| Tue 31 Jan 2012, 9:01 | | AQP - Aquarius Platinum Limited - Production results to 31 December 2011 |
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AQP
AQP
AQP - Aquarius Platinum Limited - Production results to 31 December 2011
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
AQUARIUS PLATINUM LIMITED - PRODUCTION RESULTS TO 31 DECEMBER 2011
Highlights
- Attributable production for the second quarter decreased by 4% quarter-
on-quarter to 105,629 PGM ounces
- Significant increase in the number of Section 54 safety stoppages
negatively impacting production - an industry-wide phenomenon
- Average PGM Dollar prices deteriorated in the quarter - platinum and
palladium fell 14% and 17% respectively while rhodium fell 16%
- The Rand weakened against the US Dollar by 13% on average quarter-on-
quarter, but was flat over the current quarter
Q2 2012 Operating Results Summary
Kroond Marika Everes Mimosa CTRP Plat.
al na t * Mile
4E PGM
Production
Total (100% 86,796 28,809 18,712 50,456 1,117 3,328
basis)
Attributable 43,398 14,404 18,712 25,228 559 3,328
4E Basket
Price
R/oz 10,217 10,337 10,193 - 10,498 9,785
$/oz 1,262 1,277 1,259 1,303 1,296 1,208
Cash Costs
(4E basis)
R/oz 8,410 9,530 10,971 - 11,120 6,335
$/oz 1,039 1,177 1,355 739 1,373 782
Cash Margin -14 -24 -46 49 (80) 8
(%)
Stay-in-
Business
Capex
R/oz 1,097 1,060 850 - 147 -
$/oz 135 131 105 329 18 -
* Everest is in ramp-up phase
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said:
"The December quarter of 2011 was a most challenging one, both for AQPSA and,
it seems, the entire platinum industry, which continues to be attacked from
many angles. The period saw the tail-end of our recent operational challenges
and was exacerbated by deteriorating economic conditions, increased Section
54 stoppages across the Rustenburg district and continued underperformance by
the lead mining contractor. This last factor has caused AQPSA to begin a
review of this contractual relationship as the current cost-reimbursable
model is untenable in the current environment. The prior issues relating to
the implementation of the new hangingwall support methodology at Kroondal and
Marikana were largely resolved during the quarter, but production nonetheless
remained below capacity due to the widespread (and sometimes unjustified)
application of Section 54 safety stoppages. This issue is making the South
African mining industry a difficult place in which to operate and whilst zero-
harm is laudable, there must be practical implementation of the law. Not only
has the incidence of these stoppages risen markedly, in many cases the time
now taken by the regional department to resolve these stoppages has risen
from some 2 days to a week or sometimes more. Production at Everest was also
negatively impacted by a protected two-week strike by employees of the
contractor. The mine is now also under an optimisation study as a result of
near-term poor ground conditions, lower prices and the significant delays in
permitting the open-cast reserves. In Zimbabwe, Mimosa`s operations continued
apace, with production broadly flat, but negative regulatory impositions
continue to escalate there. All these relentless challenges make it clear
that some of the stakeholders in both countries in which we operate simply do
not grasp the fact that there are only 100 cents in the Rand and 100 pennies
in the Dollar. There is simply no more to be taken before the operations are
threatened. (continued overleaf)
The challenges facing the region`s platinum industry at present should not be
underestimated. PGM margins are now low in both Rand and Dollar terms, and
oversupply (relative to real consumption) coupled with a poor economic
outlook is likely to ensure that this remains the case, at least in the short
term. Cost and regulatory pressures also continue unabated. In this
environment, it is the companies that are willing to plan for low margins to
preserve cash that will fare best. Aquarius remains well-placed in this
regard. We have operational flexibility, lower capital expenditure
requirements, and a willingness to adjust both strategy and production
volumes to the dictates of the prevailing economic and political conditions,
and not to the holy grail of production at all costs."
Production by mine
PGMs Quarter ended
(4E)
Dec 2011 Sept 2011 % Dec 2010 %
Change Change
Kroondal 86,796 88,908 (2%) 119,444 (27%)
Marikana 28,809 25,993 11% 32,831 (12%)
Everest 18,712 23,074 (19%) 25,144 (26%)
Blue - - - - -
Ridge
Mimosa 50,456 53,798 (6%) 47,023 7%
CTRP 1,117 661 69% 1,451 (23%)
Platinum 3,328 3087 8% 4,121 (19%)
Mile
Total 189,218 195,521 (3%) 230,014 (18%)
Production by mine attributable to Aquarius
PGMs Quarter ended
(4E)
Dec 2011 Sept 2011 % Dec 2010 %
Change Change
Kroondal 43,398 44,454 (2%) 59,722 (27%)
Marikana 14,404 12,996 11% 16,415 (12%)
Everest 18,712 23,074 (19%) 25,144 (26%)
Blue - - - - -
Ridge
Mimosa 25,228 26,899 (6%) 23,512 7%
CTRP 559 331 69% 725 (23%)
Platinum 3,328 2,074 60% 2,061 61%
Mile
Total 105,629 109,828 (4%) 127,579 (17%)
Aquarius Group attributable production (PGM ounces) to 31 December 2011
Please refer to www.aquariusplatinum.com for graph
Market Summary
Metals prices
The Dollar prices of platinum, palladium and rhodium improved over October
and into early November, as fundamental industrial demand continued to
improve slowly, remaining to some extent decoupled from the weak and volatile
financial markets prevailing at the time. Positive US auto sales data and
higher-than-normal imports of platinum into Asia had a tightening effect on
prices over this period. This was short-lived, as the Dollar prices of both
platinum and rhodium fell sharply during late November and December. In the
case of platinum, this was as a result of deteriorating investor sentiment
driven by the ongoing European debt crisis coupled with poor automobile sales
statistics from certain European countries, which manifested in platinum ETF
outflows. The fall in the rhodium price is of more concern, as it is
indicative not only of the surplus in that metal, but also of a slowdown in
demand from auto manufacturers, which suggests that the decoupling of
investor sentiment and fundamental demand is ending. Only palladium held onto
gains throughout the second quarter, less affected by negative European
sentiment and having underperformed the other PGMs earlier in calendar 2011.
The average platinum, palladium and rhodium prices all declined broadly in
line quarter-on-quarter, by 14%, 17% and 16% respectively. Gold fell by 1% on
average, reflecting the continued lack of liquidity and uncertainty in global
markets. In an unprecedented development, the prices of both platinum and
rhodium remained below that of gold throughout the second quarter. Platinum
closed the quarter down 10% at $1,354 per ounce, while palladium rose by 6%
to $630 per ounce over the same period. The rhodium price fell 16% to $1,400
per ounce over the quarter and gold fell 5% to $1,572 per ounce.
PGM prices have improved slightly in January, but oversupply and a poor
macroeconomic outlook are likely to continue to dampen material price
improvements in the short term. In the medium term, structural considerations
within the platinum industry continue to suggest a strong recovery is likely
once markets stabilise.
Rand-Dollar exchange rate
The average Rand-Dollar exchange rate for the quarter weakened by 13% from
R7.15 to R8.10 to the US dollar, as the Rand continued to trade in line with
the currency of South Africa`s largest trading partner, the Euro. The Rand
closed the quarter flat at R8.12 to the Dollar.
The significantly lower average Rand Dollar exchange rate was outweighed by
declining Dollar PGM prices and as a result the Rand basket price
deteriorated slowly over the quarter, falling more steeply in December.
Average PGM basket prices over the quarter weakened at all operations in both
Rand and US Dollar terms. The US Dollar weighted average group basket price
decreased by 12% to $1,272 per 4E PGM ounce compared to the previous quarter,
while the weighted average basket price at the South African operations was
$1,262 per PGM ounce. The average South African basket price was R10,222 per
PGM ounce for the period, a 3% decrease compared to the prior quarter.
Please refer to www.aquariusplatinum.com for graph
Average PGM basket prices achieved at Aquarius operations
US$ per Quarter ended
PGM
ounce
(4E)
Dec 11 Sept 11 % Dec 10 %
Change Change
Kroondal 1,262 1,480 -15% 1,457 -13%
Marikana 1,277 1,488 -14% 1,455 -12%
Everest 1,259 1,460 -14% 1,427 -12%
Blue - - - - -
Ridge
Mimosa 1,303 1,374 -5% 1,207 8%
CTRP 1,296 1,535 -16% 1,559 -17%
Platinum 1,208 1,438 -16% 1,447 -17%
Mile
Weighted 1,272 1,450 -12% 1,405 -9%
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 deteriorated to 0.78 per 200,000 man hours
from 0.63 in the previous quarter
- Production was broadly flat at 1,481,000 tonnes
- 10% fall in planned production due to Section 54 stoppages
- Head grade deteriorated slightly from 2.39 g/t to 2.37 g/t
- Recoveries deteriorated by 1%
- Volumes processed broadly flat at 1,473,000 tonnes
- Stockpiles at the end of the quarter totalled approximately 28,000
tonnes
- PGM production decreased by 2% to 86,796 PGM ounces
- Revenue decreased by 16% to R642 million Q-on-Q due to lower volumes and
a reduction in the basket price which resulted in a negative sales
adjustment of R125 million
- Mining cash costs decreased by 3% to R496 per tonne, and costs per PGM
ounce by 1% to R8,410
- Kroondal`s cash margin for the period decreased from 1% to -14%
P&SA2 at Marikana (Aquarius Platinum - 50%)
- 12-month rolling average DIIR deteriorated to 0.33 per 200,000 man hours
from 0.30 in the previous quarter
- Production increased by 11% to 528,000 tonnes, all from underground
operations
- Head grade increased by 2% to 2.34 g/t
- Recoveries decreased by 3% to73%
- Volumes processed increased by 12% to 524,000 tonnes
- PGM production increased by 11% to 28,809 ounces
- Revenue decreased by 4% to R221 million Q-on-Q despite increased
volumes, due to lower basket prices which resulted in a negative sales
adjustment of R40 million
- Mining cash costs decreased by 7% to R524 per tonne, and costs per PGM
ounce by 6% to R9,530
- Marikana`s cash margin deteriorated from -14% to -24%
Everest Mine (Aquarius Platinum - 100%)
- 12 month rolling DIIR deteriorated to 1.71 per 200,000 man hours from
1.28 in the previous quarter
- Production decreased by 3% to 315,000 tonnes
- Head grade deteriorated from 2.57 g/t to 2.27 g/t
- Recoveries deteriorated to 82%
- Volumes processed decreased by 4% to 315,000 tonnes, with 13 production
days lost due to strike by MRC employees in October
- PGM production decreased by 19% to 18,712 PGM ounces
- Revenue decreased by 34% compared to the previous quarter to R140
million
- Mining cash costs decreased by 5% to R652 per tonne, and costs per PGM
ounce increased by 12% to R10,972
- Everest`s cash margin decreased from -6% to -46%
Commentary
Kroondal and Marikana: Delivery has been taken of four mechanised support
drill rigs, and all cable anchors for hangingwall support will now be drilled
on a mechanised basis. Further rigs are on order and their rollout will occur
as they are delivered. The shortage of suitable drill steel also persists,
and as disclosed in the Q1 report, for this reason some shafts at Kroondal
and Marikana have been converted back to the old support methodology, with
significantly improved control technology in place. These measures resulted
in an increase of approximately 18% in daily production, permitting a return
to production at capacity. However, an elevated incidence of Section 54
safety stoppages issued in the Rustenburg district has negatively affected
production. A dialogue has been established with the new Principal Inspector
of the region in an attempt to find a practical solution to this issue in
order to maximise safety while minimising disruption to operations and the
associated negative economic effects. Kroondal would have run at full
capacity in December if not for Section 54 stoppages.
At Marikana, 4 Shaft is running at capacity, while both the M5 project and
the Siphumelele shaft are increasing production in line with their
development schedules. The latter two shafts remain in ramp-up phase, and as
a result at current Rand basket prices they are loss-making.
Everest: As disclosed at the time, industrial action occurred at Everest in
October as a result of the unwillingness by the mining contractor at the mine
to recognise the AMCU trade union. This strike cost Everest 13 production
days, equivalent to approximately 18% of quarterly production. AMCU has now
been recognised in a new structure, and employees at Everest were transferred
to this new structure which is currently in wage negotiations with AMCU.
The eastern side of Everest is within the last 18 months of its life, and is
being replaced by the reserves on the western side. As mining has proceeded
into the shallower extremities of the orebody, the oxidised zone has been
encountered at depth, with the associated poor ground conditions and grade
reductions. Given this development, it was anticipated that underground
production could be slowed, and supplemented by a targeted 3,000 4E ounces
per month of production from the Hoogland opencast pit. However,
notwithstanding the fact that the application for converting the exploration
right at Hoogland into a mining authorisation was submitted in May 2011, it
has yet to be approved by the DMR, a delay occasioned by, among other things,
a jurisdictional dispute between the regional offices of Mphumalanga and
Limpopo.
The failure by the DMR to grant the Hoogland mining authorisation coupled
with ongoing underperformance by the mining contractor and continued
industrial relations difficulties has prompted Aquarius to embark on a
strategic review of the Everest operation. In the interim, given these
operational challenges and the currently prevailing low Rand PGM prices, and
while we wait for the Section 102 consent relating to the Buttonshope
(Booysendal South) property to be granted, it has been decided to optimise
Everest at a sustainable underground production target of 10,000 4E ounces
per month for the next 12 to 18 months.
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 8,410 6,896 6,775
Marikana 9,530 7,893 7,624
Everest 10,971 9,090 8,858
Capital expenditure
Kroondal Marikana Everest
(R`000 unless Total Per 4E Total Per 4E Total Per 4E
otherwise stated) oz oz oz
Ongoing 41,108 474 30,545 1,060 14,249 762
Infrastructure
Establishment
Project Capital 54,142 624 - - 1,650 88
Mobile Equipment 30,837 355 23,956 832 - -
Total 126,086 1,453 54,501 1,892 15,900 850
The project capital at Kroondal is being incurred on the K6 shaft project,
which is a replacement shaft scheduled for first production in June 2013,
with reef intersection anticipated in June 2012.
The Mobile Equipment Capital is being financed through a lease agreement over
the life of the equipment.
MIMOSA INVESTMENTS (Aquarius Platinum - 50%)
Mimosa Platinum Mine
- 12-month rolling average DIIR improved to 0.25 per 200,000 man hours
- Production decreased by 4% to 577,932 tonnes
- Head grade improved by 1% to 3.65g/t
- Recoveries deteriorated slightly
- Volumes processed decreased by 6% to 555,098 tonnes
- Stockpiles at the end of the quarter totalled approximately 182,017
tonnes
- PGM production decreased by 6% to 50,456 PGM ounces
- Revenue decreased by 8% to US$70 million due to lower metal prices
achieved during the quarter
- Mining cash costs increased by 1% to US$67 per tonne, and costs per PGM
ounce by 1% to $739
- Stay-in-business capital expenditure was $329 per PGM ounce for the
quarter
- Mimosa`s cash margin for the period fell from 50% to 49%
Commentary
The Mimosa mine itself continues to operate well. However, the Zimbabwean
political and regulatory environment becomes ever more challenging for all
mining companies operating in the country. Second quarter production
performance was adversely affected by power outages as well as surface
electrical breakdowns. Installed power generating capacity in Zimbabwe is not
adequate to meet demand. This has been the situation for some time and has
resulted in a situation where local generation is augmented by importing from
Hydro Cabhora Basa (HCB) of Mozambique. Mimosa`s production performance will,
as in the past, largely depend on the Zimbabwe Electricity Supply Authority`s
(ZESA) ability to manage the power situation in the short to medium term. HCB
has threatened to cut off supply to ZESA for non-payment, and discussions are
currently ongoing between the local power utility, HCB and Mimosa management
in order to arrive at a solution to this situation.
Press reports have been circulating in the past month relating to a
potentially significant rise in various fees for the mining industry. These
relate principally to ground rental, mining licensing and mineral export
licensing fees, among others. If implemented as reported, these revised fees
could result in an increase of 50,000 percent compared to the current fee
regime and will have a huge impact on all mining companies. Mimosa might be
faced with an additional multi-million Dollar charge. Discussions are
currently being conducted through the Chamber of Mines with a view to
achieving reduced and sustainable mining fees.
Mimosa has to date operated offshore foreign currency accounts domiciled in
London and Mauritius. The Reserve Bank of Zimbabwe has recently issued a
directive for these accounts to be localised in Zimbabwe as of 1 February
2012. Mimosa will comply with this directive and work closely with its
suppliers and bankers in order to ensure that this development does not have
a negative impact on operations.
As previously disclosed, royalties for gold and platinum have been increased
to 7% and 10% of revenue respectively, as of 1 January 2012. The relevant
authorities are being engaged with a view to taking a holistic approach to
the issue of royalties, taxes and other government related payments such that
a streamlined payment structure is put in place.
As disclosed at the time, a deed of trust establishing the Zvishavane
Community Trust was signed during the quarter, to form an indivisible part of
the full indigenisation plan. Discussions with the Ministry of Indigenisation
will resume in January 2012 to get full acceptance of Mimosa`s indigenisation
proposal, and the official launch of the trust by the President of Zimbabwe
is now expected in early 2012.
Operating cash costs per ounce
Slightly lower production in the second quarter had a resultant negative
impact on unit cash costs.
4E 6E 4E net of by-products
(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu & Co)
Mimosa 739 699 381
Capital Expenditure
The slightly elevated capital expenditure in the second quarter was spent
largely on a conveyor belt extension, the down-dip development, ventilation
walls underground and construction of staff housing.
TAILINGS OPERATIONS
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%)
- Material processed increased 22% to 86,000 tonnes
- Head grade increased to 3.05g/t
- Recoveries increased by 27% to 14%
- Production increased to 1,117 PGM ounces
- Cash costs decreased by 31% to R11,120 per PGM ounce
- Revenue was R7 million for the quarter
- CTRP`s cash margin for the period was (80%), a decrease from (516%) in
the previous quarter
Platinum Mile (Aquarius Platinum - 91.70%)
- Material processed increased 7% to 1,313,000 tonnes
- Head grade decreased to 0.51 g/t
- Recoveries remained constant at 15%
- Production increased to 3,328 PGM ounces, all of which is now
attributable to Aquarius as Platinum Mile is consolidated
- Cash costs decreased by 18% to R6,335 per PGM ounce
- Revenue was R22 million for the quarter
- The cash margin for the period was 8%, a decrease from 22% in the
previous quarter
Commentary
CTRP:
Plant modifications and upgrades were completed in the quarter. Throughput
and recoveries showed a steady increase. It is expected that the operation
will again yield positive margins and operate profitably from the third
quarter of FY2012 onwards.
Platinum Mile:
Volumes, grades and recoveries have remained fairly constant for the quarter.
Lower basket prices have impacted negatively on cash margins. The operation
is running profitably and a feasibility study to evaluate the viability of
pumping Kroondal tailings to be treated at the operation has commenced.
Platinum Mile is now consolidated in the Aquarius accounts, which results in
100% of production being attributable and the generation of a small minority
interest in the group income statement.
Operating cash costs per ounce
4E 6E 4E net of by-products
(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu& Co)
CTRP 11,120 10,291 10,141
Platinum 6,335 5,462 4,850
Mile
Statistical Information: Kroondal P&SA1
Please refer to www.aquariusplatinum.com for the Statistical Information
Statistical Information: Marikana P&SA2
Please refer to www.aquariusplatinum.com for the Statistical Information
Statistical Information: Everest
Please refer to www.aquariusplatinum.com for the Statistical Information
Statistical Information: Mimosa
Please refer to www.aquariusplatinum.com for the Statistical Information
Statistical Information: Chrome Tailings Retreatment Plant
Please refer to www.aquariusplatinum.com for the Statistical Information
Statistical Information: Platinum Mile
Please refer to www.aquariusplatinum.com for the Statistical Information
CORPORATE MATTERS
Premium Listing on the London Stock Exchange
On 28 November, Aquarius completed its transfer of listing category from a
standard listing to a premium listing (commercial company) on the Official
List of the UK Listing Authority.
"Domestic" listing in South Africa
Aquarius is listed on the JSE in South Africa via an "inward-bound dual
listing", a status which has historically signified that Aquarius` shares are
to be treated as foreign assets for the purposes of Exchange Control. This
has imposed limitations on South African institutions and individuals holding
Aquarius shares. In his 2011 Medium Term Budget speech, the South African
Minister of Finance proposed that such shares be henceforth treated as
"domestic" for the purposes of trading on the JSE, and be eligible for index
inclusion. On 12 January 2012, the JSE announced that the shares of all
companies with inward-bound dual listings, including Aquarius, will be
treated as domestic with immediate effect. As a result there are no longer
any restrictions on South Africans holding Aquarius shares, and subject to
free float requirements, Aquarius will be eligible for inclusion in the JSE
equity indices.
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
AQP Management
Jean Nel Executive: Corporate Finance
Gavin Mackay Executive: Business Development & Communications
AQPSA Management
Stuart Murray Executive Chairman
Anton Lubbe Managing Director
Mkhululi Duka Director: Human Resources &
Transformation
Jean Nel Director: Commercial
Helene Nolte Director: Finance
Robert Schroder Director: Projects
Abraham van Ghent Senior General Manager: Operations (Acting as GM:
Kroondal)
Graham Ferreira General Manager: Group Admin & Company Secretary
Wessel Phumo General Manager: Marikana
Augustine Simbanegavi General Manager: Everest
Jan Hattingh General Manager: Engineering
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 31 December 2011, the Company had in issue: 470,312,578 fully paid common
shares and 120,000 unlisted options.
Substantial Shareholders 31 Number of Percentage
December 2011 Shares
Savannah Consortium 61,754,371 13.13
JP Morgan Nominees Australia 45,207,771 9.61
Limited
HSBC Custody Nominees 35,365,053 7.52
(Australia) Limited
National Nominees Limited 35,079,474 7.46
Main Australian Securities Trading Information
Listing: Exchange (AQP.AX)
Secondary London Stock Exchange ISIN number BMG0440M1284
Listing: (AQP.L)
Secondary JSE Limited (AQP.ZA) ADR ISIN number
Listing: 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 FirstRand
Street, London, EC2Y 9HT 58 Mounts Bay Road, Bank Limited)
Telephone: +44 (0) 20 Perth WA 6000 1 Merchant Place
3100 2000 Telephone: +61 (0) 8 Cnr of Rivonia Rd and
Bank of America Merrill 9488 1400 Fredman Drive, Sandton 2146
Lynch Johannesburg South Africa
2 King Edward St
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
Date: 31/01/2012 09:01:14 Produced by the JSE SENS Department.
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