| Wed 12 Aug 2009, 9:25 | | AQP - Aquarius Platinum - Full Year Results: 30 June 2009 |
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AQP
AQP - Aquarius Platinum - Full Year Results: 30 June 2009
Aquarius Platinum
JSE Code: AQP
ISIN: BMG0440M1029
Full Year Results: 30 June 2009
Highlights
- Group attributable production at target level, closing at 455,675 PGM
ounces for the full year
- Net loss reduced from $70.1 million at 1H to $45.7 million (US 13.30 cents
per share) at full year
- Successful capital base restructure completed in 2H, with overwhelming
shareholding support
- Cash balance at FY close of $154 million, after repayment of R1.577 billion
($177 million) bridge facility in AQPSA
- Recovery in US Dollar prices of major metals from lows experienced towards
end of 1H
Operational
Group attributable production at 455,675 PGM ounces achieved despite suspension
of operations at the Everest Platinum Mine (2008: 500,203 PGM ounces)
Improved production at all operating units; up 13% in total (excluding Everest &
Platinum Mile)
Recovery in operating margins through 2H at SA operations
Financial
Revenue decreased 66% from $919 million to $311million as PGM prices collapsed
Net profit of $24.4 million achieved in 2H reduces full year loss to $45.7
million
Net mine operating cash flow of $27 million achieved, despite negative
provisional price adjustments and significant pipeline advance repayments
Group debt reduced to $82 million from $210 million
Group cash balance at $154 million
Strategic
Capital raising completed by way of equity placement, rights issue and
convertible note issue
Completion of the acquisition of Ridge Mining in July 2009
FirstPlats transaction agreement concluded, pending s11 transfer in order to
complete
Expansion of Aquarius exploration portfolio in SA
Mimosa Wedza Phase 5.5 expansion successfully completed and commissioned
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said, "What a
year this was; a year of highs and lows; be it prices, currency volatility in
both of our operating domains, the Everest mine suspension, the acquisition of
Ridge, and the capital base restructuring, along with the usual challenges the
mining industry.
There is no doubt that the collapse in PGM prices pose this industry great
issues and indeed posed this company some unique challenges as margins were cut
to the bone. Despite this ongoing overhang, Aquarius has responded decisively
and has delivered an aggregate 13% production improvement across all its current
operations and has managed to reduce the half year net loss of $70 million
announced in February 2009 to $45 million by year-end, with more positive
prospects appearing. We are grateful to our shareholders for backing the
successful strengthening of the balance sheet during these challenging times,
enabling opportunities such as the successful acquisition of Ridge and the
restart of Everest to occur, both of which will in time further add to the
growth profile of Aquarius."
Financials
Aquarius recorded a consolidated loss for the year to 30 June 2009 of
$45.7million (US13.30 cents per share) compared to a prior year profit of $236.5
million. The result is attributable to a number of factors but in the main a
collapse of PGM prices during the first half of the financial year and reduced
production due to the suspension of operations at the Everest mine in December
2008.
Significantly, earnings in the second half of the financial year (2H 2009)
reflected a $94.4 million swing resulting in a net profit of $24.4 million in
2H. This net profit was achieved despite lower production (Everest), the impact
of dollarisation of the Zimbabwean economy and a significant strengthening in
the value of the SA Rand against the US$ in 2H. The net profit achieved in the
second half is attributable to improved US$ PGM prices (both provisional and
realised) lifting from the lows experienced in the December 2008 quarter.
Major factors influencing the result for the year included:
(i) The significant reduction in metal prices experienced from 30 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.
This had a significant impact on the valuation of receivables subject to the
four month provisional pricing period and was reflected in the first half loss.
During the 2009 financial year, the group average 4E PGM basket price (platinum,
palladium, rhodium and gold) fell to US$1,044 per ounce compared to US$1,762 in
the previous year.
(ii) Increase in debt interest charges to $29 million (compared to $19
million) resulting from increased debt level following the repurchase of 20% of
AQPSA in the June quarter 2008.
(iii) $19.6 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 $9.5
million related to provision for redundancies and inventory losses and care and
maintenance costs.
(iv) $24 million foreign currency loss (pre-tax) on pipeline advances due to US
dollar strengthening during the year.
(v) Declining PGM prices causing $41 million of negative PGM sales adjustments
(pre-tax) relating to the previous period but booked during the current
financial year. 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.
(vi) Non cash $7.2 million adjustment to deferred tax at Mimosa following the
dollarisation of the economy
Revenue from ordinary activities for the FY2009 was $311 million (comprising
sales revenue of $300 million and interest income of $11 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 year was $69.5 million.
Revenue in 2H 2009 was $32 million higher than 1H 2009 despite lower production,
reflecting a return to improved PGM prices.
Total mine PGM production for the year increased 1% to 847,283 PGM ounces
despite the temporary suspension of Everest in December 2008. Production
attributable to Aquarius was 9% lower at 455,675 PGM ounces. The decrease in
attributable production was due entirely to the reduction in production at the
Everest mine. Encouragingly all other operations increased annual production by
49,463 PGM ounces (13%) compared to FY 2008.
The Group`s existing operations are expected to continue to increase production
in FY2010 following conclusion of the Ridge Mining acquisition. Ridge Mining`s
Blue Ridge mine is expected to commence contributing towards group production
from Q1 in this current financial year. Blue Ridge is expected to contribute
approximately 125,000 PGM ounces (Aquarius` share 62,500 PGM ounces) once steady
state production is reached.
Corporate expenses at $9.9 million were slightly lower compared to the previous
year.
On mine cash costs at $291.6 million reflects an increase in average group
attributable unit costs to R5,474 per PGM ounce or $606 per PGM ounce compared
to $622 per PGM ounce in the previous year. This amount includes $9.5 million
of costs relating to the suspension of operations at Everest and the ongoing
care and maintenance costs since suspension. Amortisation and depreciation was
lower at $43 million from $49 million in line with lower production for the
year.
Refinancing Activities
During the quarter Aquarius concluded its capital base restructuring 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; and
$78.0 million (R650 million) from a convertible bond issue of 65,000 bonds of
R10,000 par value.
Details of the capital raising include:
Rights Issue and 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). 97.2% of the rights issue was
taken up by existing shareholders with the balance placed on market.
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.
Fair value movement in embedded derivative component of convertible bond
As the convertible bond was issued in Rand but the functional currency of
Aquarius is US dollars, the convertible note represents a financial liability.
The embedded derivative portion of this convertible note is required to be
measured at fair value with any movement recognised through the income
statement. The derivative was fair valued at 30 June resulting in an income
statement gain of $3.9 million.
Repayment of Bridge Facility
AQPSA fully repaid the Bridge Loan Facility of R1.577 billion ($177 million)
during the year utilising funds borrowed from AQP, those funds being part of the
raising described above.
Cash Balances
Group cash balance at 30 June 2009 was $153.6 million. Cash movements during
the 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 adversely impact cash
flow.
Aquarius utilised funds received from the capital raising and convertible bond
to reduce group debt by paying out the RMB bridge facility in May 2009. As a
result, the group`s balance sheet is significantly stronger; group debt
comprises $8 million of mainly bank interest bearing debt at Mimosa and $76
million of convertible bonds issued.
Major items greater than $10 million (other than mine operations) that impacted
on cash flow are detailed below:
Group cash reserves at year end totalled $153.6 million and were held in the
following entities:
AQP $112.8m
ACS(SA) (100%) $8.9m
AQPSA (100%) $29.5m
Mimosa Investments (50%) $2.3m
Total $153.6m
Group Debt
Group interest bearing debt (excluding pipeline advances from smelters and the
Convertible Note) reduced to $8 million following the repayment of the RMB
bridge facility in May 2009.
Convertible notes: $76 million
65,000 Bonds with a denomination of R10,000 per Bond. The bonds bear interest
from (and including) the Issue Date at the rate which is the aggregate for each
Interest Period of 3-month JIBAR plus a margin of 3% (three percent) per annum.
Interest on the Convertible Bonds will be compounded quarterly in arrear and be
paid semi-annually in arrears on 30 October and 30 April in each year commencing
on 30 October 2009.
Bank debt
$6 million short term loan at Mimosa.
Acquisition of Ridge Mining plc
Following overwhelming support by Ridge Shareholders on 6 July 2009 who voted in
favour of the acquisition of Ridge by Aquarius by means of a scheme of
arrangement, the Scheme was sanctioned on 30 July 2009 by the UK Courts. Ridge
Mining is now 100% owned by Aquarius Platinum Limited.
Subsequent to year end, Aquarius` South African management team has commenced
the integration of the Ridge assets into the Aquarius stable and has earmarked a
multi-functional team to manage this process to ensure a smooth transition.
Ridge`s operating mine, Blue Ridge Mine (50% attributable), which is currently
in ramp-up mode should commence contributing to the Aquarius group`s production
profile immediately. At the completion of the ramp up-phase, the Blue Ridge
Mine is expected to produce approximately 125,000 PGM 4E ounces per annum.
Rand US Dollar Exchange Rate
The Rand strengthened marginally against the US Dollar year-on-year from 7.83 to
7.76; however, there was considerable volatility in the rate during the year,
with the Rand averaging 9.03 over the year, characterised by a weak currency in
the first-half and a stronger currency in the second-half.
Platinum Group Metal Prices ($ per ounce)
PGM prices in US Dollar terms fell significantly during the first half,
recovering modestly in the second half. Platinum closed the year 43% lower at
$1,183 though still considerably higher than the low of $783 reached in October
2008, palladium 46% lower at $245 per ounce, rhodium 85% lower at $1,450 per
ounce with only gold bucking the trend, up 2% to close at $940 per ounce.
Encouragingly, PGM prices have continued to recover into the new financial year.
The South African and Zimbabwean PGM basket prices consequently saw significant
decreases, averaging 41% lower for the year at US$1,044 per 4PGE ounce for the
group. In South Africa the average achieved basket price was US$1,071 per ounce
and in Zimbabwe $931 per 4PGE ounce.
Production
The chart below illustrates the annual production profile. While production
increased at all mining operations, production decreased in 2009 from 500,203 to
455,675 PGM 4E ounces due to temporary suspension of operations at Everest.
This is an equivalent year-on-year increase in annual production of 13%
excluding production from Everest (due to temporary suspension) and Platinum
Mile (due to only four months contribution in FY 2008).
Production of PGMs attributable to shareholders of Aquarius was 455,675 PGM
ounces. The tables below compare production by operation and attributable to
Aquarius over the four quarters and year-on-year.
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 100%)
P&SA1 at Kroondal
Safety
The 12-month rolling average DIIR for the year deteriorated to 0.74 from 0.49 in
the previous year. Management measures and safety management systems have been
implemented and improvements were realised toward the latter part of the
financial year.
Production
Underground production increased 5% year-on-year to 6,488,064 tons and open-pit
production ceased during the year in-line with plan providing only 3,360 tons,
resulting in a total 2% increase in tons to 6,491,424 tons. The average head
grade over the year was marginally lower at 2.57 g/t. Recoveries increased by
3% to 79%. Total PGM production for the year increased 8% to 422,078 PGM ounces
(Aquarius attributable: 211,039 ounces).
Revenue
The average achieved PGM basket price for the year decreased 45% to $1,044 per
PGM ounce. The cash margin for the year fell 77% to 15%.
Operating Costs
Cash cost per ROM ton increased by 23% to R337 per ton. Consequently, cash
costs per PGM ounce, increased 22% to R5,174 per PGM ounce.
P&SA2 at Marikana Platinum Mine
Safety
The 12-month rolling average DIIR for the year deteriorated to 0.91 from 0.54 in
the previous year. Management measures and safety management systems have been
implemented and improvements were realised toward the latter part of the
financial year.
Production
Total tonnes produced increased 27% to 2,638,871, comprising a 28% increase to
1,404,168 tons from underground operations and a 28% increase to 1,234,702 from
open pit operations. The ratio of production over the year continued to shift
favourably towards underground material which represented 57% of the total
production mix in the final quarter. The average head grade reduced to 2.84 g/t
compared to 2.89 g/t in the previous year. Recoveries, however, increased 5% to
67%. Total PGM production increased 26% year-on-year to 157,937 PGM ounces
(Aquarius attributable: 78,969 PGM ounces).
Revenue
The average realised PGM basket price for the year decreased 43% to $1,035 per
PGM ounce. This resulted in a 41% decrease in mine revenue to R0.96 billion for
the year (Aquarius share: R480 million). The cash margin for the year fell to -
10%, compared to 42% in 2008.
Operating Costs
Cash cost per ROM ton decreased by 9% to R408. Consequently, cash costs per PGM
ounce, decreased 12% to R6,677 per ounce.
Everest Platinum Mine
In December 2008 Aquarius announced the temporary suspension of the Everest Mine
resulting from a subsidence event. An insurance claim was submitted and duly
settled.
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 DIIR for the year improved to 0.10 from 0.18 in the previous year.
Production
Underground operations delivered a 12% increase in production to 2,111,000 PGM
ounces. Tons processed increased 21% to 2,100,000 tons, with the balance going
to the stockpile which totalled 436,000 tons at the end of the financial year,
equal to 1 months mill feed. The average head grade increased 1% to 3.60 g/t.
Recoveries decreased marginally to 74%. PGM production for the year increased
19% to 180,022 ounces (Aquarius attributable: 90,011ounces).
Revenue
The average PGM basket price for the year was 26% lower at $931 per PGM ounce.
Despite higher production, this resulted in a 25% decrease in mine revenue to
US$176 million (Aquarius share: 50%). The cash margin for the year fell to 50%.
Operating Costs
Cash costs per Rom ton increased 10% to $43 per ton. Cash costs per PGM ounce
increased 12% to $501 per PGM ounce due primarily to dollarisation of the
economy. After by-product credits cash costs were $254 PGM ounce.
Wedza Phase 5 Expansion
The Wedza Phase 5.5 Expansion Project was commissioned during the year.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD (Aquarius Platinum 50%)
Chromite Tailings Retreatment Plant (CTRP)
Safety
The Plant recorded a DIIR of 0 for the year.
Production
Tons processed decreased by 10% to 246,617,000. The average head grade fell 44%
to 2.34 g/t for the year compared to 4.2 g/t in the previous year. Recoveries
increased 40% to 38% during the year. Total PGM production, fell 31% to 6,824
PGM ounces (Aquarius attributable: 3,412 ounces).
Revenue
The average PGM basket price for the year was 44% lower at $1,241 per PGM ounce.
Reflecting lower production and basket prices, revenue fell 82% to R28 million
(Aquarius attributable R14 million). The cash margin for the year decreased to
26% from 82%.
CTRP: Operating Costs
Cash costs per ounce for the year increased 13% to R3,003 per PGM ounce.
Platinum Mile (Aquarius Platinum 50%)
Safety
The DIIR was zero for the year. No lost time accidents were recorded.
Production
For the year the operation processed 8,684,000 tons. The average head grade for
the year was 0.67 g/t. Recoveries for the period were 9%. Total PGM
production, for the period was 16,353 PGM ounces (Aquarius attributable: 8,176
ounces)
Revenue
The average PGM basket price for the period was $855 per PGM ounce. Revenue for
the period was R129 million (Aquarius attributable R64.5 million). The cash
margin for the period was 46%.
Platinum Mile: Operating Costs
The average cash cost per ounce for the period was R3,586 per PGM ounce.
CORPORATE
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; and
$78 million (R650 million) from a convertible bond issue of 65,000 bonds of par
value R10,000.
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 Facility of R1.6 billion ($177 million)
during the year 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 was sanctioned by the UK Courts on 30 July 2009. Ridge
Mining is now 100% owned by Aquarius Platinum Limited.
Subsequent to year end, Aquarius` South African management team has commenced
the integration of the Ridge assets into the Aquarius stable and has earmarked a
multi-functional team to manage this process to ensure a smooth transition.
Ridge`s operating mine, Blue Ridge Mine, which is currently in ramp-up mode,
should commence contributing to the Aquarius group`s production profile
immediately. At the completion of the ramp up-phase, the Blue Ridge Mine is
expected to produce approximately 125,000 4EPGM ounces per annum, of which fifty
per cent of the production will be attributable to Aquarius.
Dispute
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.
Statements by Sylvania in the financial press as recently as 11 August 2009 that
AQPSA is "trying to get out of the Agreement" are misleading as the dispute with
Sylvania centres around non - compliance with the Agreement by Sylvania and
AQPSA is keeping to the terms of the Agreement. AQPSA has informed Sylvania that
AQPSA will not tolerate unlawful interference by Sylvania in AQPSA`s Everest
North Project within the context of the Agreement and AQPSA has reserved its
rights in this regard. AQPSA will defend any legal action instituted by Sylvania
and AQPSA disregards the statements by Sylvania in the financial press that
AQPSA is "putting" itself "at tremendous legal risk".
AQPSA Appointments
Aquarius announced the appointment of Hugo Holl as the Managing Director of
AQPSA on 24 October 2008. Mr Holl was previously the Group Manager for
Projects, and Transformation at AQPSA. Further he was the General Manager of
the Everest Mine where he worked from the inception of the mine`s feasibility as
AQPSA Project Manager.
Former Managing Director, Anton Wheeler, has been appointed to the new post as
Operations Director of eastern limb operations, which currently comprise the
Everest and Blue Ridge mines, enabling him to focus his operational skills on
developing these operations to their full potential. In addition, Anton Lubbe
has been appointed as Operations Director of the western limb operations,
comprising Kroondal and Marikana. Mr Lubbe has 28 years of mining experience,
with exposure to gold, platinum, chrome and copper mining.
BEE
On 27 October 2008, Aquarius Platinum announced the completion of the final
phase of its South African BEE transaction with SavCon 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 providing
a modest boost to earnings. Following the take out of other minorities earlier
in the year in Aquarius and AQPSA, Aquarius will also continue to enjoy a 100%
free-float.
More information on all the corporate matters can be found at
www.aquariusplatinum.com
Aquarius Platinum Limited
Incorporated in Bermuda
Exempt company number 26290
Board of Directors
Nicholas Sibley Non-executive Chairman
Stuart Murray Chief Executive Officer
David Dix Non-executive
Timothy Freshwater Non-executive
Edward Haslam Non-executive
Sir William Purves Non-executive
Kofi Morna Non-executive
Zwelakhe Mankazana 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
Abraham van Ghent General Manager: Kroondal
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, noting that the Ridge Mining plc
acquisition completed post year-end resulting in the issue of 34,087,945 shares
to Ridge shareholders.
65,000 Bonds with a denomination of ZAR10,000 per Bond were listed on the JSE
during May under share code AQPB (ISIN Code: ZAE000134540, Abbreviated name:
AquariusCvt on the Main Board of the JSE Limited on 11 May 2009
Trading Information
ISIN number BMG0440M1284
ADR ISIN number US03840M2089
Aquarius Platinum (South Africa) (Proprietary) Ltd
100% Owned (At 30 June 2009)
(Incorporated in the Republic of South Africa)
Registration Number 2000/000341/07
1st Floor, Building 5, Harrowdene Office Park, Western Service Park, Woodmead,
2191 South Africa
Postal Address P O Box 76575, Wendywood, 2144, 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
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
MRC Murray & Roberts Cementation, the principal mining
contractor at Kroondal
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 Red Path Mining South African 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
For further information please contact:
In Australia
Willi Boehm or Anne Cully
+61 (0)8 9367 5211
In South Africa
Stuart Murray or Hugo Holl
+27 (0)11 455 2050
12 August 2009
Sponsor: Investec Bank Limited
Date: 12/08/2009 09:25:24 Produced by the JSE SENS Department.
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