| Tue 26 Jul 2011, 8:08 | | AQP - Aquarius Platinum Limited - Production results to 30 June 2011 |
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AQP
AQP
AQP - Aquarius Platinum Limited - Production results to 30 June 2011
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
Aquarius Platinum Limited- PRODUCTION RESULTS TO 30 JUNE 2011
Highlights
- Attributable production for the fourth quarter increased by 3% year-on-year to
114,260 PGM ounces
- Average PGM Dollar prices deteriorated in the quarter - platinum flat,
palladium down 4% and rhodium down 11%
- The Rand strengthened against the US Dollar by 3% on average quarter-on-
quarter
- Mimosa delivered a record production result for the quarter
- Afarak, Booysendal South and Platinum Mile transactions signed during the
quarter, increasing resource base by c.50%
Please refer to www.aquariusplatinum.com for table
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said:
"The final quarter of the financial year has been exceptionally busy for
Aquarius. On the corporate activity front, we successfully negotiated and signed
three significant transactions during the period, two of which have the effect
of increasing the Aquarius resource base by approximately 50%, and which we
expect to help extend the mine lives of all of Aquarius` South African
operations. The company is now uniquely well placed to benefit from growth into
an improving medium term PGM price environment.
In the short term, however, Rand prices remain low and the operating environment
is challenging. In the face of continuing global economic uncertainty, rising
costs and slower than anticipated growth in demand for PGMs, we decided not to
continue with mining operations and the capital development of the Blue Ridge
mine during the quarter. Fortunately the acquisition of Booysendal South has
provided us with the flexibility to re-allocate that capital to a more
economically and operationally robust project.
Operationally, although we were able to expand attributable quarterly production
compared to the same period a year ago, volumes from our South African
operations fell short of our expectations. At Kroondal and Marikana, delays and
long lead times for the required new drilling rigs meant that we were required
to install our new hangingwall support manually at those mines to meet our
unwavering commitment to safety. This delayed blasts and negatively impacted
production and costs. At Everest, bad ground resulting from a larger than
expected area of oxidised material on the fringes of the ore body had the same
effect. At all three mines, these problems have been dealt with and we are once
more moving towards normal production levels. On a more positive note, Mimosa
delivered record production, and in general Aquarius remains well positioned to
weather the current economic uncertainty and, more importantly, to benefit from
the inevitable medium-term PGM supply shortage and associated price
improvements."
Production by mine
PGMs Quarter ended
(4E)
June 2011 Mar 2011 % June 2010 %
Change Change
Kroondal 89,196 95,731 (7) 108,438 (18)
Marikana 21,411 23,927 (11) 31,889 (33)
Everest 26,954 27,737 (3) 8,496 217
Blue 3,021 6,671 (55) 10,202 (70)
Ridge
Mimosa 55,605 51,255 8 49,709 12
CTRP 685 1,270 (46) 1,303 (47)
Platinum 4,694 10,095 (54) 2,411 95
Mile
Total 201,566 216,686 (7) 212,448 (5)
Production by mine attributable to Aquarius
PGMs Quarter ended
(4E)
June 2011 Mar 2011 % June 2010 %
Change Change
Kroondal 44,598 47,866 (7) 54,219 (18)
Marikana 10,705 11,963 (11) 15,945 (33)
Everest 26,954 27,737 (3) 8,496 217
Blue 1,510 3,336 (55) 5,101 (70)
Ridge
Mimosa 27,803 25,628 8 24,855 12
CTRP 343 635 (46) 652 (47)
Platinum 2,347 5,048 (54) 1,206 95
Mile
Total 114,260 122,213 (7) 110,474 3
Aquarius Group attributable production (PGM ounces) to 30 June 2011
Please refer to www.aquariusplatinum.com for graph
Market Summary
Metals prices
The fourth quarter of the financial year saw both platinum and palladium trade
essentially flat, as the after-effects of the Japanese earthquake and tsunami in
March continued to dampen global auto manufacturing in April and early May,
deferring the recovery in fundamental demand for PGMs. This also had a marked
negative effect on the price of rhodium, which is used almost exclusively in
automotive applications. The broadening European debt crisis and a general
slowing of the global economic recovery have also taken their toll on investor
sentiment and investment demand, with outflows evident from both the platinum
and palladium physically-backed ETFs. While consensus remains that the outlook
for PGM prices in the medium term is exceptionally good, short-term
macroeconomic concerns outweighed this in the quarter under review. The average
platinum price fell by just under 1% and that of palladium fell by 4%. The
average rhodium price fell by 11% despite some support from the launch of the
first physically-backed rhodium ETF during the quarter, and gold rose by 9%,
reflecting the uncertainty in world markets. Platinum closed the quarter down 3%
at $1,722 per ounce, while palladium fell by 1% to $761 per ounce over the same
period. The rhodium price fell 16% to $2,000 per ounce over the quarter and gold
rose 5% to $1,510 per ounce.
Rand-Dollar exchange rate
The average Rand-Dollar exchange rate for the quarter strengthened by 3% from
R7.01 to R6.80 to the US dollar, exhibiting relatively volatile trading
fluctuations within a R7.00 to R6.60 range. The strengthening of the Rand is
consistent with its now well-established inverse relationship to global
macroeconomic health. The Rand closed the quarter up 1% at R6.80 to the Dollar.
Rand basket prices weakened over the quarter in response to lower US Dollar PGM
prices and a stronger Rand. Average PGM basket prices over the quarter weakened
slightly at all operations in US Dollar terms and more markedly in Rand terms.
The US Dollar weighted average group basket price decreased by 2% to $1,480 per
4E PGM ounce compared to the previous quarter, while the weighted average basket
price at the South African operations was $1,508 per PGM ounce. The average
South African basket price was R10,255 per PGM ounce for the period, a 5%
decrease compared to the prior quarter.
Please refer to www.aquariusplatinum.com for graph
Average PGM basket prices achieved at Aquarius operations
US$ per Quarter ended
PGM
ounce
(4E)
Jun-11 Mar-11 % Jun-10 %
Change Change
Kroondal 1,519 1,559 (3) 1,402 8
Marikana 1,523 1,549 (2) 1,407 8
Everest 1,484 1,526 (3) 1,321 12
Blue 1,511 1,548 (2) 1,399 8
Ridge
Mimosa 1,392 1,365 2 1,184 18
CTRP 1,636 1,674 (2) 1,510 8
Platinum 1,487 1,493 (0) 1,300 14
Mile
Weighted 1,480 1,507 (2) 1,347 10
Avg.
Operating Review Summary (all numbers on 100% basis)
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum - 100%)
P&SA 1 at Kroondal (Aquarius Platinum - 50%)
- 12-month rolling average DIIR remained stable at 0.77 per 200,000 man hours
from the previous quarter
- Production increased by 2% to 1,425,000 tonnes
- Head grade deteriorated from 2.64 g/t to 2.46 g/t
- Recoveries deteriorated by 2%
- Volumes processed increased by 2% to 1,436,000 tonnes
- Stockpiles at the end of the quarter totalled approximately 14,000 tonnes
- PGM production decreased by 7% to 89,196 PGM ounces
- Revenue decreased by 17% to R764 million compared to the previous quarter due
to the reduction in PGM ounces, basket price and Rand strength
- Mining cash costs increased by 1% to R452 per tonne, and costs per PGM ounce
by 11% to R7,277
- Kroondal`s cash margin for the period decreased from 31% to 15%
P&SA2 at Marikana (Aquarius Platinum - 50%)
- 12-month rolling average DIIR improved to 0.48 per 200,000 man hours from 0.50
in the previous quarter
- Production decreased by 2% to 403,000 tonnes, all from underground operations
as the open pit has now been depleted
- Head grade decreased by 3% to 2.24 g/t
- Recoveries deteriorated by 3% to 74%
- Volumes processed decreased by 4% to 402,000 tonnes
- PGM production decreased by 11% to 21,411 ounces
- Revenue decreased by 21% to R189 million compared to the previous quarter due
to the reduction in PGM ounces, basket price and Rand strength
- Mining cash costs increased by 3% to R498 per tonne, and costs per PGM ounce
by 11% to R9,355
- Marikana`s cash margin deteriorated from 15% to (6%)
Everest Mine (Aquarius Platinum - 100%)
- 12 month rolling DIIR increased to 0.41 per 200,000 man hours from 0.35 in the
previous quarter
- Production increased by 1% to 365,000 tonnes
- Head grade deteriorated from 2.86 g/t to 2.62 g/t
- Recoveries increased from 84% to 85%
- Volumes processed increased by 5% to 378,000 tonnes
- PGM production decreased by 3% to 26,954 PGM ounces
- Revenue decreased by 17% compared to the previous quarter to R245 million
- Mining cash costs increased by 9% to R580 per tonne, and costs per PGM ounce
increased by 18% to R8,128
- Everest`s cash margin decreased from 35% to 10%
Commentary
Kroondal and Marikana: Mine production was negatively impacted by the
implementation of the new hangingwall support systems, as long lead times and
delayed delivery of new support drilling rigs required manual drilling of
support holes during the quarter. Installation of support was therefore
significantly slower than plan, and interfered with the blasting cycle. At the
same time the mining orientation was shifted to run obliquely to the natural
fracturing in the rock, which reduced the available mining face length as new
faces had to be established, and temporarily impacted head grade. These factors
reduced production and had a commensurate negative effect on unit costs due to
the high fixed cost base. Adjustments have now been made to accommodate slower
support installation until the ordered equipment arrives, and manual drilling of
support will be phased out concurrent with the roll out of mechanised support
rigs. Production is improving in the first quarter of the 2012 financial year,
and management anticipate that production levels will return to normal in the
second quarter.
Everest: Mining during the quarter was scheduled to take place on the shallower
fringes of the Everest orebody, where an oxidised zone of approximately 50m in
depth was anticipated. The actual oxidised layer was significantly thicker
(approximately 75m), and the resulting friable rock and bad ground conditions
negatively impacted mine production, head grade and consequently unit costs
during the quarter. Despite this, good plant stability enabled Everest to
increase recoveries slightly, despite the oxidised material being treated.
Adjustments have been made to the mining method in the area of oxidisation and
management anticipate that production levels will return to normal in the next
quarter.
AQPSA Operating costs per ounce
4E 6E 6E net of by-
products
(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu)
Kroondal 7,277 5,941 5,798
Marikana 9,355 7,649 7,425
Everest 8,128 6,791 6,563
Capital expenditure
Ongoing capital expenditure has returned to normal operating levels but project
capital increased this quarter with the start of sinking operations at K6 shaft.
Kroondal Marikana Everest
(R`000 unless Total Per Total Per 4E Total Per 4E
otherwise stated) 4E oz oz oz
Ongoing 56,414 632 22,380 1,045 38,714 1,436
Infrastructure
Establishment
Project Capital 57,337 643 3,224 151 3,588 133
Mobile Equipment 18,552 208 6,042 282 21,948 814
Total 132,304 1,483 31,646 1,478 64,250 2,384
RIDGE MINING LIMITED (Aquarius Platinum - 50%)
Blue Ridge Platinum Mine
- 12-month rolling average DIIR improved to 1.91 per 200,000 man hours
- Mine ceased operations during the quarter
Commentary
Blue Ridge: As disclosed separately during the quarter, the Blue Ridge mine
ceased mining operations and further mine development as a result of the
continuing low Rand PGM price environment. Discussions continue with the lenders
to the mine on a suitable resolution to its debt situation. Aquarius is a
significant creditor of the Blue Ridge mine and has extended no corporate
guarantees to the other providers of third party debt to the mine.
MIMOSA INVESTMENTS (Aquarius Platinum - 50%)
Mimosa Platinum Mine
- 12-month rolling average DIIR was static at 0.03 per 200,000 man hours from
the previous quarter achievement, with zero lost-time injuries recorded
- Production increased by 3% to 595,967 tonnes
- Head grade improved by 1% to 3.63g/t
- Recoveries increased slightly
- Volumes processed increased by 7% to 606,815 tonnes
- Stockpiles at the end of the quarter totalled approximately 147,631 tonnes
- PGM production increased by 8% to 55,605 PGM ounces
- Revenue increased by 4% to $99.4 million due to high sales volumes achieved
during the quarter under review.
- Mining cash costs increased by 12% to $73 per tonne, and costs per PGM ounce
by 10% to $800
- Stay-in-business capital expenditure was $130 per PGM ounce for the quarter
- Mimosa`s cash margin for the period fell from 58% to 55%
Commentary
Mimosa: The mine achieved record production levels during the quarter under
review, through higher production and improved head grade and recoveries. Cost
increases during the quarter were attributable to deteriorating ground
conditions which necessitated the deployment of additional LHDs and drilling
rigs in order to maintain production levels, making it a challenge to maintain
mining costs within budgeted levels. This also put further pressure on mobile
equipment costs. Sales-related costs such as royalties, commission and technical
fees were also above budget, in line with higher sales revenue.
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 800 757 332
Indigenisation and Economic Empowerment
In line with the requirements of General Notice number 114 of 2011, the
Indigenization Plan for Mimosa was submitted on 9 May 2011. There have been no
further developments to date, and discussions on this issue remain in progress
in an effort to find a suitable way forward.
TAILINGS OPERATIONS
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%)
- Material processed increased 19% to 31,000 tonnes
- Head grade decreased to 2.90 g/t
- Recoveries decreased by 51% to 24%
- Production decreased to 685 PGM ounces
- Cash costs increased by 62% to R12,572 per PGM ounce
- Revenue was R3 million for the quarter
- The cash margin for the period was (173%), a decrease from 9% in the previous
quarter
Platinum Mile (Aquarius Platinum - 50%)
- Material processed decreased 9% to 991 million tonnes
- Head grade fell to 0.65 g/t
- Recoveries decreased by 35% to 22%
- Production decreased to 4,694 PGM ounces
- Cash costs increased by 47% to R5,521 per PGM ounce
- Revenue was R38 million for the quarter
- The cash margin for the period was 31%, an decrease from 60% in the previous
quarter
Commentary
CTRP: Dump material was secured during the quarter because of diminishing
tailings supply from external providers. It was necessary to modify the plant to
accept this type of material. A scrubber was consequently installed and
commissioning will be completed at the end of July 2011. As a result throughput
volumes were low and erratic for the period, resulting in poor recoveries.
Platinum Mile: Production volumes and recoveries at PlatMile are highly
sensitive to the grade of feed material treated at the plant. The current
quarter saw a 20% decrease in the plant feed grade, resulting in the ounces
produced declining by 46%.
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 12,572 10,372 10,165
Platinum 5,521 4,760 4,018
Mile
Statistical Information: Kroondal P&SA1
Please refer to www.aquariusplatinum.com for table
Statistical Information: Marikana P&SA2
Please refer to www.aquariusplatinum.com for table
Statistical Information: Everest
Please refer to www.aquariusplatinum.com for table
Statistical Information: Blue Ridge
Please refer to www.aquariusplatinum.com for table
Statistical Information: Mimosa
Please refer to www.aquariusplatinum.com for table
Statistical Information: Chrome Tailings Retreatment Plant
Please refer to www.aquariusplatinum.com for table
Statistical Information: Platinum Mile
Please refer to www.aquariusplatinum.com for table
CORPORATE MATTERS
Acquisition of Afarak Platinum (Pty) Ltd
Aquarius announced the acquisition of Afarak Platinum on 13 April 2011. Aquarius
and Watervale (Pty) Ltd, a BEE entity in which Aquarius has a minority interest,
together paid US$109.7 million for Afarak Platinum, which owns 100% of the
Hoedspruit PGM property near Rustenburg in South Africa, close to Aquarius`
Kroondal and Marikana operations. Through this transaction, Aquarius also has
the right to spend US$15 million on exploration at the Kruidfontein PGM property
in the northern part of the Western Limb, in order to earn a 50% stake in that
property. The purchase price was settled by means of US$70.2 million of cash and
the remainder in Aquarius shares. This transaction has closed.
Acquisition of Booysendal South
Aquarius announced the acquisition of Booysendal South from Northam Platinum
Limited on 4 May 2011. Aquarius will pay Northam R1,200 million (c.US$180
million) in cash for the Booysendal South PGM property, which is contiguous with
Aquarius` Everest mine and will be exploited using the existing Everest
infrastructure. Aquarius plans to spend capital of approximately R850 million
(c.US$120 million) to integrate Booysendal South into its Everest operation,
expanding production there by 25% by 2017 and increasing its mine life by
approximately 30 years. This transaction is subject to a lengthy regulatory
approvals process and is expected to close in the second half of 2012.
Acquisition of a further stake in Platinum Mile Resources (Pty) Ltd
Aquarius announced the acquisition of a further 41.7% stake in PlatMile from
Mvelaphanda Holdings Limited and PlatMile management on 1 June 2011, bringing
Aquarius` holding in PlatMile to 91.7%. Aquarius will pay the vendors R115.5
million (c.US$17 million) in cash. Aquarius will use PlatMile as an important
part of an expanded tailings retreatment arm which could become an important
source of low cost PGM ounces in an environment of increasing mining costs. This
transaction is subject to certain conditions precedent, and is expected to close
in the next quarter.
Blue Ridge mine ceases operations
As announced on 1 June 2011 and stated earlier in this report, the Blue Ridge
mine ceased mining operations and further mine development during the quarter,
largely as a result of the continuing low Rand PGM price environment.
Discussions continue with the lenders to the mine on a suitable resolution to
its debt situation. Aquarius is a significant creditor of the Blue Ridge mine
and has extended no corporate guarantees to the other providers of third party
debt to the mine.
Zimbabwean Indigenisation
As stated elsewhere in this report, the Mimosa mine submitted its Indigenization
Plan on 9 May 2011, in line with the requirements of the Zimbabwean government`s
General Notice number 114 of 2011. There has been no formal acknowledgement of
this submission, and no further developments to date. The market will be kept
informed if this changes.
More information on all 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
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: Kroondal
Jenkins Kroon Acting General Manager: Marikana
Augustine Simbanegavi General Manager: Everest
Anthony Joubert General Manager: Blue Ridge
Jan Hattingh General Manager: Engineering
Radesh Sukhdeo General Manager: Process & Environmental
Dave Starley General Manager: Projects
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 June 2011, the Company had in issue: 470,167,206 fully paid common shares
and 265,372 unlisted options.
Substantial Shareholders 30 June Number of Percentage
2011 Shares
Savannah Consortium 63,254,371 13.45
JP Morgan Nominees Australia 43,452,853 9.24
Limited
HSBC Custody Nominees 40,774,456 8.67
(Australia) Limited
National Nominees Limited 33,487,706 7.12
Savannah Consortium 63,254,371 13.45
Main Australian Securities Trading Information
Listing: Exchange (AQP.AX)
Secondary London Stock Exchange ISIN number
Listing: (AQP.L) BMG0440M1284
Secondary JSE Limited (AQP.ZA) ADR ISIN number
Listing: US03840M2089
Convertible Bond ISIN
number XS0470482067
Broker (LSE) (Joint) Broker (ASX) Sponsor (JSE)
Liberum Capital Euroz Securities Rand Merchant Bank
Limited Level 18 Alluvion (A division of
City Point, 1 58 Mounts Bay Road, FirstRand Bank
Ropemaker Street, Perth WA 6000 Limited)
London, EC2Y 9HT Telephone: +61 (0) 1 Merchant Place
Telephone: +44 (0) 8 9488 1400 Cnr of Rivonia Rd
20 3100 2000 and Fredman Drive,
Bank of America Sandton 2146
Merrill Lynch Johannesburg South
2 King Edward St Africa
London, EC1A 1HQ
Telephone: +44 (0)20
7628 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
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26/07/2011 08:08:55 Produced by the JSE SENS Department.
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