| Fri 27 Jan 2006, 14:26 | | Aquarius Platinum Limited - Quarterly Results |
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AQP
AQP
Aquarius Platinum Limited - Quarterly Results
Aquarius Platinum Limited
(Incorporated In Bermuda)
Registration number: EC26290
Share code on JSE: AQP
ISIN: BMG0440M1029
Share code on ASX: AQP. AXISIN: BMG0440M1029
QUARTERLY REPORT: 31 DECEMBER 2005
AQUARIUS ADDS NEW PRODUCTION AT EVEREST
MARIKANA POOL & SHARE AGREEMENT IMPLEMENTED
MIMOSA EXPANSION ON TRACK
Group attributable production 94,557 PGM ounces for the quarter (104,951 PGM
ounces produced prior to the Marikana P&SA2 implementation)
Marikana P&SA2 retrospectively implemented at quarter start
Everest Mine commissioned in November, 7,111 PGM ounces produced in December
Mimosa expansion (Wedza Phase IV Upgrade) on track
PGM US Dollar basket price for South African operations rises 16% and for
Zimbabwe operations rises by 8%
Highlights of the Quarter
Kroondal (P&SA1)
Record 117,175 PGM ounces produced for the quarter (Aquarius attributable 58,588
PGM ounces)
???Pool & Share Agreement (P&SA1) expansion nears completion; underground
operations produce a record 1.6 million tons
Cash cost per ROM ton and per PGM ounce reduce 2% over previous quarter
Gross cash margin rises to 56% on higher PGM basket price
??????No. 4 decline established, will transfer to Marikana P&SA2
Marikana
P&SA2 signed and implemented, unlocks the future potential of the asset
AQPSA cash margin recorded at 24% as a result of P&SA2 implementation
Trial underground mining project progressing to plan, favourable mining
conditions encountered
Replacement primary opencast contract awarded to MCC, operations commencing
January 2006
Everest
Commissioning of metallurgical plant one month ahead of schedule
7,111 PGM ounces produced during December commissioning
Underground establishment progressing on schedule
Mimosa
Consistent quarterly production at 35,394 PGM ounces (Aquarius attributable
17,697 PGM ounces)
Wedza Phase IV Upgrade on track for commissioning in May 2006
Cash costs per PGM ounce reduce 10% to $325 per PGM ounce, $94 per PGM ounce
after by-product credits
Cash margin rises to 64% on higher PGM basket price and lower local costs
CTRP
Improved PGM production, up 12% on previous quarter
Improved understanding of the metallurgical issues affecting production
Test work and plant redesign in progress to improve throughput and recovery
levels
Production by Mine
PGMs (4E) Quarter Ended Half Year Ended
Mar Jun Sep Dec Dec Dec + /
2005 2005 2005 2005 2004 2005 - %
Kroondal 69,051 116,669 115,362 117,175 139,099 232,537 67%
Marikana 26,509 26,940 27,322 20,789 45,713 48,111 5%
Mimosa 33,529 35,644 36,368 35,394 60,994 71,762 18%
CTRP 644 1,473 1,363 1,533 - 2,897 -
Everest - - - 7,111 - 7,111 -
Total 129,733 180,726 180,415 182,002 245,806 362,418 47%
Production by Mine Attributable to Aquarius
PGMs (4E) Quarter Ended Half Year Ended
Mar Jun Sep Dec Dec Dec + /
2005 2005 2005 2005 2004 2005 - %
Kroondal 34,526 58,335 57,681 58,588 69,504 116,269 67%
Marikana 26,509 26,940 27,322 10,394 45,713 37,716 -17%
Mimosa 16,765 17,822 18,184 17,697 30,497 35,881 18%
CTRP 322 737 682 767 - 1,449 -
Everest - - - 7,111 - 7,111 -
Total 78,122 103,834 103,869 94,557 145,714 198,426 36%
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 50.5%)
Kroondal Platinum Mine
Safety
The (12-month rolling average) DIIR deteriorated to 0.96 from 0.65 in the
previous quarter. Action has been initiated to reduce the number of disabling
injuries.
Processing
Plant feed increased to a record 1.61 million tons
Production increased 2% to a record 117,175 PGM ounces
Overall recovery decreased marginally by 1% to 77%, due to an increase in
opencast material processed
Mining
Underground operations hoisted a record 1.6 million tons from 213,000 square
meters mined, notably during December underground operations hoisted a record
590,000 tons
The new No. 4 decline was established and was transferred as of 21st December
2005, as part of the boundary adjustments with the Marikana P&SA2 in exchange
for the RPM Townlands Block (please reference the Marikana P&SA press release of
13th July 2005)
Revenue
The PGM basket price for the quarter increased 16% to $946 per PGM ounce,
resulting in mine revenue of R654 million for the quarter (Aquarius share R327
million). On-mine cash margin for the quarter rose to 56%.
Operations
PGM production increased by 2% to a record 117,175 PGM ounces for the quarter
(Aquarius attributable 58,588 PGM ounces). Plant head grade
increased to 2.96g/t PGM from 2.88g/t PGM in the previous quarter. The K1 and
the new K2 plant both performed well, processing a combined record of 1.61
million ROM tons, a 1% increase over the previous quarter. 131,000 ROM tons
remained on the surface stockpile at the end of the quarter.
An increase in the opencast blend from 8% to 10% during the quarter marginally
reduced recoveries to 77% for the quarter. The blend ratio was required to allow
for a build up of an underground stockpile in preparation for the Christmas and
New Year holiday season. During the quarter some process upgrades were completed
at the K1 Plant.
Cash cost per ROM ton decreased by 2% to R177 compared to the previous quarter
as economies of scale from the enlarged operations began to kick-in. Cash costs
per PGM ounce also decreased by 2% to R2,429 per PGM ounce (including ledging
and sinking costs). This was achieved in the face of a combination of costs for
development and ledging operations as a result of deepening the P&SA declines
(R292 per PGM ounce), and higher costs associated with the increase in open cast
blend, notably from deeper open pit tons (opencast mining costs R137 per PGM
ounce).
Development and equipping of additional underground mining areas continued at
the Central, East, No. 3 and No. 4 decline shafts. This will ensure steady
state production going forward, even though the No. 4 decline will now form part
of the Marikana P&SA2. A substantial total of 2,050 meters of development was
completed during the quarter.
P&SA1 Project Capital Expenditure
AQPSA"s commitments on the P&SA1 expansion project totalled R322 million at the
end of the quarter with R306 million paid. The expected final cost to AQPSA of
the P&SA is estimated at R345 million (escalated) comparing favourably to the
cost of R370 million (unescalated) estimated at the time of the P&SA
announcement in June 2003. Future capital expenditure at P&SA1 will be largely
of a sustaining nature to maintain steady-state operations.
Kroondal: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs PGMs
ended attributable
to Aquarius
Dec 05 69,830 34,332 12,422 591 117,175 58,588
Sept 05 69,129 33,420 12,250 563 115,362 57,681
Jun 05 69,875 33,728 12,499 567 116,669 58,335
Mar 05 41,366 19,971 7,408 306 69,051 34,526
Environmental Management
Environmental management at Kroondal focussed on dust suppression on roads and
tailings dams. The "floppy-system" of applying dust allaying water to the K1
tailings dam has proved to be extremely effective during the quarter and is now
being rolled out to the other two tailings dams. In addition, main road dust
suppression trials have returned positive results and are now being rolled out.
It is expected that the enhanced systems will also result in a reduction in
water consumption.
Marikana Platinum Mine
Safety
The (12-month rolling average) DIIR improved to 0.72 from 0.80 in the previous
quarter, as a result from a no loss time injuries quarter.
Mining
The contract with Moolman Mining South Africa (MMSA) was rescinded on 19th
December 2005 on grounds of material misrepresentation by MMSA at time of tender
MCC were appointed in MMSA"s stead, commencing operations in January 2006
Stockpiles at the end of the quarter totalled 54,000 ROM tons
Trial underground mining extended 140 meters down dip of the portals
Processing
319,148 ROM tons were processed during the period
Overall concentrator recoveries for the quarter were 62%, with significant
variations in the ratio of oxidised to unoxidised ore processed
20,789 PGM ounces were produced, a 24% reduction compared to the previous
quarter (Aquarius attributable 10,394 PGM ounces)
Revenue
The PGM basket price for the quarter increased 16% to $925 per PGM ounce,
resulting in mine revenue of R101 million for the quarter. AQPSA"s revenue for
the quarter was R70 million, greater than 50% of mine revenues due to pipeline
payment effects. AQPSA"s cash margin for the quarter increased to 24% despite
cash costs increasing 20% to R5,132 per PGM ounce. The margin figure is also
enhanced by pipeline effects from the previous quarter.
Operations
Mine reef tons and PGM production both decreased by 24%, despite almost normal
stripping volumes occurring. A total of 10 days of production was lost as a
result of mining contractor MMSA experiencing industrial unrest and the
rescission of the MMSA contract three days before the end of the quarter.
A zone of large boulders was encountered in Pit A which resulted in low digging
rates in this area. The issue was resolved by revising the drilling pattern.
Extended depth of weathering in Pits A and SW affected PGM recoveries from these
ores thereby requiring blending with unoxidised ore and thus affecting overall
plant throughput. This resulted in a ROM stockpile of 54,000 tons of weathered
material containing an estimate recoverable 2,400 PGM ounces.
Cash costs for the quarter were negatively impacted as a result of near normal
stripping ratios coupled with under delivery of reef. The strip ratio was high
at 35:1 for the quarter and coupled with the poor recovery ores, resulted in a
cash cost of R5,132 per PGM ounce.
Expansion capital expenditure of R8.1 million was spent at No. 4 shaft during
the quarter for infrastructure.
Environmental Management
Rehabilitation in mined areas continued, with 1,900,000mCubed of backfill placed
during the quarter.
Marikana: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs
ended
Dec 05 12,887 5,879 1,861 162 20,789
Sept 05 17,244 7,409 2,466 203 27,322
Jun 05 16,893 7,402 2,428 217 26,940
Mar 05 17,230 6,759 2,324 196 26,509
Marikana Pool & Share Agreement (P&SA2)
The P&SA2 between AQPSA and Anglo Platinum was retrospectively implemented to
the quarter start. Production is anticipated in January 2006 from No. 4 shaft,
transferred from Kroondal P&SA. The upgrading of the metallurgical plant at
Marikana to a capacity of 250,000 tons per month will commence during the next
quarter. Currently down-dip development on the No. 4 shaft declines as well as
lateral development to the West are on schedule.
Trial Underground Mining
The portals were successfully established and sinking has progressed to 140
meters down-dip. The dip of the Marikana ore body is flatter than initially
envisaged which will allow for more conventional bord and pillar mining and is
expected to positively impact on the production ramp-up rates of the P&SA2.
All lateral development for ventilation purposes was completed to the east of
the declines and underground development has progressed to the extent that
mechanical installations will commence in January 2006.
Contractor dispute with Moolman Mining
On 19 December 2005, AQPSA rescinded the Marikana Mining contract with MMSA, its
principal contractor at Marikana, based on an actionable misrepresentation on
the part of MMSA, which induced AQPSA to conclude the mining contract. AQPSA"s
decision was based on external legal advice from Senior Counsel and a leading
forensic auditor. Information obtained from a recent KPMG audit (as requested
by MMSA), gave rise to AQPSA"s decision to rescind from the contract. AQPSA
will now claim damages against MMSA, estimated to be in the region of R1
billion.
The operational and financial impact of this action will be of a short-term
nature. Following the rescission, operations ceased temporarily on 20th
December 2005. MCC Mining (a division of the MCC Group and an already
established contractor at both the Kroondal and Everest Mines) were appointed
during the last few days of December, and were able to assist with ore handling,
ensuring that the mills continued to run. Reefing and waste crews were
mobilised and limited operations were established. In the coming weeks, further
mobilisation of equipment and production teams is anticipated. Reduced
operations have also afforded the time to upgrade the haul roads in the pits to
improve future operating conditions.
Everest Platinum Mine
Safety
The (12 month rolling average) DIIR deteriorated to 0.77 from 0.41 for the
quarter. Regrettably on 17th October 2005 an assistant pipe fitter suffered
fatal injuries when he fell from a steel structure 8 metres high. An
investigation has been completed by the Department of Minerals and Energy;
however, the report has not yet been issued. The preliminary indications are
that the assistant pipe fitter was issued and trained in the use of a safety
harness; however, he failed to secure himself.
All employees working at height have been retrained.
Mining
Opencast operations ahead of schedule with 279,000 tons produced during the
period
Underground development continuing, producing 85,000 tons in the period
Stockpiles at the end of the quarter totalled 472,000 tons
Processing
Concentrator plant hot commissioned ahead of schedule
128,757 tons were processed
7,111 PGM ounces produced
Concentrator plant recoveries were 55% for the period, and in line with
expectations during the commissioning period
Everest: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs
ended (4E)
Dec-05 4,161 2,351 532 67 7,111
Revenue
The PGM basket price for the quarter was $886 per PGM ounce. Revenue for the
quarter was R31 million, which will be capitalised against the project.
As a result of the more rapid ramp-up of operations and the prospect of
maintaining the mine in positive net profit territory from hereon, the mine will
convert to operational status from January 2006.
Operations
Opencast mining remained ahead of programme, with a total of 279,000 tons
produced during the quarter. The opencast mining area continues to perform well
in terms of production and costs, providing the bulk of the reef stockpile.
Underground mining progressed well during the period, with on-reef decline
development and the first stoping sections being established. Underground
production tonnages were as planned, with 85,000 tons of underground ROM tons
produced in the quarter. Equipping of the underground mining is on track with
conveyor installations, ventilation and mining services completed on schedule.
The underground mining is ramping up as planned within budget, and no
significant geological or mining problems have been experienced.
The combined opencast and underground mining have yielded a cumulative stockpile
of 472,000 ROM tons.
The Everest construction programme finished approximately a month ahead of
schedule with hot commissioning commencing at the end of November 2005. Hot
commissioning proceeded very well with 128,757 tons milled during the December
production month to produce 7,111 PGM ounces. The plant performed within
expectations for the commissioning period with a recovery of 55%. Plant feed
consisted predominantly of open cast ore at a head grade of 3.12 g/t PGM.
Process plant availability and throughput is encouraging and a steady ramp-up in
tonnage throughput is anticipated in the next quarter.
Project Capital Expenditure
The capital expenditure budget is R819 million including a R33 million allowance
for escalation. The project capital expenditure commitments were R622 million
at the end of the quarter with capital expenditure spent to date of R413
million.
It is anticipated that the project will now incur capital expenditure of
approximately R707 million as a result of:
Direct project savings identified of R23 million;
Escalation allowance of R33 million not utilised; and
Early project start savings at R56 million as a result of no longer capitalising
working costs for the quarter starting January 2006.
Mimosa Mine (Aquarius Platinum 50%)
Safety
The (12-month rolling average) DIIR declined marginally from 0.12 to 0.13 for
the quarter, with only one disabling injury recorded. In October, the Mimosa
Mine was awarded a NOSA 5 Star Platinum Rating.
Operations
PGM production for the quarter was 35,394 ounces.
During the quarter mining operations hoisted a total of 429,000 ROM tons
compared to 433,000 tons in the previous quarter. Tons milled during the quarter
amounted to 379,000 tons at an average plant head grade of 3.72g/t PGM compared
to 385,000 tons at 3.76g/t PGM in the previous quarter. While there was a
marginal drop in ROM and PGM production of 1% & 3% respectively compared to the
previous quarter, results were very acceptable.
The plant optimisation programme continued during the quarter, focusing on the
use of alternative grinding media and reagents. The objectives of the trials
were to improve metal recovery rates and identify a reliable supplier of the
commodities. Following the trials, appropriate and cost effective reagents and
grinding media have been selected.
Revenue
The PGM basket price for the quarter increased by 8% to $662 per PGM ounce
compared with $614 per ounce in the previous quarter. The nickel price fell 11%
from $6.92 per pound to $6.13 per pound over the corresponding period. Together
with the contribution from base metals (approximately 29% of gross revenue),
this generated sales revenue for the quarter of $27.8 million, up $0.2 million
from the previous quarter. The gross cash margin rose to 64% from 57% in the
previous quarter.
Mimosa: PGMs in concentrate produced (ounces)
Quarter Pt Pd Rh Au PGMs PGMs (4E)
ended (4E) attributable
to Aquarius
Dec 05 17,961 13,582 1,390 2,461 35,394 17,697
Sept 05 18,548 13,915 1,407 2,498 36,368 18,184
Jun 05 18,269 13,518 1,406 2,451 35,644 17,822
Mar 05 17,189 12,665 1,343 2,332 33,529 16,765
Mimosa: Base Metals in concentrate produced (tons)
Mine Production Attributable to Aquarius
Quarter Ni Cu Co Ni Cu Co
ended
Dec 05 488 410 15 244 205 8
Sept 05 512 422 15 256 211 8
Jun 05 514 420 15 257 210 8
Mar 05 491 407 14 245 203 7
Operating costs
Cash costs per PGM ounce for the quarter of $325 per ounce ($94 per ounce after
by-product credits) were 10% lower than the previous quarter"s figure of $361
per ounce ($105 per ounce after by-product credits). A relaxation of controls
on foreign exchange management in the current quarter through the Tradeable
Foreign Currency Balance System (TFCBS) favourably impacted on the Zimbabwean
Dollar denominated costs such as labour and power.
Wedza Phase IV Upgrade
Work on the Wedza Phase IV Upgrade project to take production from 120,000 tons
to 150,000 tons milled per month commenced during the quarter following the
granting of all requisite approvals by government. The project is on track for
commissioning in May 2006, ramping to full production in July 2006.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
No lost time injuries have occurred since the start-up of the operation in
February 2005.
Processing
60,643 tons processed for the quarter, an increase of 64% on the previous
quarter
1,533 PGM ounces produced, an increase of 12% on the previous quarter
Operations
Throughput of current arisings from the Kroondal Chrome Mine and dump material
from the Bayer Chrome Mine rose to above planned levels in the course of the
quarter. The additional feed rates did, however, have a negative impact on
recoveries which dropped as low as 20% at times. It has been determined that the
dump material requires further upgrading prior to being fed to the CTRP. The
quantity of dump material has since been restricted and will remain so until
further metallurgical work is completed. By December, recoveries on the current
arisings had improved to over 40%.
Test work at Mintek was commissioned to better understand the metallurgical
characteristics of the various feed sources. Preliminary results are providing
a strong basis for improved performance in the future but the challenges are
more complex than initially predicted. The project planning for the retrofit of
additional process equipment is underway and designs will be finalised following
the final results of the Mintek test work.
Cash operating costs per ton for the CTRP improved by 19% to R87 per ton
treated, however, costs per ounce rose 19% to R3,458 per PGM ounce due to lower
recoveries achieved.
CORPORATE MATTERS
AQP Directorate
Subsequent to the end of the quarter, Ms Cathie Markus tendered her resignation
from the Board of Directors of Aquarius Platinum Limited. The Board wish to
record its appreciation of Ms Markus" contribution towards the growth of the
Company during her tenure as director.
AQPSA Directorate
It is with great sadness that the Board of Directors of Aquarius Platinum South
Africa announces the death of Bruce Sutherland on 27 October 2005. Bruce was
involved with Aquarius since its inception, formerly as a Director of Kroondal
Platinum Mines Limited and subsequently as an AQPSA Director and mining
consultant. He was a force in guiding the management of this young company and
his contributions will be sorely missed.
AQPSA is pleased to announce the appointment of Peter Ledger as a Non-Executive
Director and mining consultant to the Board of Aquarius Platinum South Africa as
of January 2006. Peter was previously an Executive Director of Lonmin plc,
responsible for its South African mining operations, retiring from this position
in January 2005.
Conversion of South African mining and prospecting rights
Mining Rights
The applications for Kroondal and Marikana have been passed on by the regional
office of the Department of Minerals and Energy to its Head Office in Pretoria.
The Everest conversion is still with the regional office and it is anticipated
that this should be passed on to Head Office by the end of the coming quarter.
Prospecting Rights
Two new order applications have been granted: Hoogland and Chieftains Plain.
Statistical Information: Kroondal P&SA1
Data reflects 100% of mine Current Previous +/- % YTD
operations
Unit Quarter Quarter Year 6 months
Dec 2005 Sept on to Dec
2005 Year 2005
Safety
DIIR - 12 Month Rate/200, 0.96 0.65 45 0.96
rolling Average 000 man
hours
Revenue
Gross Revenue R"M 654 573 136 1,227
PGM basket Price $/oz 946 813 28 879
Gross cash margin % 56 50 39 53
Nickel Price $/lb 5.74 6.60 (3) 6.17
Copper Price USc/lb 195 170 35 183
Ave R/$ rate 6.51 6.52 5 6.52
Cash Costs
Per ROM ton R/ton 177 181 (3) 179
$/ton 27 28 (8) 27
Per PGM oz R/oz 2,429 2,489 6 2,458
$/oz 373 382 1 377
Per PGM oz after R/oz 2,303 2,362 4 2,331
by-product credit
$/oz 354 362 0 358
Capex
Current / R"000s 17,003 16,522 2,139 33,525
Sustaining
$"000s 2,612 2,534 2,080 5,145
Expansion R"000s 25,301 32,635 - 57,936
$"000s 3,886 5,005 - 8,891
Mining Processed
Underground ROM Ton 1,446 1,465 82 2,911
"000
Open Pit ROM Ton 160 125 89 285
"000
Total ROM Ton 1,605 1,590 83 3,195
"000
Grade
Plant Head g/t PGM 2.96 2.88 (6) 2.92
Recoveries % 77 78 (3) 78
PGM Production
Platinum Ozs 69,830 69,129 67 138,959
Palladium Ozs 34,332 33,420 68 67,752
Rhodium Ozs 12,422 12,250 64 24,672
Gold Ozs 592 563 73 1,155
Total Ozs 117,175 115,362 67 232,537
Base Metals -
Production
Nickel Tonnes 112 110 71 222
Copper Tonnes 50 48 72 98
Chromite (000) Tonnes 145 113 117 258
(000)
Statistical Information: Marikana P&SA2
Data reflects 100% of mine Current Previous +/- % YTD
operations
Unit Quarter Quarter Year on 6 months
Dec 2005 Sept Year to Dec
2005 2005
Safety
DIIR - 12 Month Rate/20 0.72 0.80 1 0.76
rolling Average 0,000
man
hours
Revenue
Gross Revenue (see R"M 70 127 19 197
note i)
PGM basket Price $/oz 925 800 25 863
Gross cash margin % 24 8 147 14
(see note ii)
Nickel Price $/lb 5.74 6.60 (3) 6.17
Copper Price USc/lb 195 170 35 183
Ave R/$ rate 6.51 6.52 5 6.52
Cash Costs
Per ROM ton R/ton 334 280 8 303
$/ton 51 43 3 47
Per PGM oz R/oz 5,132 4,268 (1) 4,642
$/oz 788 655 (6) 712
Per PGM ounce after R/oz 4,879 4,051 (4) 4,403
by product credit
$/oz 749 621 (8) 676
Capital expenditure -
Current / R"000s 3,312 3,434 (6) 6,746
Sustaining
$"000s 509 527 (10) 1,035
Expansion R"000s 8,147 - 8,147.00
$"000s 1,251 - 1,250.20
Processed
Underground ROM Ton 28 8 36
"000
Open Pit ROM Ton 291 409 (8) 700
"000
Total ROM Ton 319 417 (4) 736
"000
Grade
Plant Head g/t PGM 3.24 3.26 (13) 3.25
Recoveries % 62 62 24 62
PGM Production
Platinum Ozs 12,887 17,244 1 30,131
Palladium Ozs 5,879 7,409 8 13,288
Rhodium Ozs 1,861 2,466 31 4,327
Gold Ozs 162 203 (10) 365
Total Ozs 20,789 27,322 5 48,111
Base Metals
Production
Nickel Tonnes 32 40 47 72
Copper Tonnes 17 24 57 41
Chromite (000) Tonnes 44 60 - 104
(000)
Notes :
(i) The revenue amount reflects AQPSA 50% share for the quarter AND additionally
includes the sales adjustments for the previous quarter prior to P&SA2
implementation. Any comparison with the prior quarter"s information is not
meaningful.
(ii) Margin is based on AQPSA"s revenues per note (i) and any comparison with
the prior quarter"s information is not meaningful.
Statistical Information: Everest
Data reflects 100% of mine Current Previous +/- % YTD
operations
Unit Quarter Quarter Year on 6 months
Dec 2005 Sept Year to Dec
2005 2005
Safety
DIIR - 12 Month Rate/20 0.77 0.41 - 1.18
rolling Average 0,000
man
hours
Revenue
Gross Revenue R"M 31 - - 31
PGM basket Price $/oz 886 - 886
Gross cash margin % 28 - 28
Nickel Price $/lb 6.09 - 6.09
Copper Price USc/lb 208 - 208
Ave R/$ rate 6.35 - 6.35
Cash Costs
Per ROM ton R/ton 168 - 168
$/ton 27 - 27
Per PGM oz R/oz 3,136 - 3,136
$/oz 494 - 494
Per PGM ounce after R/oz 2,981 - 2,981
by product credit
$/oz 470 - 470
Capital expenditure -
Current / R"000s - - - -
Sustaining
$"000s - - - -
Expansion R"000s 203,272 145,917 349,189.00
$"000s 32,047 22,979 55,026.00
Mining Processed
Underground ROM Ton 39 39
"000
Open Pit ROM Ton 89 - 89
"000
Total ROM Ton 129 - 129
"000
Grade
Plant Head g/t PGM 3.12 - 3.12
Recoveries % 55 - 55
PGM Production
Platinum Ozs 4,161 - 4,161
Palladium Ozs 2,351 - 2,351
Rhodium Ozs 532 - 532
Gold Ozs 67 - 67
Total Ozs 7,111 - 7,111
Base Metals
Production
Nickel Tonnes 13 - 13
Copper Tonnes 5 - 5
Chromite (000) Tonnes - - -
(000)
Statistical Information: Mimosa
Data reflects 100% of mine Current Previous +/- % YTD
operations
Unit Quarter Quarter Year on Year
Dec 2005 Sept
2005
Safety
DIIR - 12 Month Rate/200, 0.13 0.12 (70) 0.12
rolling Average 000 man
hours
Revenue -
Gross Revenue US$M 27.80 27.60 38 55.40
PGM basket Price $/oz 662 614 10 637
Gross cash % 64 57 (2) 61
margin
Nickel Price $/lb 6.13 6.92 7 6.53
Copper Price USc/lb 171 150 48 160
Cash Costs
Per ROM ton $/ton 30 34 10 32
Per PGM oz $/oz 325 361 8 343
Per PGM oz after $/oz 94 106 (5) 100
by-product
credit
Capital
expenditure
Current $"000s 1,895 2,432 (53) 4,327
Expansion $"000s 3,581 - 446 3,581
Mining
Underground ROM Ton 429 433 31 862
"000
Grade
Plant Head g/t PGM 3.72 3.76 2 3.74
Recoveries % 78 78 1 78
PGM Production
Platinum Ozs 17,961 18,548 17 36,509
Palladium Ozs 13,582 13,915 19 27,497
Rhodium Ozs 1,390 1,407 16 2,797
Gold Ozs 2,461 2,498 17 4,959
Total Ozs 35,394 36,368 18 71,762
Base Metals
Production
Nickel Tonnes 488 512 12 1,000
Copper Tonnes 410 422 13 832
Cobalt Tonnes 15 15 15 30
Statistical Information: Chrome Tailings Retreatment Plant
Note: this operation commenced production of concentrate in late January 2005
Data reflects 100% Current Previous +/- % YTD
of mine operations
Unit Quarter Quarter Year 6
Dec 2005 Sept on months
2005 Year to Dec
2005
Safety
DIIR - 12 Month Rate/200,000 - - - -
rolling Average man hours
Revenue
Gross Revenue R"M 9 7 - 16.5
PGM basket Price $/oz 1,099 940 - 1,024
Gross cash margin % 43 45 - 44
Nickel Price $/lb 5.74 6.60 - 6.17
Copper Price USc/lb 195 170 0 183
Ave R/$ rate 6.51 6.52 - 6.52
Cash Costs
Per ROM ton R/ton 87 107 - 95
$/ton 13 16 - 15
Per PGM oz R/oz 3,441 2,901 - 3,187
$/oz 529 448 - 489
Per PGM ounce after $/oz - - - -
by product credit
Capital expenditure -
Current / R"000s - - - -
Sustaining
$"000s - - - -
Expansion R"000s - 378 - 378
$"000s - 58 - 58
Feed Processed
Feed Processed ROM Ton "000 60.6 37 - 98
Grade
Plant Head g/t PGM 2.98 2.91 - 2.95
Recoveries % 27 40 - 33
PGM Production
Platinum Ozs 937 864 - 1,801
Palladium Ozs 350 282 - 632
Rhodium Ozs 243 215 - 458
Gold Ozs 3 3 - 6
Total Ozs 1,533 1,364 - 2,897
Data reflects 100% of mine Current Previous +/- % YTD
operations
Unit Quarter Quarter Year on 6 months
Dec 2005 Sept Year to Dec
2005 2005
Safety
DIIR - 12 Month Rate/20 - - - -
rolling Average 0,000
man
hours
Revenue
Gross Revenue R"M 9 7 - 16.5
PGM basket Price $/oz 1,099 940 - 1,024
Gross cash margin % 43 45 - 44
Nickel Price $/lb 5.74 6.60 - 6.17
Copper Price USc/lb 195 170 0 183
Ave R/$ rate 6.51 6.52 - 6.52
Cash Costs
Per ROM ton R/ton 87 107 - 95
$/ton 13 16 - 15
Per PGM oz R/oz 3,441 2,901 - 3,187
$/oz 529 448 - 489
Per PGM ounce after $/oz - - - -
by product credit
Capital expenditure -
Current / Sustaining R"000s - - - -
$"000s - - - -
Expansion R"000s - 378 - 378
$"000s - 58 - 58
Feed Processed
Feed Processed ROM Ton 60.6 37 - 98
"000
Grade
Plant Head g/t PGM 2.98 2.91 - 2.95
Recoveries % 27 40 - 33
PGM Production
Platinum Ozs 937 864 - 1,801
Palladium Ozs 350 282 - 632
Rhodium Ozs 243 215 - 458
Gold Ozs 3 3 - 6
Total Ozs 1,533 1,364 - 2,897
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
Edward Haslam Non-executive
Sir William Purves Non-executive
Patrick Quirk Non-executive
Zwelakhe Sisulu Non-executive
Audit/Risk Committee
Sir William Purves (Chairman)
David Dix
Edward Haslam
Nicholas Sibley
Remuneration/Succession Planning Committee
Edward Haslam (Chairman)
Nicholas Sibley
Nomination Committee
The full Board comprises the Nomination Committee
Company Secretary
Willi Boehm
Issued Capital
At 31 December 2005, the Company had on issue:
82,864,892 fully paid common shares
3,746,402 unlisted options
Substantial Shareholders 31 Number of Percentage
December 2005 Shares
Impala Platinum Holdings Ltd 7,141,966 8.6
National Nominees Limited 5,788,271 7.0
J P Morgan Nominees Australia 4,750,117 5.7
Limited
ANZ Nominees Limited 4,343,794 5.2
Broker (LSE)
Williams de Broe
6 Broadgate
London EC2M 2RP
Telephone: +44 (0)20 7588 7511
Facsimile: +44 (0)20 7588 8860
Broker (ASX)
Euroz Securities
Level 14, The Quadrant
1 William Street
Perth WA 6000
Telephone: +61 (0)8 9488 1400
Facsimile: +61 (0)8 9488 1478
Sponsor (JSE)
Investec Bank Limited
100 Grayston Drive
Sandown Sandton 2196
Telephone: +27 (0)11 286 7326
Facsimile: +27 (0)11 291 1066
Aquarius Platinum (South Africa) Aquarius Platinum Corporate
(Proprietary) Ltd. Services Pty Ltd
50.5% Owned 100% Owned
(Incorporated in the Republic of South (Incorporated in Australia)
Africa) ACN 094 425 555
Registration Number 2000/000341/07
Level 4, Suite 5, South Shore
Block A, 1st Floor, The Great Wall Group Centre,
Building 85 The Esplanade, South Perth, WA
5 Skeen Boulevard, Bedfordview 6151,
South Africa 2007 Australia
P O Box 1282 PO Box 485
Bedfordview South Africa 2009 South Perth, WA 6151, Australia
Telephone: +27 (0)11 455 2050 Telephone:+61 (0)8 9367 5211
Facsimile: +27 (0)11 455 2095 Facsimile:+61 (0)8 9367 5233
Email: info@aquariussa.co.za Email:info@aquariusplatinum.com
AQPSA Management
Stuart Murray Executive Chairman
Gert Ackerman Managing Director
Ayanda Khumalo Finance Director
Neil Collett General Manager Business Development
Graham Ferreira General Manager Finance & Company Secretary
Hugo Holl General Manager Everest
Robert Mallinson General Manager Marikana
Gordon Ramsay General Manager Projects
Dave Starley General Manager Kroondal
Gabriel de Wet General Manager Engineering
Mimosa Mine Management
Alex Mhembere Managing Director
Winston Chitando Finance Director
Herbert Mashanyare Technical Director
Peter Chimboza Operations Director
Glossary
A$ Australian Dollar
Aquarius Aquarius Platinum Limited
ABET Adult Basic Education Training programme
APS Aquarius Platinum Corporate Services Pty Ltd
AQPSA Aquarius Platinum (South Africa) Pty Ltd
ASACS Aquarius Platinum (SA) (Corporate Services) (Pty) Limited
CTRP Chromite Ore Tailings Retreatment Operation
DIFR Disabling Injury Incidence Rate - being the number of lost time
injuries expressed as a rate per 1,000,000 man-hours worked
DIIR Disabling Injury Incidence Rate - being the number of lost time
injuries expressed as a rate per 200,000 man-hours worked
EMPR Environmental Management Programme Report
Everest Everest Platinum Mine
Great Dyke Reef A PGE bearing layer within the Great Dyke Complex in
Zimbabwe
g/t Grams per tonne, measurement unit of grade (1g/t = 1 part per million)
JORC code Australasian code for reporting of Mineral Resources and Ore
Reserves
JSE JSE Securities Exchange South Africa
Kroondal Kroondal Platinum Mine
LHD Load Haul Dump machine
Marikana Marikana Platinum Mine
Mimosa Mimosa Mining Company (Private) Limited
NOSA National Occupational Safety Association
PGE(s) (6E) Platinum Group Elements. Six metallic elements commonly found
together which constitute the platinoids. These are Pt
