| Tue 26 Apr 2005, 11:26 | | Aquarius Platinum Limited - Quarterly Report 31 Ma |
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Aquarius Platinum Limited - Quarterly Report 31 March 2005
Release Date: 26/04/2005 11:05:52 Code(s): AQP
Aquarius Platinum Limited - Quarterly Report 31 March 2005
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration number: EC26290
Share code on JSE: AQP ISIN: BMG0440M1029
Share code on ASX: AQP.AX ISIN: BMG0440M1029
Share code on LSE: AQP.L ISIN: BMG0440M1029
Share code on US Over the counter market: AQPTY ISIN: US03840M2089
(`Aquarius`)
QUARTERLY REPORT 31 MARCH 2005
Aquarius Group
Highlights
Net profit after tax `cash basis` for the quarter - $12.2 million, cumulative
nine months to March 2005 $29.4 million
Accounting profit for the quarter (to IAS) $5.97 million after amortisation and
depreciation of $6.2 million, cumulative nine months to March 2005 accounting
profit $11.98 million after amortisation and depreciation of $17.4 million
Group attributable production up 4% to 78,122 PGM ounces for the quarter
Marikana records positive `cash quarter` as cash costs decrease and concentrator
recoveries improve further to 65%
Enhanced Platinum Sector Regime (EPSR) in Zimbabwe indicates a `win-win
situation`
P&SA plant hot commissioned and first new production in March - 3 months ahead
of schedule
Mr Zwelakhe Sisulu appointed to the Board of Aquarius as a Non-executive
Director
Strategic
Negotiations with owners of mineral rights adjacent to Marikana are progressing
satisfactorily
Investec/ABSA debt balance reduced by a further $17.8 million to R2.5 million
via Cash/debt offset agreement entered into with Investec / ABSA; the term debt
facility remains intact
Operations
Kroondal
Improved safety performance, a record low 12 month rolling DIIR of 0.74
Consistent quarter`s production of 69,051 PGM ounces (Aquarius attributable
production 34,526 PGM ounces); from
K1 concentrator 68,437 PGM ounces; and
New K2 concentrator 614 PGM ounces which commenced production on 21 March 2005
K1 concentrator plant recoveries at 79.1% with mill throughput increased to a
record 890,000 tons
Stockpile increased to 700,000 tons
Marikana
Mine production up by 10% quarter on quarter to a new high of 26,509 PGM ounces
Concentrator recoveries improved 20% from the previous quarter to 65%
On mine cash costs of R3,356 per PGM ounce for the quarter, trending down from
the six months average to December 2004 of R4,699 per PGM ounce
Modest 5% cash margin achieved for the quarter
Consulting group, BECO Future Foresight, involvement in a mutually participative
review to improve performance of Moolmans Mining, the lead mining contractor
Mimosa
Milestone safety performance, achieving 1 million fatality free shifts during
the quarter
Record quarterly production of 33,529 PGM ounces (Aquarius attributable 16,765
PGM ounces)
Concentrator recoveries improve to 77.2%
Cash operating margins remain strong at 58% despite severe local inflationary
pressures
Enhanced Platinum Sector Regime (EPSR) in Zimbabwe indicates a `win-win
situation`
Projects
Pooling and Sharing Agreement
P&SA new concentrator hot commissioned in March 2005, 3 months ahead of schedule
Underground tonnage build-up progressing ahead of plan
P&SA expansion progressing well with 700,000 tons on stockpile
Construction of fourth decline underway with underground mining due to commence
in May 2005.
Chromite Tailings Retreatment Project
First concentrate delivered on 21st January 2005
Production of 644 PGM ounces (Aquarius attributable 322 PGM ounces)
Commissioning issues all in hand
Everest
Commencement of opencast mining at Everest Mine
Construction of plant and underground mining proceeding on schedule and to
budget
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said, `Over
the quarter Aquarius has worked hard to deliver a stronger production profile
across all our operations. The additional ounces from the P&SA expansion are a
welcome boost that will enhance overall production in the final quarter as the
mine ramps up towards full production, and delivers ahead of time more ounces
for longer.`
Aquarius Group
Production by Mine
PGMs (4E) Quarter Ended
Jun Sep Dec Mar
2004 2004 2004 2005
Kroondal 59,830 67,486 71,523 69,051
Marikana 20,220 21,694 24,019 26,509
Mimosa 28,807 30,608 30,386 33,529
CTRP Plant - - - 644
Total 108,857 119,78 125,92 129,733
8 8
Production by Mine attributable to Aquarius
PGMs (4E) Attributable to Quarter Ended
Aquarius
Jun Sep Dec Mar
2004 2004 2004 2005
Kroondal 29,915 33,743 35,761 34,526
Marikana 20,220 21,694 24,019 26,509
Mimosa 14,403 15,304 15,193 16,765
CTRP Plant - - - 322
TOTAL 64,538 70,741 74,973 78,122
Aquarius Mine PGM Production Profile
Total attributable production of PGMs to Aquarius for the March quarter was
78,122 ounces and 223,836 PGM ounces for the nine months to 31 March 2005.
Operating results
Consolidated earnings for the three months to 31 March 2005 were $5.97 million,
bringing earnings for the nine months ended 31 March 2005 to $11.98 million. The
increased earnings achieved in this quarter can be attributed to both an
improved performance at Marikana (albeit modest) which achieved a 5% cash margin
compared to a negative gross cash margin of 30% for the six months to December
2004 and a continued strong performance at both Kroondal and Mimosa.
Cash earnings before depreciation and amortisation were $12.2 million for the
quarter and $29.4 million for the nine months ended 31 March 2005.
Rand Dollar Exchange Rate
Although the average exchange rate of the Rand to the United States Dollar was
slightly stronger during the quarter at R5.90 to $1.00, compared to R6.11 to
$1.00 in the December quarter, the Rand depreciated 11% over the quarter to
March 2005 ending at R6.23 per $. This shift had a positive impact on the
company`s earnings. However, it should be noted that it must not be considered
as a consistent pattern. Revenue for the quarter, net of currency adjustments,
was $54.4 million and $151.2 million for the nine months to March 2005. Currency
adjustments for the quarter added $2.0 million, reflecting effects of adjusting
revenue recorded at time of production to cash received at the end of the
production pipeline at AQPSA. Revenues were also boosted by strong commodity
prices, with platinum and rhodium in particular showing strong price increases.
Base metals, important to Aquarius as by-products also strengthened, with the
average copper and nickel prices increasing 8% and 9% over the quarter.
Gross margins at Kroondal and Mimosa remained strong at 35% and 58%
respectively. Marikana recorded a positive gross margin of 5%, a result of
management`s revised initiatives that have seen a positive cash margin for 4
consecutive months .
On mine cash costs at Kroondal increased to R2,462 per PGM ounce during the
quarter primarily due to a combination of the higher cost of development,
ledging and stoping operations as a result of P&SA requirements and higher costs
of deeper open pit tons.
At Marikana, on mine cash costs of R3,356 per PGM ounce for the quarter were
significantly lower than the cash costs incurred in the six months to December
2004 of R4,699 per PGM ounce. The reduction in cash costs during the March
quarter was due primarily to lower stripping ratios and higher plant recoveries.
Mimosa reported operating costs for the quarter of $372 per PGM ounce or $158
per PGM ounce net of by-product credits. The $30 increase from the December
quarter is due to continued severe inflationary pressures on Zimbabwe Dollar
costs in the local economy.
Depreciation and amortisation for the quarter was $6.2 million, in line with the
previous quarter. During the quarter AQPSA made a further offset deposit against
the existing debt facilities with Investec Bank and ABSA Bank. The debt facility
(which remains available) has a current balance of R2.5 million.
Cash balances at the end of the quarter were $98 million, down $39 million from
December 2004 due to $17.8 million offset deposit towards the Investec / ABSA
debt facility and $18.5 million in capital expenditure on the P&SA and Everest.
Aquarius Platinum Limited
Consolidated Income Statement
Quarter ended 31 March 2005
US$`000
Quarter Nine months Financial
ended * ended * year ended
31/3/05 31/3/05 30/6/04
Note
Revenue (i) 52,146 150,908 194,850
Forex sales adjustments (ii) 2,014 320 (2,975)
Total revenue 54,160 151,228 191,875
Cost of sales (iii) (41,687) (124,774) (125,420)
Gross profit 12,473 26,454 66,455
Amortisation of fair value (1,338) (3,937) (4,951)
uplift of mineral
properties
Gross profit after 11,135 22,517 61,504
amortisation of fair value
uplift
Admin & operating costs (1,100) (4,489) (8,619)
Finance costs (iv) (1,199) (7,384) (10,661)
FX movements (v) (711) 1,683 (3,094)
Profit before tax 8,125 12,327 39,130
Income tax expense (1,895) (782) (5,674)
Profit after tax 6,230 11,545 33,456
Minority interest (vi) (256) 430 (4,752)
Net profit for the period 5,974 11,975 28,704
Earnings per share (basic - 7.22 14.47 35.08
cents)
* Unaudited
Notes on the Consolidated Income Statement
Revenue is up 4% from the previous quarter due to increased production and
higher prices
Reflects effects of adjusting revenue recorded at time of production to cash
received at the end of the four month pipeline
Cost of sales are lower despite 3,000 additional PGM ounces for the quarter due
to decreased costs at Marikana
Finance costs reflect interest expense on reduced Group interest bearing
borrowings
Reflects foreign exchange movements on translation of net monetary assets
Minority interests reflects 49.5% outside equity interest of Impala Platinum
Holdings Limited (Implats) and Savannah Consortium in AQPSA
Aquarius Platinum Limited
Consolidated Cash Flow Statement
Quarter ended 31 March 2005
US$`000
Quarter Nine Financial
ended * months year
ended * ended
31/03/05 31/03/05 30/06/04
Note
Net operating cash inflow (i) 7,810 17,678 54,365
Net investing cash outflow (ii) (18,502) (55,348) (10,380)
Net financing cash inflow (iii) (21,451) 54,994 15,786
Net increase (decrease) in (32,143) 17,324 59,771
cash held
Opening cash balance 136,550 77,942 16,996
Exchange rate movement on (6,700) 2,441 1,175
cash
Closing cash balance (iv) 97,707 97,707 77,942
* Unaudited
Notes on the Consolidated Cash Flow Statement
Net operating cash flow includes $6.2 net inflow from operations and $1.6
million net inflow from finance activities.
Reflects payments for $18.5 million on Kroondal P&SA expansion and Everest
development costs.
Includes debt offset payments of $17.8m and dividends paid of $2.5m
Closing cash comprises cash at bank of $97.7 million.
Aquarius Platinum Limited
Consolidated Balance Sheet
at 31 March 2005
US$`000
Nine months Financial
ended * year ended
Note 31/03/05 30/06/04
Assets
Cash assets (i) 97,707 77,942
Current receivables (ii) 32,826 23,262
Other current assets (iii) 19,848 10,736
Non-current receivables (iv) 3,049 4,627
Mining assets (v) 398,754 356,641
Other non-current assets 462 18
Total Assets 552,646 473,226
Liabilities
Current liabilities (vi) 35,435 41,766
Non-current payables (vii) 159,086 59,600
Non-current interest- (viii) 17,181 62,716
bearing liabilities
Other non-current (ix) 79,014 74,947
liabilities
Total Liabilities 290,716 239,029
Net Assets 261,930 234,197
Equity
Parent entity interest 231,547 224,975
Minority interest 30,383 9,222
Total Equity 261,930 234,197
* Unaudited
Notes on the Consolidated Balance Sheet
Cash balance has reduced from December Quarter `04 by $38.8m largely due to
debt offset payments of $17.8m and capital expenditure on Kroondal P&SA
expansion and Everest mine development of $18.5 million
Reflects debtors receivable on PGM concentrate sales, increase reflects higher
PGM sales
Increase reflects stock pile build up to accommodate the P&SA expansion
Reflects employee share plan loans
Increase in mining assets reflects Mimosa mining assets, Marikana plant,
Kroondal P&SA expansion and the CTRP
Includes tax payable ($9.0 million) and creditors ($26.4 million)
Reflects deferred income from BEE transaction ($10.6 million) and portion of
Implats and Savcon non interest bearing shareholder loans ($148.5 million)
Reflects non-current portion of Investec debt and Savcon interest bearing
shareholder loan
Reflects deferred tax liabilities $56.3 million, provision for closure costs
$22.7 million
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius 50.5%)
Kroondal Platinum Mine
Safety
The 12 month rolling DIIR at Kroondal improved to a record low of 0.74. The
fatal accident that occurred on 20th November 2004 remains under investigation
by inspectors of the Department of Minerals and Energy.
Operations
PGM production for the quarter was 69,051 PGM ounces (and includes 614 PGM
ounces from the new K2 Plant). Production was 2,472 PGM ounces lower than the
previous quarter due to a lower feed grade of the material processed. This
material which was from the stockpile contained more development ore which had a
slightly higher waste content than the current arisings. A record total of
915,000 tons were processed (890,000 tons from K1 and 25,000 from K2) at a
reduced head grade of 3.03g/t compared to 3.15g/t for the previous quarter. K1
concentrator plant recoveries were only marginally down at 79.1% for the quarter
even at this high K1 mill throughput.
The mining operations produced a record 1,240,000 tons for the quarter of which
1,187,000 were hoisted from underground and 53,000 tons mined from the open pit
operations. The increased face length derived as a result of being able to
develop down dip as part of the P&SA project has had a marked positive effect.
Tonnage build-up will increase further as installation of underground
infrastructure is established in conjunction with additional face establishment.
Cash costs per PGM ounce increased by 10% to R2,462 per PGM ounce primarily due
to a combination of higher cost development, ledging and stoping operations as a
result of P&SA requirements and higher costs of deeper open pit tons.. Cash cost
per ROM ton were 2.54% higher than the previous quarter as a result of the
enhanced decline development which is 5 months ahead of schedule. These costs
are forecast to reduce as the ratio of development to stoping reverts to more
normal levels.
The PGM basket price increased to $728 per PGM ounce from $700 in the previous
quarter.
The stockpile on surface increased to 700,000 tons at the close of the quarter.
Development of the fourth shaft commenced during the quarter. The establishment
of the box cut and resulting 33,000 tons of reef generated went into the surface
stockpile.
Kroondal: Metal in concentrate produced (ounces)
Quarter Pt Pd Rh Au PGMs PGMs (4E)
ended (4E) attributabl
e to
Aquarius
Mar-05 41,366 19,971 7,408 306 69,051 34,526
Dec 04 42,659 20,815 7,723 326 71,523 35,761
Sep-04 40,389 19,471 7,285 341 67,486 33,743
Jun-04 35,724 17,343 6,481 282 59,830 29,915
Pooling & Sharing Agreement (P&SA)
The new P&SA concentrator, K2, was hot commissioned in March 2005 and the ramp-
up is progressing well. First concentrate was produced on 21 March. The
concentrator is expected to run at full capacity by the end of the current
quarter.
The P&SA expansion program is now nearing completion. Expansion of the
underground mine at the Central, East and No 3 shaft`s progressed well through
the quarter. A total of 1,304 meters of down-dip development has now been
completed. The underground mine is currently producing in excess of 400,000
tons per month, placing the build-up approximately 7 months ahead of project
plan.
The P&SA project`s capital expenditure commitments were R600 million at the end
of the quarter with capital expenditure paid to date of R491 million. AQPSA`s
share of these commitments and expenditure is 50% of these amounts. It is
anticipated that the project will come in slightly under budget.
Marikana Platinum Mine
Safety
The DIIR for the quarter rose to 0.99 from 0.70 in the previous quarter, due to
eight lost time accidents occurring during the period. These accidents were due
to safety standards and procedures not being adhered to by Moolmans employees.
A new safety drive is being undertaken with a focus on ongoing and scheduled
training.
Operations
PGM production for the quarter of 26,509 PGM ounces, was 10% higher than the
previous quarter. This was despite less tons being processed during the quarter
at 347,038 tons compared to 364,000 tons in the previous quarter. The increase
in PGM ounces was the result of improved recoveries as deeper, more competent
ore was mined. This is reflected in the plant recoveries for the quarter
improving by 20% to an overall recovery of 65% from the previous quarter`s 54%.
The impact of mining more competent ore is evident in the higher recoveries
which was achieved despite a lower than anticipated head grade (3.66 g/t) due to
higher than anticipated waste parting thickness in the reef mined from Pit B.
Recycling of course plant tailings to the secondary mill, an initiative
undertaken during the quarter, is also contributing to higher recovery.
As a result of a lower stripping ratio and higher recoveries, the cash cost per
PGM ounce reduced by 21% to R3,356, an improvement of R892 per PGM ounce
compared to the previous quarter. This improvement has resulted in the Mine
achieving a positive cash margin throughout the quarter and a total cash margin
of R4.4m for the quarter.
Mining
The performance of the lead mining contractor, Moolman Mining continues to
disappoint. At present reef production is at approximately 60% of contractual
requirements. Despite a new mining schedule being agreed in January 2005, the
required production levels agreed to were not achieved.
As a result of the continued poor performance, an external consultant (Beco
Future Foresight) has been contracted to identify areas of improvement at
Moolmans (via a mutually participative review of their operational and planning
systems), such that the requisite levels of performance can be achieved and
sustained.
Poor mining plant efficiencies and utilization have been identified as the
principal problem and around the clock, seven day a week operation has now been
implemented as an immediate measure to compensate for this performance.
The planning offices of Moolman and AQPSA have been integrated and detailed
daily production reviews, with a focus on problem solving, have been initiated.
With these measures and a new agreed mining schedule, developed with the
assistance of the consultants, a further increase in production is expected.
To further improve confidence levels in future production forecasts, mining
consultants SRK will be contracted to review the overall AQPSA planning
function.
Meanwhile, the second mining contractor, MCC, continues to turn in an excellent
performance, supplementing ore supply to the plant to partially offset the
shortfall from Moolman Mining.
Marikana: Metal in concentrate produced (ounces)
Quarter Pt Pd Rh Au PGMs (4E)
ended
Mar-05 17,230 6,759 2,324 196 26,509
Dec-04 15,808 6,214 1,800 197 24,019
Sep-04 13,937 6,039 1,509 209 21,694
Jun-04 13,591 5,086 1,369 174 20,220
Trial underground mining
The underperformance of Moolman has caused the establishment of the final
highwall, for trial underground mining, to be delayed by two months. Decline
sinking is only expected to commence at the end of April 2005.
Outlook
A further revised Mining Schedule has been adopted by AQPSA. This revised Mining
Schedule builds upon the current production rate of approximately 80,000 tons of
reef per month to 130,000 tons of reef per month over the next quarter.
Management anticipates that the current implementation of remedial action plans
identified during the quarter, a production level of 130,000 tons of reef per
month is achievable and sustainable into the future. The ramp-up in production
from current levels to planned levels over the next quarter should maintain a
modest positive cash margin for the period.
The discussions held to date with owners of adjacent mineral rights with a view
to co-operation `across farm boundaries` are ongoing and continue to be
encouraging.
Contractor dispute with Moolman Mining
The arbitration for the dispute relating to the Rise and Fall component of the
mining contract which was to take place during April 2005, has been postponed at
the request of Moolmans in order to audit the actual weightings applicable to
the rise and fall formula. This process could facilitate the expeditious
resolution of the dispute.
Everest Platinum Mine
Safety
The DIIR for the quarter was zero.
Mining
Opencast mining activities commenced during the quarter, with 192,000 cubic
metres of waste removed from the South Pit. First reef production is expected to
take place during the next quarter. Shaft Sinkers (the underground mining
contractor) has commenced with site establishment in preparation for the decline
development which is planned to commence in April 2005.
Progress
The Everest construction programme is proceeding as planned. Civil construction
and erection of steel structures has commenced. The portal and process plant
platforms earthworks and excavation were completed during the quarter.
Engineering, design and procurement activities are proceeding in parallel.
Project execution is on track for hot commission during December 2005. Everest
is scheduled to mine and process 250,000 tpm of UG2 ore to produce 225,000 oz of
PGMs per annum at steady state. Full production should be attained in 2006.
The implementation of social upliftment and sustainable livelihood projects are
ongoing, with the removal of alien plants and a nutritional feeding scheme
implemented during the period. Contractor recruitment of local labour is
proving beneficial to the community with 327 local people employed during the
period.
The Everest capital budget is R819 million including a R33 million allowance for
escalation. The Everest project capital expenditure commitments were R454
million at the end of the quarter with capital expenditure paid to date of R74
million.
MIMOSA INVESTMENTS (Aquarius 50%)
Mimosa Platinum Mine
Safety
The mine achieved a milestone in safety performance by achieving 1 million fatal
free shifts during the quarter. In addition the DIFR for the period was 0.11,
down from 0.29 in the previous quarter.
Operations
The mine achieved record production of 33,529 PGM ounces which was 10% above the
previous quarter`s production level of 30,386 PGM ounces and 7% above to the
previous highest achievement of 31,489 PGM ounces in September 2003.
Mining output improved significantly following the receipt of outstanding
underground load, haul and dump (LHD) equipment, facilitating a good improvement
in underground efficiencies. Consequently ROM was up 17% at 381,000 tonnes
compared to 326,000 tonnes achieved in the previous quarter. As a result of an
increase in mining output, feed to the plant was steady and consistent. Tons
milled during the period was up 9% at 367,000 tons at an average plant feed
grade of 3.68 g/t compared with 338,000 tons at 3.65 g/t in the previous
quarter.
The average achieved PGM basket price was US$595 per ounce compared to US$588
per ounce in the previous quarter. Together with the contribution from base
metals (approximately 30% of gross revenue) this generated sales revenue for the
quarter of $21 million, up $0.6 million from the previous quarter at a gross
cash margin (58%) of $12 million.
Mimosa Production
Mimosa : PGMs in Concentrate Produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs PGMs (4E)
ended (4E) attributabl
e to
Aquarius
Mar-05 17,189 12,665 1,343 2,332 33,529 16,765
Dec-04 15,557 11,514 1,198 2,117 30,386 15,193
Sep-04 15,727 11,562 1,210 2,109 30,608 15,304
Jun-04 14,653 10,902 1,187 2,065 28,807 14,404
Mimosa: Base Metals in Concentrate Produced (tonnes)
Quarter Ni Cu Co
Ended
Mar-05 491 407 14
Dec-04 444 374 13
Sep-04 447 362 14
Costs
The rates achieved for the currency funding requirements were based on the
Reserve Bank of Zimbabwe (RBZ) auction floor rates, which continue to be
stagnant relative to local inflation. Consequently, costs incurred in Z$
increased significantly. In addition, significant cost increases were incurred
on labour and mine maintenance costs following the wages adjustments during the
quarter. The Reserve Bank of Zimbabwe`s 15% F.O.B Incentive for the quarter was
offset against operating costs. Unit cash costs per PGM ounce for the quarter
were $372 ($158 per PGM ounce after by-product credits) compared to $342 ($124
per PGM ounce after by-product credits) for the previous quarter and US$348
($132 per PGM ounce after by-product credits) for the rolling 12 months to March
2005.
PGM Sector Reforms
Following on the special status accorded to the platinum sector the Government
of Zimbabwe, through the RBZ, gazetted operational modalities under the Enhanced
Platinum Sector Regime (EPSR). Mimosa management worked closely with the RBZ in
this regard to achieve a `win-win situation` under the new regime. It is
pleasing to report that although a few minor administrative details are still
outstanding, a satisfactory outcome has already been reached which enables the
mine to evaluate further growth opportunities once the EPSR has settled down.
AQUARIUS PLATINUM (SA) (CORP SERVICES) (PTY) LIMITED (ASACS), (Aquarius 100%)
Chromite Tailings Retreatment Project (ASACS 50%)
Safety
No injuries or accidents were reported for this quarter.
Project Development
The CTRP was commissioned in the second half of January 2005 with the first
concentrate dispatched to the smelter on 21st January 2005. Plant improvements
were completed in the quarter, notably water balance, feed availability and
process tuning.
Operations
PGM production attributable to Aquarius was 322 ounces. PGM recovery was 38%.
Current recoveries indicate an improvement towards the design recoveries.
A high pressure water spray system has been installed to increase the throughput
of dry dump material to the CTRP plant.
CORPORATE MATTERS
Directorate Changes
Mr Zwelakhe Sisulu joined the Board of Aquarius Platinum as a Non-executive
Director. He brings to Aquarius his considerable experience with regard to the
operating environment in Southern Africa. Mr Sisulu is Chairman of Savannah
Resources (Pty) Ltd, Aquarius` lead BEE partner.
Kroondal 100% Previous +/- % YTD Previous +/- %
Current
Unit Quarte 9 9 9
Quarte Quarter r on months months months
r Dec Quarte to to Ytd
March 2004 r March March
2005 2005 2004
Safety
DIIR Rate/200 1.06 0.38 179 0.72 1.52 (53)
,000 man
hours
Revenue R`M 263 263 (0) 664 18
Gross Revenue 784
PGM basket $/oz 728 700 4 579 21
Price 700
Gross cash % 35% 40% (11) 51% (27)
margin 37%
Nickel Price $/lb 6.96 6.38 9 5.52 19
6.56
Copper Price USc/lb 149 140 6 139 99 40
Ave R/$ rate 5.90 6.11 (3) 6.99 (12)
6.12
Cash Costs
Per ROM ton R/ton 186 181 3 140 32
185
$/ton 31 30 6 20 51
30
Per PGM ounce R/oz 2,462 2,224 11 1,827 30
2,369
$/oz 417 364 15 261 48
387
Per PGM ounce R/oz 2,382 2,112 13 1,590 43
after 2,281
by product $/oz 404 346 17 237 57
credit 373
Capital
expenditure
Current R`000s 571 42 1,255 28,764 (93)
2,068
$`000s 96.78 6.90 1,303 4,115 (92)
338
Expansion R`000s 81,829 197,927 (59) - -
395,176
$`000s 13,869 32,394 (57) - -
64,607
Mining
Processed
Underground ROM Ton 860 792 9 2,072 18
`000 2,454
Open Pit ROM Ton 55 86 (36) 237 (13)
`000 206
Total ROM Ton 915 878 4 2,309 15
`000 2,661
Grade
Plant Head g/t 3.03 3.15 (4) 3.13 (2)
3.07
Recoveries % 79% 80% (2) 76% 5
80%
PGM Production
Platinum Ozs 41,366 42,659 (3) 107,685 16
124,415
Palladium Ozs 19,971 20,815 (4) 50,880 18
60,256
Rhodium Ozs 7,408 7,723 (4) 18,432 22
22,416
Gold Ozs 306 326 (6) 799 22
973
Total Ozs 69,051 71,523 (3) 177,796 17
208,061
Base Metals
Production
Nickel Tonnes 64 67 (4) 150 30
195
Copper Tonnes 29 30 (3) 69 29
89
Chromite (000) Tonnes 63 69 (9) 198 (5)
(000) 189
Marikana Current Previous +/- % YTD Previo +/- %
us
Unit Quarter Quarter 9 9 9
March 2005 Quarter on months months months
Dec Quarter to to Ytd
2004 March March
2005 2004
Safety
DIIR Rate/200 0.99 0.70 41 1.09 0.67 63
,000 man
hours
Revenue R`M 94 83 12 259 262 (1)
Gross Revenue
PGM basket $/oz 729 690 6 701 608 15
Price
Gross cash % 5% (22%) n/a (17%) 0.1% n/a
margin
Nickel Price $/lb 6.96 6.38 9 6.56 5.52 19
Copper Price USc/lb 149 140 6 139 99 40
Ave R/$ rate 5.90 6.11 (3) 6.12 6.99 (12)
Cash Costs
Per ROM ton R/ton 256 280 (9) 273 241 13
$/ton 43 46 (5) 45 34 30
Per PGM ounce R/oz 3,356 4,248 (21) 4,206 3,907 8
$/oz 569 695 (18) 688 559 23
Per PGM ounce R/oz 3,225 4,144 (22) 4,027 3,801 6
after
by product $/oz 547 678 (19) 658 544 21
credit
Capital
expenditure
Current R`000s 6,161 2,048 201 13,309 3,551 275
$`000s 1,044 335 212 2,176 508 328
Expansion R`000s - - 16,523
$`000s - - - 2,364
Processed
Underground ROM Ton - - - -
`000
Open Pit ROM Ton 347 364 (5) 1,111 1,085 2
`000
Total ROM Ton 347 364 (5) 1,111 1,085 2
`000
Grade
Plant Head g/t 3.66 3.79 (4) 3.72 3.71 0
Recoveries % 65% 54% 20 55% 52% 6
PGM Production
Platinum Ozs 17,230 15,808 9 46,975 44,183 6
Palladium Ozs 6,759 6,214 9 19,012 17,512 9
Rhodium Ozs 2,324 1,800 29 5,633 4,693 20
Gold Ozs 196 197 0 602 569 6
Total Ozs 26,509 24,019 10 72,222 66,957 8
Base Metals
Production
Nickel Tonnes 38 26 45 87 65 34
Copper Tonnes 21 13 59 46 39 18
Chromite (000) Tonnes 57 63 (10) 169 26 -
(000)
Mimosa Previou +/- % YTD Previous +/- % Rolling
100% Curren s
t
Unit Quarter 9 9 months 9 9 months
Quarte Quarter on months to March month to March
r Dec Quarter to 2004 s Ytd 2005
March 2004 March
2005 2005
Safety
DIIR Rate/20 0.11 0.29 (62) 0.30 0.54 (44) 0.34
0,000
man
hours
Revenue
Gross US$M 20.7 20.1 3 60.8 53 16 80
Revenue
PGM $/oz 595 588 1 585 531 10 578
basket
Price
Gross % 58% 63% (8) 61% 70% (13) 59%
cash
margin
Nickel $/lb 6.70 6.17 9 6.31 5.51 15 6.16
Price
Copper USc/lb 129 120 8 115 91 26 113
Price
Cash
Costs
Per ROM $/ton 34 31 10 31 20 55 31
ton
Per PGM $/oz 372 342 9 346 220 57 348
ounce
Per PGM $/oz 158 124 27 132 32 313 132
ounce
after by-
product
credit
Capital
expendit
ure
Current $`000s 2,273 3,504 (35) 11,427 6,296 81 14,418
Expansio $`000s 82 335 (76) 738 3,892 (81) 1,103
n
Mining
Undergro ROM Ton 381 326 17 1,037 986 5 1,382
und `000
Grade
Plant g/t 3.68 3.65 1 3.67 3.73 (2) 4
Head
Recoveri % 77.2% 76.6% 1 77.0% 76.0% 1 76.8%
es
PGM
Producti
on
Platinum Ozs 17,189 15,557 10 48,473 46,770 4 63,126
Palladiu Ozs 12,665 11,514 10 35,741 33,795 6 46,643
m
Rhodium Ozs 1,342 1,198 12 3,750 3,849 (3) 4,937
Gold Ozs 2,333 2,117 10 6,559 6,169 6 8,624
Total Ozs 33,529 30,386 10 94,523 90,583 4 123,330
Base
Metals
Producti
on
Nickel Tonnes 491 444 11 1,382 1,295 7 1,796
Copper Tonnes 407 374 9 1,143 1,074 6 1,472
Cobalt Tonnes 14 13 8 41 40 2 54
Chromite Tailings Previo +/- YTD Previou +/- %
Retreatment Project Current us % s
100 % Unit Quar 9 9 9 months
Quarter Quarte ter mont months Ytd
March r Dec on hs to
2005 2004 Quar to March
ter Marc 2003
h
2005
Safety
DIIR Rate/20 - -
0,000
man
hours
Revenue
Gross US$M 0.4 0.4
Revenue
PGM basket $/oz 812 812
Price
Gross cash % 30% 30%
margin
Nickel $/lb n/a n/a
Price
Copper USc/lb n/a n/a
Price
Cash Costs
Per ROM ton $/ton 13 13
Per PGM $/oz 400 400
ounce
Per PGM $/oz n/a n/a
ounce after
by-product
credit
Capital
expenditure
Current $`000s - -
Expansion $`000s 1,555 3,67
6
Treated
ROM Ton 20 20
`000
Grade
Plant Head g/t 2.97 2.97
Recoveries % 34% 34%
PGM
Production
Platinum Ozs 401 401
Palladium Ozs 136 136
Rhodium Ozs 106 106
Gold Ozs 1 1
Total Ozs 644 644
Base Metals
Production
Nickel Tonnes n/a n/a
Copper Tonnes n/a n/a
Cobalt Tonnes n/a n/a
Aquarius Platinum
Limited
Board of Directors
Nicholas Sibley
Chairman
Stuart Murray
Chief Executive Officer
David Dix Non-
executive
Edward Haslam Non-
executive
Catherine Markus Non-
executive
Sir William Purves Non-
executive
Patrick Quirk Non-
executive
Zwelakhe Sisulu Non-
executive
Company Secretary
Willi Boehm
Issued Capital
At 31 March 2005, the
Company had on issue:
82,753,892 fully paid
ordinary shares
3,794,626 unlisted
options
Substantial Shareholders 31 March No. of Percentage
2005 Shares
Impala Platinum Holdings Ltd 7,141,966 8.63 %
J P Morgan Nominees Australia 5,812,430 7.02 %
Limited
Chase Nominees Limited (FISL) 5,521,176 6.67 %
National Nominees Limited 4,802,371 5.80 %
ANZ Nominees Limited 4,549,768 5.50%
Broker (ASX) Broker (LSE)
Euroz Securities Numis Securities
Level 14, The Quadrant Cheapside House
1 William Street 138 Cheapside
Perth WA 6000 London EC2V 6LH
Telephone: +61 8 9488 Telephone: +44 20 7776
1400 1500
Fax: +61 8 9488 Facsimile: +44 20 7776
1478 1550
Sponsor in South Africa
(JSE)
Nedbank Capital
135 Rivonia Road
