equity Placement)
On 7 May 2009, Aquarius announced the allotment of 41,491,737 ordinary fully
paid shares as part of the 1 for 9 Rights Issue, forming the second tranche of
the group refinancing announced in March 2009. Funds raised from the rights
issue before fees totalled GBP44.7 million. This amount is in addition to the
GBP83.4 million raised before fees from the equity placement 46,330,000 shares
issued on 26 March 2009 (listed on 2 April 2009).
Convertible Bonds
Further to the equity placing and rights issues announced in March 2009, the
third tranche of refinancing comprised the issue of a convertible bond. On 11
May 2009, Aquarius announced the completion, issue and listing of R650 million
floating rate senior secured convertible bonds. A total 65,000 Bonds with a
denomination of R10,000 per Bond were listed under the share code AQPB (ISIN
Code: ZAE000134540, abbreviated name: AquariusCvt on the Main Board of the JSE
Limited.
Repayment of Bridge Facility
Aquarius fully repaid the Bridge Loan Facilty of R1.6 billion ($177 million)
during the quarter utilising funds raised in capital raising described above.
Appointment of Liberum Capital as New LSE Joint Broker
On 3 June 2009 Aquarius announced the appointment of Liberum Capital Limited
to act as joint UK corporate broker with Merrill Lynch International,
replacing Investec Securities Limited.
Inclusion in the S&P/ASX 100
Following adjustments to the Standard and Poor`s / Australian Securities
Exchange index series, Aquarius was accepted for inclusion in the S&P/ASX 100,
effective from the close of trade on 19 June 2009.
Ridge Mining
Following overwhelming support by Ridge Shareholders on 6 July 2009 who voted
in favour of the acquisition of Ridge by Aquarius by means of a scheme of
arrangement, the Scheme became effective on the subsequent sanction of the
Court on 30 July 2009. Ridge Mining is now 100% owned by Aquarius Platinum
Limited. Aquarius will update shareholders on the integration of the Ridge
mining assets into Aquarius Platinum in due course.
Sylvania
AQPSA is disputing compliance by Sylvania South Africa (Proprietary) Limited
("Sylvania) with the terms of the agreement concluded between AQPSA and
Sylvania dated 13 May 2005, relating to the Everest North Project
("Agreement"). Under South African mining law, AQPSA has the exclusive right
to apply for a mining right for the farm Vygenhoek, where the Everest North
Project is located, to the exclusion of any third party, including Sylvania.
Statements by Sylvania on 10 July 2009 in the public domain to the effect that
Sylvania has a right to apply for a mining right for the Everest North Project
are incorrect and the inclusion by Sylvania of the Everest North Project in
its portfolio of projects, is also incorrect. Without the authority and
knowledge of AQPSA, Sylvania instructed third party consultants to prepare an
application for a mining right for Vygenhoek in the name of AQPSA, which
application was lodged without AQPSA`s knowledge with the Department of
Minerals and Energy ("DME"). That unauthorised lodgement is unlawful within
the context of the Agreement and South African mining law and the DME has
accordingly withdrawn the unauthorised application. AQPSA has informed
Sylvania that AQPSA will not tolerate unlawful interference by Sylvania in
AQPSA`s Everest North Project and AQPSA has reserved its rights in this
regard.
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
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
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 Resident Director
Fungai Makoni General Manager & Company Secretary
Platinum Mile Management
Richard Atkinson Managing Director
Paul Swart Financial Director
Issued Capital
At 30 June 2009, the Company had on issue:
415,014,680 shares fully paid common shares and 1,565,249 unlisted options.
65,000 Bonds with a denomination of ZAR10,000 per Bond were listed during the
quarter under share code AQPB (ISIN Code: ZAE000134540, Abbreviated name:
AquariusCvt) on the Main Board of the JSE Limited on 11 May 2009.
Substantial Shareholders 30 June 2009
Number of Shares/Percentage
Savannah Consortium 68,658,728/16.54
HSBC Custody Nominees (Australia) Limited 28,916,883/6.97
Chase Nominees 22,593,020/5.44
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
Liberum Capital Limited
City Point, 1 Ropemaker Street, London, EC2Y 9HT
Telephone: +44 (0)20 3100 2000
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 30 June 2009)
(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
For further information please visit www.aquariusplatinum.com or 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
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
BRPM Blue Ridge Platinum Mine
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, principal mining contractor at
Kroondal
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
Redpath Redpath Mining South Africa Pty Ltd.
Ridge Ridge Mining plc
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
Date: 31/07/2009 12:54:01 Produced by the JSE SENS Department.
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