| Tue 26 Oct 2010, 8:01 | | AQP - Aquarius Platinum Limited - First quarter 2011: financial & production |
|
AQP
AQP AQPB
AQP - Aquarius Platinum Limited - First quarter 2011: financial & production
results
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
FIRST QUARTER 2011: FINANCIAL & PRODUCTION RESULTS
Highlights
- Attributable production increased by 12% quarter-on-quarter to 123,392 PGM
ounces, with record quarterly production at Mimosa
- Most average PGM Dollar prices deteriorated through quarter - platinum down
5%, rhodium down 17% while palladium was unchanged
- The Rand strengthened against the Dollar by 3% on average and by 8% over
the quarter
- Costs down or flat in local currency terms compared to the previous quarter
at all operations except Marikana
- On-mine EBITDA for the quarter of $39.2 million
- Net operating cash flow of $39.8 million
- Net profit after tax for the quarter of $42.4 million
- New hangingwall monitoring and support systems in place
- Blue Ridge placed on care and maintenance pending redevelopment plan
implementation
Q1 2011 Operating Results Summary
Kroondal Marikana Everest Blue Mimos CTRP Plat.
* Ridge a Mile
+
4E PGM
Production
Total (100% 110,575 27,756 20,417 8,092 54,13 1,470 3,923
basis) 3
Attributable 55,287 13,878 20,417 4,046 27,06 735 1,962
7
4E Basket
Price
R/oz 9,671 9,666 9,360 9,523 8,042 10,47 9,516
0
$/oz 1,307 1,306 1,265 1.301 1,144 1,426 1,300
Cash Costs
(4E basis)
R/oz 6,037 8,752 8,981 - - 5,504 5,908
$/oz 816 1,183 1,213 - 595 750 807
Cash Margin 28 -1 4 - 57 17 25
Stay-in-
Business
Capex
R/oz 534 2,174 1,069 2,327 - 969 90
$/oz 72 294 144 318 225 132 12
* Everest is in ramp-up
+ Blue Ridge is in the process of being placed on care and maintenance for
redevelopment
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said:
"The first quarter of our 2011 financial year had a tragic start, with the
terrible accident at our Marikana mine in which five men lost their lives. Our
thoughts are with their family, friends and colleagues. This well-publicised
accident set in motion a process which has culminated in the Company researching
and implementing global best practice hangingwall monitoring and support
methodologies, and we continue to champion the universal acceptance of these
improved standards by the DMR and the rest of the South African mining industry.
The remainder of the quarter was a good one, despite a challenging Rand pricing
environment. Our operations performed strongly during the quarter, for the most
part. Everest is ramping up nicely, Rand costs were largely contained, Mimosa
achieved record production and the tailings operations both enjoyed much
improved recoveries. As a result, production is on track to achieve our previous
guidance for FY2011. Progress was also made at Blue Ridge, with a Board decision
to place the mine on care and maintenance for redevelopment, which is now
underway. Continuing Rand strength remains an issue and average Dollar PGM
prices fell over the quarter, but the Company has done well to manage the
aspects of its business that are within its control and I believe the outlook
for the rest of the year is on track for Aquarius."
Production by mine
PGMs (4E) Quarter ended
Dec 2009 March June 2010 Sept 2010
2010
Kroondal 108,254 103,071 108,438 110,575
Marikana 37,160 35,147 31,889 27,756
Everest - - 8,496 20,417
Blue Ridge 18,598 15,338 10,202 8,092
Mimosa 50,079 49,008 49,709 54,133
CTRP 2,087 1,268 1,303 1,470
Platinum Mile 8,539 2,737 2,411 3,923
Total 224,717 206,569 212,448 226,366
Production by mine attributable to Aquarius
PGMs (4E) Quarter ended
Dec 2009 March June 2010 Sept 2010
2010
Kroondal 54,127 51,536 54,219 55,287
Marikana 18,580 17,574 15,945 13,878
Everest - - 8,496 20,417
Blue Ridge 9,299 7,669 5,101 4,046
Mimosa 25,039 24,504 24,855 27,067
CTRP 1,044 634 652 735
Platinum Mile 4,270 1,369 1,206 1,962
Total 112,359 103,286 110,474 123,392
Aquarius Group attributable production (PGM ounces) to 30 September 2010
(Please refer to www.aquariusplatinum.com for the graph)
Metals prices
As a result of the very high US Dollar prices across all PGM metals in April and
May, average prices in the fourth quarter of FY2010 were higher than those in
the quarter under review, with the result that the average platinum price fell
by 5% and that of rhodium fell 17%. Palladium was unchanged while gold rose by
3% on average. Dollar PGM prices remained relatively static during the first
half of the current quarter as the effects of the May correction continued to be
felt, before rising again in September. Platinum closed the quarter up 8% at
$1,662 per ounce, and palladium rose by 28% to $573 per ounce over the same
period. These movements appear to have been driven largely by investment demand,
given seasonally lower jewellery demand and only moderately improved automotive
demand. The Dollar rhodium price, a bellwether of automotive industry health,
declined by 8% to $2,300 per ounce over the quarter. Gold rose 6% to $1,313 per
ounce. Since the end of the quarter under review, platinum has continued to
trade at or above the $1,670 level, and has even approached its April highs.
12-month individual PGM prices to September 2010
(Please refer to www.aquariusplatinum.com for the graph)
Rand-Dollar exchange rate
The average Rand-Dollar exchange rate for the quarter strengthened by 3% from
R7.55 to R7.33 to the US Dollar. Notably, from the end of June the exchange rate
strengthened by 8% to close the quarter at R6.98 to the Dollar. This is below
the psychologically important R7 level, and where it has remained since, driven
by relatively higher South African interest rates which support a strong Rand
carry trade, particularly given the promise of further quantative easing in the
US.
12-month Rand-Dollar exchange rate to September 2010(Please refer to
www.aquariusplatinum.com for the graph)
The strength of the Rand has exacerbated the fall in average Dollar PGM prices.
Average PGM basket prices weakened at all operations in both currencies over the
quarter. The US Dollar weighted average group basket price decreased by 9% to
$1,222 per 4E PGM ounce compared to the previous quarter, while the weighted
average basket price at the South African operations was $1,244 per PGM ounce.
The South African basket price is equivalent to R9,601 per PGM ounce at the
average exchange rate for the period, an 8% decrease compared to the prior
quarter. However, the South African basket price ended the quarter at R9,802 per
PGM ounce, above the quarter average. Rand basket prices have continued to
slowly improve since the end of the quarter, as increased US Dollar metals
prices have begun to just outweigh Rand strength.
Average PGM basket prices achieved at Aquarius operations: US$ per PGM ounce
(4E)
Basket prices (Quarter ended)
Dec 2009 March June 2010 Sept 2010
2010
Kroondal 1,163 1,328 1,402 1,307
Marikana 1,173 1,328 1,407 1,306
Everest - - 1,321 1,265
Blue Ridge 1,138 1,313 1,399 1,301
Mimosa 910 1,074 1,184 1,144
CTRP 1,266 1,456 1,510 1,426
Platinum Mile 1,192 1,308 1,300 1,300
Aquarius Group 1,094 1,267 1,347 1,222
average
12-month PGM basket prices to September 2010 (Dollar and Rand per PGM basket
ounce)
(Please refer to www.aquariusplatinum.com for the graph)
Financial results
Aquarius recorded an improved financial result over the previous corresponding
period (pcp), with a net profit after tax of $42.4 million (9.2 cents per share)
for the quarter. On-mine EBITDA of $39.2 million was 138% higher compared to the
pcp, September 2009. The increase in on-mining earnings was driven by increased
production up 28% on the pcp and up 12% quarter-on-quarter.
EBITDA, Profit & Production Comparison by corresponding quarters
Quarter Quarter Movemen FY2010
ended ended t
Sept. Sept.
2010 2009
EBITDA $39.2M $16.5M $22.7M $145.0M
Net profit (loss) $42.4M $9.5M $32.9M $27.8M
after tax
Revenue $149.5M $85.9M $63.6M $472.2M
PGM ozs production (in 119,346* 89,265* 30,081 393,336*
operation)
Average PGM basket $1,253 $962 $291 $1,199
price per ounce
achieved
* excludes PGM ounces of Blue Ridge production capitalised.
On-mine EBITDA for the quarter of $39.2 million was despite incurring foreign
exchange losses on sales of $13.5 million as a result of the continued strength
of the Rand during the quarter. These foreign exchange losses (at mine level)
were however more than offset by foreign exchange gains recorded by the group on
cash balances (Rand, Australian dollar, Pound Stirling), and the revaluation of
net monetary assets against a weaker US Dollar; resulting in net foreign
exchange gains to the group of $45 million.
Revenue (PGM sales and including interest income of $3.2 million) was up 75% to
$149.5 million from $85.8 million compared to the pcp and up 9% quarter-on-
quarter. Revenue was inclusive of positive sales adjustments of $3.6 million due
to the flow-through of improved PGM prices experienced during the quarter but
was impacted by the continued strength of the Rand against the US Dollar causing
foreign exchange losses on sales of $13.5 million to be recorded. This resulted
in a slightly lower revenue per PGM ounce return of $1,253 per PGM ounce
compared to $1,303 per PGM ounce in the June 2010 quarter.
Quarter ended
Sep `09 Dec `09 Mar `10 June`10 Sep `10
Revenue $82.0m $108.0m $117.9m $131.3m $159.4m
Forex gain/(loss) on sales ($4.4m) ($1.1m) ($1.4m) $4.7m ($13.5m)
PGM sales adjustments $8.2m $13.4m $12.3m $1.3m $3.6m
Total revenue $85.8m $120.3m $128.8m $137.3m $149.5m
Production for the quarter was 28% at 123,392 PGM ounces from 96,500 PGM ounces
in the pcp and was 12% higher quarter-on-quarter. The increase in production was
from the recently recommissioned Everest mine which performed extremely well
producing 20,417 PGM ounces in the quarter whilst still in ramp up phase. This
made up for the lower production from Marikana during the quarter.
Quarter ended
Attributable Sep `09 Dec `09 Mar June`10 Sep
ounces `10 `10
4PGE production 89,265 103,060 95,617 105,373 119,34
Blue Ridge 7,235 9,299 7,669 5,101 6
4,046
Total 96,500 112,359 103,28 110,474 123,39
production 6 2
Total cash cost of production was higher at $107 million due to the increase in
production. On a unit cost basis (PGM ounce), in Rand terms costs were 4.5%
higher quarter-on-quarter and 9.8% higher compared to September 2009. In Dollar
terms, unit costs increased 6% quarter-on-quarter and 17.1% higher compared to
September 2009 due materially to Rand strength against the US Dollar.
Marikana was the only operation that recorded an increase in unit costs in Rand
terms. Unit costs at Mimosa reduced 7%. Operating costs at Blue Ridge will
continue to be capitalised pending completion of the redevelopment of the mine.
Amortisation and depreciation were higher at $13.5 million from $9.2 million in
the pcp, in line with the 28% increase in production.
Administration and other costs at $3.9 million is trending down following
completion of the Group`s finance restructure in the previous financial year.
Finance costs for the quarter of $8.0 million comprised interest expense of $5.4
million for convertible notes, $0.3 million pipeline finance, borrowing costs
$$0.3 million and $1.5 million on the unwinding of the rehab provision.
During the quarter, Aquarius` subsidiary AQPSA agreed a settlement with Moolman
Mining in full and final settlement of all disputes and claims between the
parties. A non-recurring charge of $9 million (representing the difference
between the full settlement amount of $12 million and the amount accrued in
previous periods) has been expensed in the income statement.
Cash
Group cash remained strong at $364 million at the end of the quarter.
Net operating cash flow for the quarter of $39.8 million comprised $125.5
million from sales, $88.1 million paid to suppliers, income tax paid $3.3
million and net finance expenses of $1.6 million. Development and capital
expenditure for the quarter was $45.7 million. During the quarter, the Moolman
dispute was settled for $12 million. Payment of Aquarius` dividend of 4 cents
per share to Aquarius shareholders: $18.5 million was made on the last day of
the quarter.
Group cash at 30 September 2010 was held as follows:
AQP $306 million
AQPSA $23 million
ACS(SA) $3 million
Mimosa $18 million
Ridge Mining $13 million
Platmile $1 million
Total $364 million
Aquarius Platinum Limited
Consolidated Income Statement
Quarter ended 30 September 2010
$`000
Note: Quarter Ended Financial
Year Ended
30/09/10* 30/09/09 30/06/10
*
PGM Production from 119,346 89,265 393,336
operating mines 4,046 7,235 29,309
Blue Ridge 123,392 96,500 422,645
Total production
Revenue (i) 149,511 85,884 472,220
Cost of sales (including (ii) (120,549) (76,443) (352,029)
D&A)
Gross profit 28,962 9,441 120,191
Other income 150 87 1,588
Admin & other operating (iii) (3,984) (6,034) (13,468)
costs
Other FX movements (iv) 45,301 16,410 (4,846)
Fair value movement in (v) - (3,415) 6,084
derivative liability
Finance costs (vi) (8,005) (5,126) (25,750)
Loss on early redemption - - (26,919)
of Convertible Note
Impairment reversals 43 - 301
Settlement of contractor (vii) (9,087) - -
dispute
Transaction and - - 1,248
acquisition costs
associated with Ridge
Mining
Profit before tax 53,380 11,363 58,429
Income tax (10,944) (1,815) (30,656)
benefit/(expense)
Net profit 42,436 9,548 27,773
EPS (basic - cents per 9.2 2.1 6.1
share)
*Unaudited
Notes on the September 2010 Consolidated Income Statement
(i) Revenue increase reflects higher PGM basket price achieved and increased
production
(ii) Cost of sales (cash) per PGM ounce increased 4.5% in Rand quarter-on-
quarter and 10.7% compared to September 2009. In US Dollar terms unit costs
increased 6.0% quarter-quarter and 17.1% compared to September 2009
materially due to Rand strength compared to the US Dollar
(iii)Administration and other costs of $3.9 million are lower following
conclusion of refinance of debt and concluded Ridge acquisition activity in
the previous periods
(iv) Gain is largely attributable to positive revaluation adjustments on
intergroup debt, cash balances held in Rand, Australian dollars and Pound
Stirling, and the revaluation of pipeline debtors following the weakening
of the US Dollar against other currencies
(v) Relates to the movement in the fair value of the derivative component of
R650 million ($78 million) convertible bond issued during May 2009, since
repaid
(vi) Finance costs include group debt $3.0 million, non-cash interest accretion
on the convertible note $2.4 million, pipeline finance $0.3 million,
borrowing costs $0.3 million and unwinding of the rehabilitation provision
$1.5 million.
(vii)Settlement payment of the contractor dispute between Moolman Mining and
AQPSA pursuant to an agreement of settlement signed in August 2010, in full
and final settlement of all disputes and claims between the parties.
Aquarius Platinum Limited
Consolidated Cash flow Statement
Quarter ended 30 September 2010
$`000
Quarter Ended Financia
l Year
Ended
Note: 30/09/1 30/09/09 30/06/10
0* *
Net operating cash (i) 39,790 28,124 112,780
inflow
Net investing cash (ii) (45,754 (44,219) (79,591)
outflow )
Net financing cash (iii) (30,159 48,729 195,898
inflow/(outflow) )
Net increase (36,123 32,634 229,087
(decrease) in cash )
held
Opening cash 381,734 153,600 153,600
balance
Exchange rate 18,273 8,421 (953)
movement on cash
Closing cash 363,884 194,655 381,734
balance
* Unaudited
Notes on the September 2010 Consolidated Cash flow Statement
(i) Net operating cash flow for the September quarter includes $125.5 million
inflow from sales, $88.1 million paid to suppliers, net finance income of
$1.6 million and income tax paid of $3.3 million.
(ii) Includes development and plant and equipment expenditure of $21 million on
AQPSA and Mimosa operations, $24 million capex and opex capitalised on Blue
Ridge.
(iii) Includes proceeds on exercise of unlisted Aquarius staff options $0.5
million, settlement of Moolman dispute $12 million and payment of Aquarius
4 cents per share to Aquarius shareholders: $18.5 million.
Aquarius Platinum Limited
Consolidated Balance Sheet
At 30 September 2010
$`000
Quarter Financial
Ended Year Ended
30 Sept 30 June 2010
2010
Note: $`000 $`000
Assets
Cash assets 363,884 381,734
Current receivables (i) 106,194 96,846
Other current assets (ii) 51,113 49,338
Property, plant and (iii) 298,528 272,117
equipment
Mining assets (iv) 470,553 425,882
Other non-current (vi) 89,041 80,450
assets
Intangibles (v) 79,110 72,833
Total assets 1,458,423 1,379,200
Liabilities
Current liabilities (vii) 111,843 103,906
Non-current payables (viii) 5,068 4,631
Non-current interest- (ix) 241,969 238,289
bearing liabilities
Other non-current (x) 218,258 195,341
liabilities
Total liabilities 577,138 542,167
Net assets 881,285 837,033
Equity
Issued capital 23,162 23,154
Reserves 670,115 649,777
Retained earnings 188,008 164,102
Total Equity 881,285 837,033
* Unaudited
Notes on the September 2010 Consolidated Balance Sheet
(i) Reflects debtors receivable on PGM concentrate sales
(ii) Reflects PGM concentrate inventory, consumables, stores and critical
spares.
(iii)Represents plant and equipment within the Group
(iv) Includes group`s mining assets at Kroondal, Marikana, Mimosa, Everest, Blue
Ridge, CTRP and Platmile
(v) Includes intangibles relating to goodwill and contract value acquired on
acquisition of 50% equity interest in Platinum Mile Resources (Pty) Ltd.
(vi) Includes recoverable portion of rehabilitation provision at P&SA sites of
$13 million, cash contributed to Rehabilitation Trusts of $16 million,
listed investments of $4 million and $28 million owed by the RBZ to Mimosa
relating to the previous requirements to repatriate US Dollar proceeds on
metals sales to the RBZ, Blue Ridge receivable from outside shareholders
$27 million.
(vii) Includes trade creditors of $81.8m, DBSA and IDC bank loans in Blue
Ridge of $24.7m, current tax liabilities of $4.3m and provision for annual
leave $1m.
(viii) Includes rehabilitation obligations on P&SA1 and P&SA2 structures.
(ix) Includes convertible notes of $239.3m, Blue Ridge Standard Bank lease
facility of $1.7m, AQPSA vehicle leases of $0.7m and TKO Land &
Agricultural Bank of SA loan of $0.2m.
(x) Reflects deferred tax liabilities $143 million, provision for closure costs
$75 million.
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 100%)
P&SA 1 at Kroondal
(Please refer to www.aquariusplatinum.com for the graph)
Safety
The 12-month rolling average disabling injury incidence rate (DIIR) for the
quarter deteriorated to 0.78 per 200,000 hours worked from 0.57 in the previous
quarter. 22 lost-time injuries were reported during the quarter, mainly due to a
fire incident at Kopaneng Shaft on 6 July 2010. This incident was commendably
dealt with by all those involved, with safety procedures strictly adhered to,
resulting in the prevention of loss of life or serious injury. It nonetheless
led to an 83% increase in the number of lost-time injuries reported compared
with the previous quarter. Regrettably, on 13 August 2010 a fatal accident
occurred at Kopaneng Shaft when Mr Vasco Macamo was caught between two LHDs on
surface at the start of the shift.
Mining
- Production tonnes for the quarter decreased by 1% to 1,618,699 tonnes
- Head grade improved from 2.61 g/t to 2.62 g/t
Processing
- Tonnes processed increased by 2% to 1,630,559 tonnes
- Recoveries remained stable at 81%
- PGM production increased by 2% to 110,575 PGM ounces
P&SA1 at Kroondal PGM production and Rand cash costs per PGM ounce (100%)
(Please refer to www.aquariusplatinum.com for the graph)
Revenue
Revenue for the quarter decreased by 3% to R922 million (R461 million
attributable) due to the weakening of the basket price for the 4E metals.
The Kroondal US Dollar-denominated basket price deteriorated by 7% compared to
the previous quarter to an average of $1,307 per PGM ounce.
Operations
Following the fatal accident at the Marikana mine, the DMR issued a S9(7)
instruction at both the Kroondal and Marikana mines, as disclosed at the time.
This had a negative impact on production at these mines for the quarter under
review. As disclosed further, the DMR later stated that the instruction had been
misinterpreted by the mining industry, and production was continued on 10m
bords. See the update on the impact of the remedial action taken on hanging wall
support below. Overall tonnes hoisted decreased by 1% to 1,618,699 tonnes for
the quarter.
Overall volumes processed improved by 2% to 1,630,559 tonnes with stockpiles at
the end of the quarter totalling approximately 44,426 tonnes.
Off-reef mining decreased by 18%. Recoveries remained stable at 81% a result of
a more stable metallurgical operating regime.
Kroondal is proud to announce the highest PGM production for the last 4
quarters. PGM production increased by 2% to 110,575 4E PGM ounces (55,2874E PGM
ounces attributable).
Kroondal: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs Attributable
ended to Aquarius
Sep 2010 65,068 32,901 12,057 548 110,575 55,287
Jun 2010 63,803 32,324 11,789 522 108,438 54,219
Mar 2010 60,580 30,729 11,228 534 103,071 51,535
Dec 2009 63,772 32,153 11,808 521 108,254 54,127
Operating cash costs
Mining cash costs increased marginally to R409 per tonne, and costs per PGM
ounce remained stable at R6,037. The average PGM basket price decreased and was
further negatively affected by the strengthening R/$ exchange rate. This reduced
Kroondal`s cash margin for the period from 31% to 28%.
Update on impact of revised hangingwall support strategy
The design of the new regional and systematic hangingwall support systems and
mining layouts have been completed, and the Company is now in a position to
confirm that no material impact on ore extraction percentages will occur. Once-
off capital costs of R42 million will be incurred at Kroondal, and operating
costs will increase by approximately 1.5% after cost mitigation, as a result of
the implementation of these new measures. Several initiatives have been
implemented to reduce these costs and one of them is to appoint Partners in
Performance, a consulting company, to assist with investigating opportunities
for improved efficiencies across the mine.
Kroondal: Operating cash costs per ounce
4E 6E 6E net of by-
(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) products
(Ni&Cu)
Kroondal 6,037 4,938 4,809
Capital expenditure
Capital expenditure for the quarter was R59 million (R534 per PGM ounce). This
was due to ongoing underground infrastructure establishment and start up capital
for the K6 Project.
P&SA2 at Marikana
Safety
The 12-month rolling average DIIR for the quarter deteriorated to 0.76 per
200,000 hours worked from 0.74 in the previous quarter. This was due to the
catastrophic fall of ground (FOG) accident at Marikana 4 Shaft on 6 July 2010,
which has been comprehensively dealt with in previous disclosures. At the time
of the incident there were 8 people inside the relevant panel, 5 of whom were
killed and one seriously injured. The block of rock that fell was located
between two dip orientated low angle joints and a steep dipping strike joint.
The block sheared off approximately 1m from the face and fell out up to the
doublets situated approximately 1.7m above the leader seam.
Mining
- Production tonnes decreased by 2% to 512,972 tonnes, comprising 401,218
tonnes from underground and 111,754 tonnes from open-pit operations.
- Head grade decreased by 8% to 2.48 g/t.
Processing
- Tonnes processed increased by 1% to 508,791 tonnes.
- Recoveries decreased by 6% to 69%.
- PGM production decreased by 13% to 27,756 ounces (13,878 ounces
attributable to Aquarius).
P&SA2 at Marikana PGM production and Rand cash costs per PGM ounce (100%)
Revenue
Revenue at Marikana decreased by 18% to R240 million (R120 million attributable)
compared to the previous quarter due to lower ounce production and a lower
basket price.
The US Dollar-denominated basket price averaged $1,306 per PGM ounce, 7% lower
than the previous quarter.
Operations
Marikana underground production was negatively affected by the Section 54
suspension notice and the memorial service which was held for the 5 employees
who passed away in the tragic FOG accident. 4 Shaft lost more than two weeks of
production due to this stoppage.
Primary development decreased by 12% due to the Section 54 notice at 4 Shaft and
bad ground conditions experienced at 1 Shaft.
The open pit was scheduled to be mined out by the end of this September quarter,
however indications are that the open pit will only be completed by the December
quarter. Only one pit remains (West-West), which has a steeply dipping ore body
which reduces the amount of mining equipment that can be accommodated in the pit
at any one time.
Processed tonnes mirrored the mining tonnes with total volumes processed at
508,791 tonnes, 1% higher than in the previous quarter.
The head grade deteriorated by 8% to 2.48 g/t, due to a high incidence of
potholes which leads to increased off-reef mining due to difficulties stowing
waste underground. At 1 Shaft, the high ratio of development to stoping
contributed to a much lower grade coming out to the plant.
Recoveries were 6% lower at 69%. In the current quarter the manual valves in
the flotation section were replaced with automatic valves. During this period,
lower retention time was experienced in the plant as 3 to 4 rougher cells were
continuously out of the circuit. This resulted in low recoveries. This process
has been completed and recoveries are expected to improve.
PGM production for the quarter decreased by 13% to 27,756 4E PGM ounces (13,878
4E PGM ounces attributable).
Marikana: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs Attributa
ended ble to
Aquarius
Sept 2010 16,544 8,160 2,887 165 27,756 13,878
Jun 2010 19,163 9,114 3,423 190 31,889 15,945
Mar 2010 21,007 10,236 3,698 206 35,147 17,574
Dec 2009 22,838 10,470 3,642 209 37,160 18,580
Operating cash costs
Cash costs increased by 15% to R477 per tonne, while costs per PGM ounce
increased by 33% to R8,752 as a result of low production. Underground costs rose
as it took longer to get to normal production levels after the Section 54
stoppage at 4 Shaft.
1 Shaft at Marikana is being placed on care and maintenance as it is not
sufficiently profitable at current Rand price levels. 1 Shaft accounts for
approximately 10% of attributable production from Marikana; however the
intention is to cease development at this shaft immediately but mine out and
stockpile all remaining available ore. This will result in the production of
some profitable ounces from this shaft before it is placed on care and
maintenance.
Gross revenue decreased by 18% to R240 million as a result of lower ounce
production and a lower basket price.
Update on impact of revised hangingwall support strategy
As at Kroondal, the design of the new regional and systematic hangingwall
support systems and mining layouts have been completed for Marikana, and the
Company is now in a position to confirm that no material impact on ore
extraction percentages will occur. Once off capital costs of R25 million will be
incurred at Marikana, and operating costs will increase by approximately 5%
after cost mitigation, as a result of the implementation of these new measures.
Marikana: Operating cash costs per ounce
4E 6E 6E net of by-
(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) products
(Ni&Cu)
Marikana 8,752 7,195 6,975
Capital expenditure
Stay-in-business capital expenditure totalled R60 million (R2,174 per PGM
ounce), an increase of 26%. Capital costs were mainly incurred for the
establishment of the 5 Shaft project as well as underground infrastructure
establishment.
Contractor dispute with Moolman Mining
The dispute with Moolman Mining was finally settled by agreement between the
parties during the quarter, as disclosed previously. Pursuant to an agreement of
settlement signed on 18 August 2010, AQPSA will pay to Moolman Mining, in full
and final settlement of all disputes and claims between AQPSA, Moolman Mining
and the MD of Moolman Mining, Mr Brian Wilmot, an amount of R87.8 million
(approximately $12 million), representing only work actually done by Moolman
Mining, interest and certain legal costs.
Everest Mine
Safety, Health and Environmental
- No lost time injuries were recorded during the quarter
- The 12 month rolling DIIR for the period was 0.18
Mining
- Production tonnes for the quarter increased by 36% to 256,040 tonnes
- Head grade declined from 3.09 g/t to 2.75 g/t
Processing
- Tonnes processed increased by 100% to 300,000 tonnes
- Recoveries increased from 57% to 77%
- PGM production increased by 140% to 20,417 PGM ounces
Everest PGM production and Rand cash costs per PGM ounce (100%)
(Please refer to www.aquariusplatinum.com for the graph)
Revenue
Revenue at Everest increased by 156% to R191 million all attributable to AQPSA.
The Everest US Dollar-denominated basket price averaged $1,265 per PGM ounce, 4%
lower than the previous quarter.
Operations
The ramp up at Everest is proceeding as planned and the final touches to phase 2
of the re-establishment project were completed during the quarter, with the
underground chairlift being the only remaining work in progress.
The initial remnant open pit was mined out with mine production during the
quarter being predominantly underground. A total of 256,040 tonnes was mined
during the quarter, 36% more than in the previous quarter. Recruitment and
training of new crews for production is in progress in line with the planned
build up. To date all employees who are being recruited are former employees in
line with the retrenchment agreement signed with the unions when operations were
ceased.
The grade reduced for the quarter due to the mining of the pyroxinite hanging
wall between the reef and the shear zone. This area will mined out by the end of
October, when undercutting of the pyroxinite will commence and grades will
return to normal.
Processed tonnes doubled for the quarter to 300,000 tonnes, 100% higher than in
the previous quarter.
Recoveries increased by 35% to 77% as ore from lower in the open pit which was
less oxidised was treated.
PGM production for the quarter increased by 140% to 20,417 4E PGM ounces (100%
attributable).
Update on impact of revised hangingwall support strategy
As at Kroondal and Marikana, the design of the new regional and systematic
hangingwall support systems and mining layouts have been completed for Everest,
and the Company is now in a position to confirm that no material impact on ore
extraction percentages will occur. Once off capital costs of R2.5 million will
be incurred at Everest, and operating costs will increase by approximately 2%
after cost mitigation, as a result of the implementation of these new measures.
Capital Expenditure
Expansion capital expenditure decreased by 59% as work on the re-establishment
project was completed. Work on the valley boxcut continued with the boxcut
excavation now complete and installation of an AMRCO lining now in progress.
On-mine capital projects expenditure amounted to R24.7 million for the quarter,
mainly for the construction of new primary underground belts.
RIDGE MINING LIMITED
Blue Ridge Platinum Mine (Aquarius Platinum - 50%)
Safety
- The 12-month rolling average DIIR for the quarter increased to 2.12 from
1.86 in the previous quarter
- 7 Lost time injuries were reported for the quarter, predominantly related
to materials handling
Mining
- Production from underground operations decreased by 16% to 136,127 tonnes
- Head grade improved to 2.35 g/t
- Production ceased during the quarter in line with the Blue Ridge
redevelopment plan, and the mine is now on care and maintenance and
preparing for the implementation of this plan (known as Scenario 3.5)
Processing
- Tonnes processed decreased by 21% to 141,926 tonnes
- Recoveries decreased from 76% to 74%
- PGM production decreased by 21% to 8,092 ounces (4,046 ounces attributable
to Aquarius)
Revenue
Revenue for the quarter decreased by 23% to R73.9 million (R36.9 million
attributable to Aquarius) as a result of lower PGM production. The achieved mine
basket price for the quarter deteriorated by 7% to an average of $1,301 per PGM
ounce.
Operations
The training and safety awareness program following the 2 fatalities in June was
completed by the end of June, thus rolling over into the first week of the 2011
financial year. As communicated to shareholders, the decision to redevelop the
mine and install infrastructure was taken by the Board during the quarter and
the implementation of the plan has commenced.
The plan entails:
(a) The redeployment of approximately 700 employees, in a process that was
completed by mid October.
(b) Shutting down the plant at the end of September, with all underground
material subsequently produced to be stockpiled, potentially enabling an
earlier restart of the plant than previously envisaged.
(c) Certain of the affected employees have been re-deployed to the MRC services
division and will carry on vamping operations for the duration of the
closure in order to increase the tonnages available when the plant
restarts, with a plan to deliver 7,500 tonnes per month from back areas.
(d) Infrastructure upgrades including:
(i) Second surface belt installation: Due 3rd Quarter FY11
(ii) Permanent piping installation: Due 4th Quarter FY11
(iii)Level Waste Silo: Due 3rd Quarter FY11
(iv) Southern Decline System EMP/Design:Due 4th Quarter FY11
Blue Ridge: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs Attributable
ended
to Aquarius
Sept 10 4,888 2,343 777 84 8,092 4,046
Jun 10 6,144 2,995 963 100 10,202 5,101
Mar 10 9,237 4,499 1,452 150 15,338 7,669
Dec 09 11,201 5,454 1,762 181 18,598 9,299
Operating cash costs
Total operating expenditure during the quarter amounted to R123.7 million.
Operating expenditure continued to be capitalised during the ramp-up phase. The
mine generated a negative operating cash margin (before finance costs) of R50
million for the quarter (on a 100% basis).
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The 12-month rolling average DIIR for the quarter deteriorated to 0.45 from 0.07
achieved in the previous quarter. 1 lost-time injury and, regrettably, 1
fatality were recorded during the quarter, both as a result of a failure to
observe established safety procedures. Mr Innocent Ndlovu, an Acting Machine
Operator, was fatally injured in an explosion when an operating rock drill
intersected a socket containing misfired explosives. Management changes were
made as a result of this accident, which ended a period of 2.7 million fatality-
free shifts for Mimosa.
Mining
- Underground production increased by 16% to 652,734 tonnes
- Head grade increased by 1% to 3.63g/t
- The surface stockpile increased to a total of 130,715 tonnes at the end of
the quarter
Processing
- Concentrator plant recoveries increased to 78% from 76%
- Total mine production increased by 9% to 54,133 PGM ounces (Attributable to
Aquarius: 27,067 PGM ounces), the highest quarterly production figure for
Mimosa ever recorded
Mimosa Mine PGM production and Dollar cash cost per PGM ounce (100%)
(Please refer to www.aquariusplatinum.com for the graph)
Revenue
The average achieved PGM basket price for the quarter decreased by 3% to $1,144
per PGM ounce, while the average achieved nickel price decreased by 12% to $9.13
per pound. Revenue for the quarter increased to $76.2 million, with base metals
accounting for approximately 24% of this. A $2.9 million positive price
adjustment is included in revenue for the quarter.
The cash margin increased to 57% from 54% in the previous quarter, mainly due to
higher sales volume achieved and a lower cost base as a result of improved cost
management.
Operations
Mimosa mining operations hoisted 652,734 tonnes of ore in the current period
compared to 563,976 tonnes in the previous quarter. Volumes milled and processed
totalled 594,135 tonnes, with 58,599 tonnes being transferred to the stockpile.
As a result the surface stockpile totalled 130,715 tonnes at the quarter end.
The average plant head grade was 3.63 g/t, and recoveries increased to 78% from
75.7% in the previous quarter.
As a result of these factors, PGM production increased by 9% to 54,133 4E PGM
ounces (27,067 4E PGM ounces attributable) during the quarter, with base metals
production rising by a similar margin.
Mimosa: PGMs in concentrate produced (ounces)
Quarter Pt Pd Rh Au PGMs Attributable
ended to Aquarius
Sept 2010 27,349 20,829 2,174 3,781 54,133 27,067
Jun 2010 25,264 19,053 1,999 3,393 49,709 24,855
Mar 2010 24,898 18,744 1,972 3,394 49,008 24,504
Dec 2009 25,388 19,237 2,012 3.442 50,079 25,039
Mimosa: Base metals in concentrate produced (tonnes)
Mine production Attributable to Aquarius
Quarter Ni Cu Co Ni Cu Co
ended
Sept 2010 759 618 23 379.5 309 12
Jun 2010 691 565 19 346 283 10
Mar 2010 685 561 19 343 281 10
Dec 2009 695 574 19 348 287 10
Operating cash costs
During the quarter, cash costs decreased by 3% to $54 per ROM tonne, and costs
per PGM ounce decreased by 7% to $595. This was largely as a result of cost
saving initiatives that management is implementing.
Net of by-products, cash costs were $245 per PGM ounce, compared with $265 per
PGM ounce in the previous quarter, primarily due to higher sales volumes of base
metals achieved in the current quarter.
Mimosa operating cash costs per ounce
4E 6E 4E net of by-
(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) products
(Ni, Cu & Co)
Mimosa 595 563 245
Economic and Political Update
The inclusive government continues to function although there are now plans for
elections in 2011. Royalties on precious metals were increased from 3.5% to 4%
of gross revenue during the quarter, to be effective as of 1 October 2010 while
the rate for base metals will remain unchanged at 2% of gross revenue. The
multicurrency regime is expected to continue until 2012. The US dollar and South
African Rand remain the most widely used currencies in the economy.
The draft of the new Income Tax Act which was published in June 2010 for
comments is expected to be finalised before the announcement of the 2011 Fiscal
Budget in November 2010. Consultations from all stakeholders are still ongoing
and are expected to be completed before the fiscal budget presentation. Proposed
changes in the tax regime include restrictions on deductible expenditure for
taxable income, and changing the Special Initial Allowance for mining entities
from 100% in the year of expenditure to 25% over four years. The income tax rate
for all companies including mines will remain at 25%.
Update on Indigenisation
Since the submission of the company`s indigenisation plans and proposals as
required by the Indigenisation Act, no formal response has been received from
the Ministry of Youth Development, Indigenisation and Economic Empowerment.
However, the board of Mimosa has always been supportive of the principle of
localising a part of its business, and a decision in principle to do this was
made prior to the promulgation of the Indigenization and Economic Empowerment
Act. A process has been agreed on by the shareholders of Mimosa to achieve this
objective which may include seeking a listing on the Zimbabwe Stock Exchange.
Further details will be made available once relevant regulatory approvals have
been granted.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
The DIIR remained at 0.
Processing
- Material processed decreased 44% to 42,000 tonnes
- Grade increased to 2.72 g/t
- Recoveries increased by 86% to 40%
- Production increased to 1,470 PGM ounces (735 ounces attributable to
Aquarius)
CTRP PGM production and Rand cash costs per PGM ounce (100%)
(Please refer to www.aquariusplatinum.com for the graph)
Revenue
The achieved mine basket price for the quarter averaged $1,426 per PGM ounce, 6%
lower than the previous period.
Operations
Material processed decreased to 42,000 tonnes for the quarter, at a higher head
grade of 2.72 g/t. Recoveries increased to 40% from 22% in the last quarter.
CTRP: Metal in concentrate produced (PGM ounces)
Quarter ended Pt Pd Rh Au PGMs Attribut
(4E) able to
Aquarius
Sept 2010 903 316 248 3 1,470 735
Jun 2010 800 297 203 3 1,303 652
Mar 2010 777 279 210 3 1,268 634
Dec 2009 1,267 464 353 4 2,087 1,044
Operating costs
Cash costs decreased by 7% to R5,504 per PGM ounce primarily as a result of
lower tonnes processed and better recoveries.
Capital Expenditure
Capital expenditure in the plant over the quarter was approximately R1.4
million.
The cash margin for the period was 17%, a slight decrease from 18% in the
previous quarter.
Operating cash costs per ounce
4E 6E 4E net of by-
(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) products
(Ni, Cu& Co)
CTRP 5,504 3,762 3,654
Platinum Mile (Aquarius Platinum 50%)
Safety
The DIIR was 1.47 for the quarter, as the plant recorded its first-ever lost-
time injury.
Processing
- Tailings processed totalled 1.12 million tonnes compared to 1.20 million
tonnes processed in the previous quarter
- PGM grade was 0.63 g/t, an increase of 11% on the previous quarter
- Production was 3,923 PGM ounces (1,962 PGM ounces attributable to Aquarius)
Platinum Mile PGM production and Rand cash costs per PGM ounce (100%)
(Please refer to www.aquariusplatinum.com for the graph)
Revenue
Revenue increased/decreased to R31 million (R16 million attributable). The
achieved mine basket price for the quarter averaged $1,300 per PGM ounce,
consistent with that of the previous quarter.
Operations
Production levels increased by 63% during the quarter. Recoveries increased to
17%, an increase of 42% on the previous quarter. The head grade of the tailings
processed increased to 0.63g/t from 0.57g/t in the previous quarter.
As a result of the higher head grade of tailings processed, production increased
to 3,923 4E PGM ounces (1,962 4E PGM ounces attributable).
Platinum Mile: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs (4E) Attributable
ended to Aquarius
Sept 2010 2,246 1,221 313 143 3,923 1,962
Jun 2010 1,452 694 192 73 2,411 1,206
Mar 2010 1,601 835 243 58 2,737 1,369
Dec 2009 4,953 2,647 769 170 8,539 4,269
Operating costs
Cash costs were R5,908 per PGM ounce, significantly lower than the R8,473 per
PGM ounce recorded in the previous quarter, as a result of increased production
yields.
Platinum Mile operating cash costs per ounce
4E 6E 4E net of by-
(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) products
(Ni, Cu& Co)
Platinum 5,908 5,093 4,460
Mile
Capital expenditure
Capital expenditure was R667,000 for the quarter.
CORPORATE MATTERS
Update on implementation of new hangingwall monitoring and support methodologies
The design of the new regional and systematic hangingwall support systems and
mining layouts have been completed at AQPSA`s three operating mines, as detailed
in the operating reviews for the individual mines above. The Company is now in a
position to confirm that no material impact on ore extraction percentages will
occur at any of these mines, although once off capital costs and modest
increases in operating costs will be incurred. Several initiatives have been
implemented to reduce these costs and one of them is to appoint Partners in
Performance, a consulting company, to assist with investigating opportunities
for improved efficiencies.
A presentation detailing the comparisons between the previous support systems
and those now in place entitled "Managing Instability in Room and Pillar
Workings" is now available on the Aquarius website, www.aquariusplatinum.com.
More information on all corporate matters can be found at
www.aquariusplatinum.com
Statistical Information: Kroondal P&SA1
(Please refer to www.aquariusplatinum.com for the information)
Statistical Information: Marikana P&SA2
(Please refer to www.aquariusplatinum.com for the information)
Statistical Information: Everest
(Please refer to www.aquariusplatinum.com for the information)
Statistical Information: Blue Ridge
(Please refer to www.aquariusplatinum.com for the information)
Statistical Information: Mimosa
(Please refer to www.aquariusplatinum.com for the information)
Statistical Information: Chrome Tailings Retreatment Plant
(Please refer to www.aquariusplatinum.com for the information)
Statistical Information: Platinum Mile
(Please refer to www.aquariusplatinum.com for the information)
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
Tim Freshwater Non-executive
Edward Haslam Non-executive
Sir William Purves Non-executive (Senior Independent Director)
Kofi Morna Non-executive
Zwelakhe Mankazana Non-executive
Audit/Risk Committee
Sir William Purves (Chairman)
David Dix
Edward Haslam
Kofi Morna
Nicholas Sibley
Remuneration/Succession Planning Committee
Edward Haslam (Chairman)
David Dix
Zwelakhe Mankazana
Nicholas Sibley
Nomination Committee
The full Board comprises the Nomination Committee
Company Secretary
Willi Boehm
Investor Relations
Gavin Mackay Business Development & Communications Executive
AQPSA Management
Stuart Murray Executive Chairman
Anton Lubbe Managing Director
Helene Nolte Director: Finance
Mkhululi Duka Director: Human Capital
Abraham van Ghent Senior General Manager: Operations
Graham Ferreira General Manager: Group Admin & Company Secretary
Wessel Phumo General Manager: Marikana
Gabriel de Wet General Manager: Engineering
Augustine Simbanegavi General Manager: Everest
Anthony Joubert General Manager: Blue Ridge
Mimosa Mine Management
Winston Chitando Managing Director
Herbert Mashanyare Technical Director
Peter Chimboza Resident Director
Fungai Makoni General Manager Finance & Company Secretary
Platinum Mile Management
Richard Atkinson Managing Director
Paul Swart Financial Director
Issued Capital
At 30 September 2010, the Company had in issue: 463,231,008 fully paid common
shares and 462,458 unlisted options.
Substantial Shareholders 30 Number of Percentage
September 2010 Shares
Savannah Consortium 63,254,371 13.66
JP Morgan Nominees Australia 44,152,107 9.53
Limited
HSBC Custody Nominees 38,355.903 8.25
(Australia) Limited
National Nominees Limited 26,529,839 6.13
Chase Nominees Limited 25,729,854 5.01
Trading Information
ISIN number BMG0440M1284
ADR ISIN number US03840M2089
Convertible Bond ISIN number XS0470482067
Broker (LSE) (Joint) Broker (ASX) Sponsor (JSE)
Liberum Capital Limited Euroz Securities Rand Merchant Bank
City Point, 1 Ropemaker Level 18 Alluvion (A division of
Street, London, EC2Y 9HT 58 Mounts Bay Road, FirstRand Bank
Telephone: +44 (0) 20 Perth WA 6000 Limited)
3100 2000 Telephone: +61 (0) 8 9488 1 Merchant Place
Bank of America Merrill 1400 Cnr of Rivonia Rd and
Lynch Fredman Drive, Sandton
2 King Edward St 2146
London, EC1A 1HQ Johannesburg South
Telephone: +44 (0)20 7628 Africa
1000
Aquarius Platinum (South Africa) (Proprietary) Ltd
100% Owned
(Incorporated in the Republic of South Africa)
Registration Number 2000/000341/07
1st Floor, Building 5, Harrowdene Office Park, Western Service Road, Woodmead
2191, South Africa
Postal Address: PO Box 76575, Wendywood, 2144, South Africa.
Telephone: +27 (0)11 656 1140
Facsimile: +27 (0)11 802 0990
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
Gavin Mackay
gavin.mackay@aquariusplatinum.com
+ 44 7909 547 042
Glossary
A$ Australian Dollar
Aquarius or AQP Aquarius Platinum Limited
APS Aquarius Platinum Corporate Services Pty Ltd
AQPSA Aquarius Platinum (South Africa) (Pty) Ltd
ACS(SA) Aquarius Platinum (SA) Corporate Services (Pty) Ltd
BEE Black Economic Empowerment
BRPM Blue Ridge Platinum Mine
CTRP Chrome 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 frequency 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 formerly South African Government Department of
Minerals and Energy
DMR South African Government Department of Mineral
Resources, formerly the DME
Dollar or $ United States Dollar
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 Limited
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
nm Not measured
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
PlatMile Platinum Mile Resources (Pty) Ltd
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
Ridge Ridge Mining Limited
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.
Tonne 1 Metric tonne (1,000kg)
UG2 Reef A PGE-bearing chromite layer within the Critical Zone
of the Bushveld Complex
Sponsor in South Africa
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26/10/2010 08:01:22 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
