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AQP
AQP
Aquarius Platinum Limited - 4th Quarterly Results: 30 June 2006
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP ISIN Code: BMG0440M1029
("Aquarius Platinum")
4TH QUARTERLY RESULTS: 30 June 2006
- Marikana Pool and Share Agreement shows its promise
Highlights of the Quarter
- Group attributable production increased 8% to a new quarterly record of
129,162 PGM ounces
- Average group PGM basket prices up 21% to $1,192 per ounce
- Strong improvements in cash margins across all operations, notably Marikana
P&SA1 at Kroondal
- 99,406 PGM ounces produced for the quarter (Aquarius attributable : 49,703
PGM ounces)
- Difficult geology at No. 3 shaft and reduced number of mining shifts impact
production
- Increased mine development to provide positive results by next quarter
- Cash margin increased to 66% from 61% in the previous quarter
- Decline sinking at No. 5 Shaft remains ahead of schedule
P&SA2 at Marikana
- Record 31,992 PGM ounces produced for the quarter (Aquarius attributable :
15,996 PGM ounces)
- Open pit contractor increased production to 288,729 tons from 93,000 tons
in the previous quarter
- Underground mine construction and production ramp up produced 109,470 tons
- Cash margin for the quarter increased substantially to 36% from 4% in the
previous quarter
Everest
- 43,838 PGM ounces produced during for the quarter
- Unprotected strike action in April by underground contractor employees
impacts mine ramp-up
- Opencast operations on target producing 287,405 tons
- Underground development advances, producing 229,226 tons
- Gross cash margin increases to 66% from 53% in the previous quarter
Mimosa
- 37,395 PGM ounces (Aquarius attributable : 18,697 PGM ounces)
- Wedza Phase IV Upgrade Expansion completed ahead of schedule and on budget
- Underground tonnages increased 3% to 451,578 tons
- Gross cash margin maintained strong at 66%
CTRP
- Record 1,856 PGM ounces produced for the quarter (Aquarius attributable :
928 PGM ounces)
- Further improvement in recoveries to 68% from 51% in the previous quarter
- Operation enjoys highest basket price in Group due to significant
contribution from good rhodium price
- Gross cash margin increases to 88% from 65%
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said, "As we
close the 2006 financial year, I am pleased to report that Aquarius, despite a
tough quarter at certain operations, has continued to deliver increases in
production at a time of great prices for the platinum group metals. This
quarter should, however, be recognised for our successes at Marikana, where the
team has delivered a strong turn-around in ore quality, grade and tonnage, and
the plant has achieved record recovery rates. Mimosa has again put in a
sterling performance, including commissioning the Wedza IV upgrade, which will
raise production in the 2007 financial year."
Production by Mine
PGMs Quarter Ended Full Year Ended
Sep Dec Mar Jun Jun Jun % +/-
2005 2005 2006 2006 2006 2005
Kroondal 115,362 117,175 107,501 99,406 439,444 324,730 35%
Marikana 27,322 20,789 5,810 31,992 85,912 99,161 (9)%
Everest - 7,111 46,081 43,838 97,031 - -
Mimosa 36,368 35,394 33,252 37,395 142,407 130,167 9%
CTRP 1,363 1,533 1,484 1,856 6,234 2,117 194%
Total 180,415 182,002 194,128 214,487 771,028 556,175 39%
Production by Mine Attributable to Aquarius
PGMs Quarter Ended Full Year Ended
Sep Dec Mar Jun Jun Jun %
2005 2005 2006 2006 2006 2005
Kroondal 57,681 58,588 53,751 49,703 219,722 162,365 35%
Marikana 27,322 10,394 2,905 15,996 56,617* 99,161 (43)%
Everest - 7,111 46,081 43,838 97,030 - -
Mimosa 18,184 17,697 16,626 18,697 71,204 65,084 9%
CTRP 682 767 742 928 3,119 1,059 194%
Total 103,869 94,557 120,105 129,162 447,693 327,669 37%
*Year on year figures are not comparable due to implementation of the Marikana
Pool & Share Agreement (P&SA2) in October 2005
Metals Prices
Strong prices for the PGMs were achieved over the quarter, recording high
average prices despite considerable volatility. Continued long-term supply
concerns coupled with short-term supply constraints out of South Africa saw
platinum average $1,190 per ounce over the quarter, reaching highs of $1,330 per
ounce. Rhodium posted a great performance, averaging $5,028 per ounce in the
quarter, peaking at $6,275 per ounce. Palladium, despite greater supply than
platinum also saw price increases, averaging $346 per ounce. Gold prices were
also up, averaging $629 per ounce for the quarter.
By-products - ruthenium, iridium, nickel, copper and cobalt also put in a strong
showing. Prices for these metals continued to strengthen over the quarter.
Nickel prices averaged $9.03 per pound and copper $3.27 over the quarter,
quarter on quarter increases of 34% and 46% respectively.
The value of the South African PGM basket rose 24% over the quarter to R8,655
per PGM ounce. In US Dollar terms, this was a 14% increase over the previous
quarter to $1,333 per PGM ounce. In South Africa, the Rand : US Dollar exchange
rate weakened by 16% over the quarter from 6.07 to 7.15.
The average Zimbabwean PGM basket over the quarter was 13% higher at US$854 per
PGM ounce, and closed 18% higher quarter on quarter at US$877 per PGM ounce.
Commodity basket prices achieved at Aquarius operations (US$ per PGM ounce)
Basket Prices (2006)
Q1 Q2 Q3 Q4
Kroondal 813 946 1,064 1,306
Marikana 800 925 1,028 1,275
Everest - 886 964 1,162
Mimosa 614 662 750 854
CTRP 940 1099 1,276 1,449
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 50.5%)
P&SA1 at Kroondal
Safety
The 12-month rolling average DIIR for the quarter improved to 0.79 from 0.93 in
the previous quarter. Kroondal achieved 1,000,000 fatality-free shifts.
Mining
Operations constant with underground hoisting 1.3 million tons and opencast
producing 46,000 tons
Significant increases in development are underway to provide more face to cope
with higher level of production and more than usual potholing at No. 3 shaft
Decline development at new K5 shaft on track to intersect reef late in 2006
Processing
Plant processed 1.35 million tons including 46,000 tons of opencast material
Production fell to 99,406 PGM ounces as a combination of public holidays, an
industrial stoppage and reduced face availability impacted ore availability
during the quarter
Concentrator recoveries increased 1% to 79%
Revenue
The PGM basket price for the quarter increased 23% to $1,306 per PGM ounce,
resulting in mine revenue of R830 million for the quarter (Aquarius share : R415
million). The cash margin for the quarter rose to 66%.
Operations
Over the quarter, six public holidays and a national one day stay-away reduced
operating days to 85. Underground operations produced a reduced 1.3 million
tons due to the loss of days and a reduction in face length availability at No.
3 Shaft. Opencast produced a further 46,000 tons. Higher than usual potholing
at the No. 3 and East Shafts continued to hamper production for the second
quarter and affected grade during the quarter. To overcome this issue,
increased face availability is being created by advancing development ahead of
plan and equipping additional strike belts. This issue has had an impact on unit
costs.
Plant head grade improved marginally by 0.7% to 2.87 grams per ton.
Improvements in head grade as a result of development are anticipated by the end
of the calendar year. The processing plants treated 1.353 million tons, a 9%
decrease quarter on quarter. The previous quarter included 106,000 tons of
stockpile material processed with no available surface stockpiles this quarter
to assist production. The K2 processing plant benefited from engineering
modifications, with some circuit changes made to enhance performance on start up
after routine maintenance. Consequently plant recoveries improved by 1% to 79%.
As a consequence of lower throughput, and yet despite an improved plant
performance, PGM production for the quarter was lower at 99,406 PGM ounces
(Aquarius attributable 49,703 PGM ounces).
The development of K5, the fifth decline, continues on schedule with reef
intersection anticipated by the end of the calendar year 2006. In addition,
development of additional mining areas is ongoing throughout the central and
eastern areas of the mine. During the quarter, a considerable 2,279 metres of
primary development was achieved to create additional mining face. In addition
to the primary development, 1,221 metres of secondary development to re-
establish around potholes was completed. Development requires infrastructure
and consequently, related engineering costs nearly doubled to R21.4 million,
unavoidably increasing cash costs.
Operating Costs
Cash cost per ROM ton increased by 16% to R211 per ton due higher costs and
lower production. Consequently, cash costs per PGM ounce for the quarter
increased 14% to R2,871. These costs included ledging and sinking costs of R271
per PGM ounce (up 24%), development costs of R60 per PGM ounce (up 76%) and
engineering equipping costs of R215 per PGM ounce (up 100%).
P&SA1 at Kroondal: Operating Costs
4E (Pt+Pd+Rh+Au) 6E 6E net of by-
(Pt+Pd+Rh+Ir+Ru+Au) products
(Ni&Cu)
P&SA1 at R 2,871 per PGM R 2,364 per PGE R 2,341 per PGE
Kroondal ounce ounce ounce
Early indications are that the development investments made at Kroondal will
start to bear fruit in the next six months as production output is expected to
rise and the associated economies of scale kick-in.
P&SA1 Project Capital Expenditure
During the quarter R26.9m was spent on ongoing capital mainly on conveyor
systems and R23.4m was spent on expansion capital mainly at the new K5 shaft
(Aquarius share : 50%). The K5 project is on track and no cost problems have
been identified.
Kroondal: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs PGMs
ended attributable
to Aquarius
Jun 2006 59,057 29,194 10,649 506 99,406 49,703
Mar 2006 64,248 31,372 11,342 539 107,501 53,751
Dec 2005 69,830 34,332 12,422 591 117,175 58,588
Sep 2005 69,129 33,420 12,250 563 115,362 57,681
P&SA2 at Marikana
Safety
The 12 month rolling DIIR rate deteriorated to 0.31 from 0.23 in the previous
quarter, due to one lost time injury for the quarter. By the end of the quarter
718,330 fatality free shifts were recorded.
Mining
Open cast production increased to 288,729 tons
Underground production started ramping up, totaling 109,470 tons for the quarter
Surface stockpiles reduced to 102,000 tons
Processing
Plant processed 420,199 tons
Significant improvement in concentrator recoveries to 75% from 66% in the
previous quarter
A new mine record of 31,992 PGM ounces were produced
Revenue
The PGM basket price for the quarter increased 24% to $1,275 per PGM ounce,
resulting in mine revenue of R211 million for the quarter (Aquarius share R105.5
million). During the quarter 15,092 tons of ore were toll treated from
neighbouring operations generating minor additional revenues. Marikana"s cash
margin for the quarter increased to 36% from 4% in the previous quarter
reflecting the production ramp-up and the strong PGM prices.
Operations
Operations produced 398,199 ROM tons with 288,729 from opencast operations and
importantly 109,470 tons from underground operations starting to ramp up.
At the end of the quarter, the stockpile contained 102,000 tons down from the
124,000 at the end of the previous quarter.
Plant head grade improved 8% to 3.16 grams per tonne. Recoveries improved by
14% to 75%, due to improved ore quality and enhancements undertaken to the plant
circuit.
As a combination of increased tonnages, improved ore quality, higher head grades
and a significant improvement in recoveries, PGM production achieved was 31,992
PGM ounces.
At No. 1 Shaft, previously referred to as the Trial Mining Project, construction
on the conveyor infrastructure was completed and development is on track to
build production up to 25,000 tons per month in the new financial year. The
geology remains favourable for conventional board and pillar mining and the
decline system is now developed to a distance of 300m down dip from the portals.
At No. 4 shaft (transferred from P&SA1) the decline system is developed to a
distance of 360 metres. The production build up remains on target and mining
conditions are acceptable.
Operating Costs
Cash costs per ROM ton decreased to R324, a 38% improvement compared to the
previous quarter. Cash costs per PGM ounce decreased to R4,255 per PGM ounce, a
49% improvement over the previous quarter. Reduced costs are reflective of the
increased production achieved over the quarter.
Marikana: Operating Costs
4E (Pt+Pd+Rh+Au) 6E 6E net of by-
(Pt+Pd+Rh+Ir+Ru+Au) products
(Ni&Cu)
Marikana R 4,255 per PGM R 3,516 per PGE R 3,291 per PGE
ounce ounce ounce
P&SA2 Expansion project
Construction of the DMS plant is progressing to schedule. R20.7m expansion capex
was spent in the quarter, with the total spent to date of R81.3 million
(Aquarius share : 50%).
Marikana: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs PGMs
ended attributable
to Aquarius
Jun 2005 19,036 9,531 3,162 263 31,992 15,996
Mar 2005 3,591 1,642 534 43 5,810 2,905
Dec 2005 12,887 5,879 1,861 162 20,789 10,394
Sep 2005 17,244 7,409 2,466 203 27,322 27,322
*Quarter on quarter figures are not directly comparable due to implementation of
the Marikana Pool & Share Agreement (P&SA2) in October 2005
Contractor dispute with Moolman Mining
AQPSA resiled from the mining contract with Moolman Mining during December 2005
on the basis of a misrepresentation on the part of Moolman Mining when the
mining contract was originally concluded. This misrepresentation became apparent
to AQPSA after the audit, conducted by KPMG during October 2005, into the rise
and fall formula applied in the mining contract.
In the notice of recission, AQPSA advised Moolman Mining that AQPSA would
institute a damages claim in an amount of R963,775,098 was served on Grinaker
LTA on 18 April 2006. Moolman Mining has indicated their intent to defend the
action by serving the applicable notice in law.
Arbitration was initiated by Moolman Mining before AQPSA resiled from the mining
contract. AQPSA launched an application to stay these proceedings. This
application was served on Moolman Mining on 15 May 2006 with them having in
return, served notice of their intention to oppose same.
Everest Platinum Mine
Safety
The 12 month rolling average DIIR improved to 0.73 from 0.82 for the quarter. No
disabling injuries occurred during the quarter.
Mining
Opencast operations produced 287,405 tons
Underground development advanced, producing 229,226 tons
Remaining stockpiles were consumed during the quarter
Processing
Plant processed 659,636 tons
Recoveries continue to improve, increasing to 72% from 65%
Quarterly production was 43,838 PGM ounces
Revenue
The PGM basket price for the quarter increased 21% to $1,162 per PGM ounce,
resulting in mine revenue of R326 million for the quarter. The cash margin for
the quarter rose to 66%.
Operations
Operational ramp up continued, with opencast and underground operation producing
a total 516,631 tons, a 38% increase compared to the previous quarter.
Opencast mining was on target, with a total of 287,405 tons produced during the
quarter. The opencast mining contractor continues to perform well in terms of
both production and cost. For the quarter, opencast mining provided the
majority of the plant feed. Opencast ROM grade was lower than the previous
quarter as mining focussed in the lower grade areas in the North pit. With the
focus on developing underground feed, the balance will start to shift towards
underground feed by the end of the calendar year.
Underground mining progress continued during the quarter, with on-reef decline
development on schedule and the establishment of stoping sections continuing.
Production output for the period was adversely affected when the employees of
the underground mining contractor embarked on an unprotected two week strike
during April, citing contractor wages as the cause of the strike. Nevertheless,
underground production showed a 46% increase in production to 229,226 ROM tons
for the quarter. Despite the industrial action, equipping of the underground
mining conveyor installations, ventilation and mining services were completed on
schedule.
Concentrator throughput was 659,636 tons milled during the period, the balance
provided from stockpile. Because lower grade opencast material provided the
majority of the feed, plant head grade decreased to 2.9 grams per tonne from 3.2
grams per tonne. Operational stability saw further improvements, with
metallurgical recoveries increasing by 11% to 72%. This resulted in production
of 43,838 PGM ounces for the quarter.
Operating Costs
Cash costs increased 7% to R167 per ROM ton milled and 10% to R2,507 per PGM
ounce (including ledging, sinking and underground infrastructure cost of R163
per PGM ounce). The increase is attributed to the ramp up phase.
Everest Operating Costs
4E (Pt+Pd+Rh+Au) 6E 6E net of by-
(Pt+Pd+Rh+Ir+Ru+Au) products (Ni&Cu)
Everest R2,507 per PGM $2,149 per PGE $2,090 per PGE
ounce ounce ounce
Project Capital Expenditure
Capital expenditure commitments totalled R672 million at the end of the quarter
with capital expenditure spent to date of R648 million. Prior capitalised
expenditure of R12 million was reversed to working costs due to revised
accounting standards relating to revenue capitalised during commissioning in
December 2005 month.
Everest: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs
ended
Jun 2006 24,699 14,844 3,817 478 43,838
Mar 2006 27,257 14,913 3,472 439 46,081
Dec 2005 4,161 2,351 532 67 7,111
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The 12-month rolling average DIIR deteriorated to 0.28 for the quarter from 0.23
in the previous quarter.
Mining
Underground production increased 3% to 451,578 tons
The surface stockpile increased to a total 211,713 tons at the quarter end
Expansion project completed ahead of time and on budget
Processing
Ton processed increased 10% to 403,037 tons
Concentrator plant recoveries increased by 1% to 78%
Total production increased 12% to 37,395 PGM ounces (Aquarius attributable
18,697 PGM ounces)
Revenue
The PGM basket price for the quarter increased by 14% to $854 per PGM ounce
compared with $750 per ounce in the previous quarter. The nickel price rose by
21% to $7.42 per pound from $6.14 per pound over the corresponding period.
Together with the contribution from base metals, approximately 25% of gross
revenue, sales revenue for the quarter of $31 million, an increase of $4
million. The gross cash margin was unchanged at 66%.
Operations
During the quarter mining operations hoisted 451,578 tons compared to 399,493
tons in the previous quarter. Tons milled during the quarter totalled 403,037
tons, with the balance going to a stockpile totaling 211,713 tons at the quarter
end.
The average plant head grade was 3.68 grams per tonne, steady compared to 3.69
grams per tonne in the previous quarter.
Recoveries improved by 2% in the quarter.
PGM production for the quarter increased by 12% to 37,395 ounces (Aquarius
attributable : 18,697 ounces).
Mimosa: PGMs in concentrate produced (ounces)
Quarter Pt Pd Rh Au PGMs PGMs
ended attributable
to Aquarius
Jun 2006 18,904 14,417 1,475 2,599 37,395 18,697
Mar 2006 16,820 12,809 1,306 2,317 33,252 16,626
Dec 2006 17,961 13,582 1,390 2,461 35,394 17,697
Sep 2005 18,548 13,915 1,407 2,498 36,368 18,184
Mimosa: Base Metals in concentrate produced (tons)
Mine Production Attributable to Aquarius
Quarter Ni Cu Co Ni Cu Co
ended
Jun 2006 506 423 15 253 211 7
Mar 2006 452 383 14 226 191 7
Dec 2005 488 410 15 244 205 8
Sep 2005 512 422 15 256 211 8
Operating costs
Cash costs for the quarter improved to $328 per PGM ounce ($96 per PGM ounce
after by-product credits), a 1% improvement compared to the previous quarter"s
figure of $331 per PGM ounce ($108 per PGM ounce after by-product credits). The
reduction in cash costs was attributable to higher PGM production recorded
during the quarter and higher by-product credits realised during the quarter.
Mimosa Operating Costs
4E (Pt+Pd+Rh+Au) 6E 6E net of by-
(Pt+Pd+Rh+Ir+Ru+Au) products (Ni,Cu&Co)
Mimosa $328 per PGM ounce $310 per PGE ounce $94 per PGE ounce
Wedza Phase IV Upgrade
The Wedza Phase IV upgrade project was completed and commissioned two months
ahead of target and on budget. Optimisation work in terms of metal recovery
rates is in progress.
Capital Expenditure
Capital expenditure commitments totalled $2.1 million at the end of the quarter
with capital expenditure for the quarter recorded at $5.8 million.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
The DIIR is zero.
Processing
Plant processed 31,625 tons, an increase of 20%
Production increased 25% to a record 1,856 PGM ounces produced
Significant improvement in recoveries to 68% from 51% in the previous quarter
Revenue
The PGM basket price for the quarter increased 14% to $1,449 per PGM ounce. CTRP
revenue for the quarter more than doubled to R18 million (Aquarius attributable
R9 million). The cash margin rose to 88% from 65%.
Operations
During the quarter only current arisings from the Kroondal Chrome Mine were fed
to the CTRP. Consistent and stable operation was achieved and recoveries rose
to 68% against 51% in the previous quarter.
A project to add dump material from the Kroondal Chrome Mine to the CTRP feed is
progressing well, and scheduled to complete in August 2007 at a cost of
approximately R2 million. With an increase in feed planned for the 2007
financial year, it is anticipated that PGM production will continue to increase.
Operating Costs
Cash costs continued to improve, decreasing by 14% to R1,721 per PGM ounce.
CTRP Operating Costs
4E (Pt+Pd+Rh+Au) 6E 6E net of by-
(Pt+Pd+Rh+Ir+Ru+Au) products
CTRP R1,721 per PGM R1,217 per PGE R1,176 per PGE
ounce ounce ounce
Statistical Information: Kroondal P&SA1
Data reflects 100% of mine Current Previous % Change Current
operations
Unit Quarter Quarter Quarter 12 months
Jun 2006 Mar 2006 on to Jun 06
Quarter
Safety
DIIR Rate/200,00 0.96 0.93 (3) 0.96
0 man hours
Revenue
Gross Revenue R"M 830 686 21 2,742
PGM basket Price $/oz 1,306 1,064 23 1,033
Gross cash margin % 66 61 8 59
Nickel Price $/lb 9.03 6.72 35 7.02
Copper Price $/lb 3 2.24 46 2
Ave R/$ rate 6.32 6.13 3 6.37
Cash Costs on-mine
Per ROM ton R/ton 211 181 16 187
$/ton 33 30 13 29
Per PGM oz (3E+Au) R/oz 2,871 2,514 14 2,565
$/oz 454 410 11 403
Per PGE (5E+Au) R/oz 2,364 2,075 14 2,111
$/oz 374 339 11 331
Capex
Current/Sustaining R"000s 26,881 5,237 413 65,673
100%
$"000s 4,255 854 398 10,309
Expansion 100% R"000s 23,427 (14,631) (260) 66,732
$"000s 3,708 (2,386) (255) 10,476
Mining Processed
Underground ROM Ton 1,308 1,420 (8) 5,639
"000
Open Pit ROM Ton 46 72 (37) 403
"000
Total ROM Ton 1,353 1,492 (9) 6,041
"000
Grade
Plant Head g/t 2.87 2.85 1 2.89
Recoveries % 79 78 1 78
PGM Production
Platinum Ozs 59,057 64,247 (8) 262,263
Palladium Ozs 29,194 31,372 (7) 128,318
Rhodium Ozs 10,649 11,342 (6) 46,663
Gold Ozs 506 540 (6) 2,201
Total PGM (3E+Au) Ozs 99,406 107,501 (8) 439,444
Total PGE (5E+Au) Ozs 120,722 130,222 (7) 534,069
Base Metals
Production
Nickel Tonnes 107 104 3 435
Copper Tonnes 43 49 (12) 191
Data reflects 100% of mine Previous +/- % YTD
operations
Unit 12 months Year on Year 2006
to Jun 05 Year
Safety
DIIR Rate/200,00 0.75 (22) 0.96
0 man hours
Revenue
Gross Revenue R"M 1,250 119 2,742
PGM basket Price $/oz 711 45 1,033
Gross cash margin % 40 48 59
Nickel Price $/lb 6.92 1 7.02
Copper Price $/lb 1.43 60 2.29
Ave R/$ rate 6.17 3 6.37
Cash Costs on-mine
Per ROM ton R/ton 177 5 187
$/ton 29 1 29
Per PGM oz (3E+Au) R/oz 2,311 11 2,565
$/oz 375 7 403
Per PGE (5E+Au) R/oz 1,904 11 2,111
$/oz 309 7 331
Capex
Current/Sustaining R"000s 20,521 220 65,673
100%
$"000s 3,326 210 10,309
Expansion 100% R"000s 462,374 (86) 66,732
$"000s 74,939 (86) 10,476
Mining Processed
Underground ROM Ton 3,974 42 5,639
"000
Open Pit ROM Ton 266 51 403
"000
Total ROM Ton 4,240 42 6,041
"000
Grade
Plant Head g/t 3.04 (5) 2.89
Recoveries % 79 (1) 78
PGM Production
Platinum Ozs 194,290 35 262,263
Palladium Ozs 93,984 37 128,318
Rhodium Ozs 34,916 34 46,663
Gold Ozs 1,540 43 2,201
Total PGM (3E+Au) Ozs 324,730 35 439,444
Total PGE (5E+Au) Ozs 394,222 35 534,069
Base Metals
Production
Nickel Tonnes 314 38 435
Copper Tonnes 141 35 191
Statistical Information: Marikana P&SA2
Data reflects 100% of mine Current Previous % Change Current
operations
Unit Quarter Quarter Quarter 12 months
Jun 2006 Mar 2006 on to Jun 06
Quarter
Safety
DIIR Rate/200 0.31 0.23 35 0.31
,000 man
hours
Revenue
Gross Revenue R"M 211 51 314 520
PGM basket Price $/oz 1,275 1,028 24 1,007
Gross cash margin % 36 4 929 16
Nickel Price $/lb 9.03 6.72 35 7.02
Copper Price $/lb 3.27 2.24 46 2.29
Ave R/$ rate 6.32 6.13 3 6.37
Cash Costs on-mine
Per ROM ton R/ton 324 520 (38) 348
$/ton 51 85 (40) 55
Per PGM oz (3E+Au) R/oz 4,255 8,416 (49) 5,069
$/oz 673 1,373 (51) 796
Per PGE (5E+Au) R/oz 3,516 6,974 (50) 4,203
$/oz 556 1,138 (51) 660
Capital expenditure
Current/Sustaining R"000s 2,279 1,202 90 8,521
100%
$"000s 361 196 84 1,338
Expansion 100% R"000s 20,799 50,591 (59) 81,321
$"000s 3,292 8,253 (60) 12,766
Mining Processed
Underground ROM Ton 106 43 147 178
"000
Open Pit ROM Ton 314 51 516 1,072
"000
Total ROM Ton 420 94 347 1,250
"000
Grade
Plant Head g/t 3.16 2.93 8 3.20
Recoveries % 75 66 14 67.00
PGM Production
Platinum Ozs 19,036 3,591 430 52,757
Palladium Ozs 9,531 1,642 480 24,461
Rhodium Ozs 3,162 534 492 8,023
Gold Ozs 263 43 512 671
Total PGM (3E+Au) Ozs 31,992 5,810 451 85,912
Total PGE (5E+Au) Ozs 38,716 7,011 452 103,615
Base Metals
Production
Nickel Tonnes 66 8 725 146
Copper Tonnes 38 4 850 84
Chromite (000) Tonnes 18 13 38 135
(000)
Data reflects 100% of mine Previous +/- % YTD
operations
Unit 12 months Year on Year 2006
to Jun 05 Year
Safety
DIIR Rate/200 0.81 (62) 0.31
,000 man
hours
Revenue
Gross Revenue R"M 364 43 520
PGM basket Price $/oz 713 41 1,007
Gross cash margin % (10.0) n/a 16
Nickel Price $/lb 6.92 1 7.02
Copper Price $/lb 1.43 60 2.29
Ave R/$ rate 6.17 3 6.37
Cash Costs on-mine
Per ROM ton R/ton 264 32 348
$/ton 43 27 55
Per PGM oz (3E+Au) R/oz 4,035 26 5,069
$/oz 654 22 796
Per PGE (5E+Au) R/oz 3,393 24 4,203
$/oz 620 6 660
Capital expenditure -
Current/Sustaining 100% R"000s 19,362 (56) 8,521
$"000s 3,138 (57) 1,338
Expansion 100% R"000s - - 81,321
$"000s - - 12,766
Mining Processed
Underground ROM Ton - - 178
"000
Open Pit ROM Ton 1,515 (29) 1,072
"000
Total ROM Ton 1,515 (17) 1,250
"000
Grade
Plant Head g/t 3.60 (11) 3.20
Recoveries % 57 18 67
PGM Production
Platinum Ozs 63,868 (17) 52,757
Palladium Ozs 26,413 (7) 24,461
Rhodium Ozs 8,061 (0) 8,023
Gold Ozs 819 (18) 671
Total PGM (3E+Au) Ozs 99,161 (13) 85,912
Total PGE (5E+Au) Ozs 117,908 (12) 103,615
Base Metals Production
Nickel Tonnes 133 10 146
Copper Tonnes 73 15 84
Chromite (000) Tonnes 247 (45) 135
(000)
Statistical Information: Everest
Data reflects 100% of mine Current Previous % Change Current
operations
Unit Quarter Quarter Quarter 12 months
Jun 2006 Mar 2006 on to Jun 06
Quarter
Safety
DIIR Rate/200 0.73 0.82 (11) 0.73
,000 man
hours
Revenue
Gross Revenue R"M 326 225 45 550
PGM basket Price $/oz 1,162 964 21 1,037
Gross cash margin % 66 53 25 61
Nickel Price $/lb 9.03 6.72 34 7.02
Copper Price $/lb 3.27 2.24 46 2.29
Ave R/$ rate 6.32 6.14 3 6.37
Cash Costs on-mine
Per ROM ton R/ton 167 156 7 161
$/ton 26 25 (5) 25
Per PGM oz (3E+Au) R/oz 2,507 2,280 10 2,390
$/oz 397 371 7 375
Per PGE (5E+Au) R/oz 2,149 1,974 9 2,057
$/oz 340 321 6 323
Capital expenditure
Current/Sustaining R"000s 7,108 - 7,108
100%
$"000s 1,125 1,116
Expansion 100% R"000s (11,860) 67,094 (118) 391,972
$"000s (1,877) 10,927 (117) 61,532
Mining Processed
Underground ROM Ton 229 202 13 471
"000
Open Pit ROM Ton 431 473 (9) 991
"000
Total ROM Ton 660 675 (2) 1,462
"000
Grade
Plant Head g/t 2.86 3.22 (11) 3.04
Recoveries % 72 65 11 68
PGM Production
Platinum Ozs 24,699 27,257 (9) 56,118
Palladium Ozs 14,844 14,913 (0) 32,108
Rhodium Ozs 3,817 3,472 10 7,821
Gold Ozs 478 439 9 984
Total PGM (3E+Au) Ozs 43,838 46,081 (5) 97,031
Total PGE (5E+Au) Ozs 51,145 53,202 (4) 112,717
Base Metals
Production
Nickel Tonnes 76 54 40 138
Copper Tonnes 41 28 45 74
Chromite (000) Tonnes -
(000)
Data reflects 100% of mine Previous +/- % YTD
operations
Unit 12 months Year on Year 2006
to Jun 05 Year
Safety
DIIR Rate/200,0 - - 0.73
00 man
hours
Revenue
Gross Revenue R"M - - 550
PGM basket Price $/oz - - 1,037
Gross cash margin % - - 61
Nickel Price $/lb - - 7.02
Copper Price $/lb - - 2.29
Ave R/$ rate - - 6.37
Cash Costs on-mine
Per ROM ton R/ton - - 161
$/ton - - 25
Per PGM oz (3E+Au) R/oz - - 2,390
$/oz - - 375
Per PGE (5E+Au) R/oz - - 2,057
$/oz - - 323
Capital expenditure -
Current/Sustaining R"000s - - 7,108
100%
$"000s - - 1,116
Expansion 100% R"000s - - 391,972
$"000s - - 61,532
Mining Processed
Underground ROM Ton - - 471
"000
Open Pit ROM Ton - - 991
"000
Total ROM Ton - - 1,462
"000
Grade
Plant Head g/t - - 3.04
Recoveries % - - 68
PGM Production
Platinum Ozs - - 56,118
Palladium Ozs - - 32,108
Rhodium Ozs - - 7,821
Gold Ozs - - 984
Total PGM (3E+Au) Ozs - - 97,031
Total PGE (5E+Au) Ozs - - 112,717
Base Metals
Production
Nickel Tonnes - - 138
Copper Tonnes - - 74
Chromite (000) Tonnes - - -
(000)
Statistical Information: Mimosa
Data Reflects 100% of mine Current Previous +/- % YTD
operations
Quarter Quarter Quarter on 12 months
Unit Jun 06 Mar 06 Quarter Jun 06
Safety
DIIR Rate/200 000 0.36 0.40 10 0.28
man hours
Revenue
Gross Revenue US$M 31 27 15 113
PGM basket Price US$/oz 854 750 14 713
Gross cash % 66 66 4 64
margin
Nickel Price US$/lb 7.42 6.14 21 6.64
Copper Price US$/lb 3 2 27 2
Cash Costs
Per Rom ton US$/ton 30 30 (1) 31
Per PGM ounce US$/oz 328 331 1 336
(3E+Au)
Per PGM ounce US$/oz 96 108 11 100
(3E) after by-
product credits
Per 6 PGM ounce US$/oz 310 313 1 318
(5E+Au)
Per 6 PGM ounce US$/oz 94 105 10 98
(5E+Au) after by-
product credits
Capital
Expenditure
Current US$ " 000s 2,967 705 (321) 7,999
Expansion US$ " 000s 2,895 6,526 56 10,471
Mining
Underground RoM ton "000 452 399 13 1,713
Grade
Plant Head g/t 3.68 3.69 0 3.71
Recoveries % 78 77 1 78
PGM Production
Platinum Ozs 18,904 16,820 12 72,232
Palladium Ozs 14,417 12,809 13 54,722
Rhodium Ozs 1,475 1,306 13 5,577
Gold Ozs 2,599 2,317 12 9,876
Total Ozs 37,395 33,252 12 142,407
Base Metals
Production
Nickel Tons 506 452 12 1,958
Copper Tons 423 383 10 1,638
Cobalt Tons 15 14 7 59
I
Data Reflects 100% of mine Previous +/- % Rolling
operations
12 months 12 Months 12 Months
Unit Jun 05 Ytd Jun 06
Safety
DIIR Rate/200 0.31 10 0.28
000 man
hours
Revenue
Gross Revenue US$M 84 35 113
PGM basket Price US$/oz 590 21 713
Gross cash % 60 7 64
margin
Nickel Price US$/lb 6.51 2 6.64
Copper Price US$/lb 1 55 2
Cash Costs
Per Rom ton US$/ton 33 4 31
Per PGM ounce US$/oz 357 6 336
(3E+Au)
Per PGM ounce US$/oz 140 29 100
(3E) after by-
product credits
Per 6 PGM ounce US$/oz 339 6 318
(5E+Au)
Per 6 PGM ounce US$/oz 135 28 98
(5E+Au) after by-
product credits
Capital
Expenditure
Current US$ " 000s 13,672 41 7,999
Expansion US$ " 000s 1,108 (845) 10,471
Mining
Underground RoM ton 1,432 20 1,713
"000
Grade
Plant Head g/t 3.69 1 3.71
Recoveries % 77 1 78
PGM Production
Platinum Ozs 66,742 8 72,232
Palladium Ozs 49,259 11 54,722
Rhodium Ozs 5,156 8 5,577
Gold Ozs 9,010 10 9,876
Total Ozs 130,167 9 142,407
Base Metals
Production
Nickel Tons 1,895 3 1,958
Copper Tons 1,563 5 1,638
Cobalt Tons 56 5 59
Note: Cash Cost Per ROM ton calculated using milled tonnage
Statistical Information: Chrome Tailings Retreatment Plant
Data reflects 100% of mine Current Previous % Change Current
operations
Unit Quarter Quarter Quarter 12 months
June 2006 Mar 2006 on to June 06
Quarter
Safety
DIIR Rate/200 - - -
,000 man
hours
Revenue
Gross Revenue R"M 18 8 119 43
PGM basket Price $/oz 1,449 1,276 14 1,207
Gross cash margin % 88 65 35 63
Nickel Price $/lb 9.03 6.72 35 7.02
Copper Price $/lb 3 2.24 46 2
Ave R/$ rate 6.32 6.32 - 6.37
Cash Costs on-mine
Per ROM ton R/ton 101 113 (11) 96
$/ton 16 18 (5) 15
Per PGM oz (3E+Au) R/oz 1,721 2,000 (14) 2,507
$/oz 272 326 (16) 394
Per PGE (5E+Au) R/oz 1,217 1,386 (12) 1,766
$/oz 193 226 (15) 277
Capital expenditure
Current/Sustaining R"000s 572 - - 950
100%
$"000s 91 - - 149
Expansion 100% R"000s - - - -
$"000s - - - -
Feed Processed
Feed Processed ROM Ton 32 26 20 162
"000
Total ROM Ton 32 26 20 162
"000
Grade
Plant Head g/t 2.83 2.76 2 3.21
Recoveries % 68 51 33 40
PGM Production
Platinum Ozs 1,115 887 26 3,799
Palladium Ozs 411 334 23 1,378
Rhodium Ozs 326 260 25 1,044
Gold Ozs 4 3 35 13
Total PGM (3E+Au) Ozs 1,856 1,484 25 6,234
Total PGE (5E+Au) Ozs 2,626 2,142 23 8,851
Base Metals
Production
Nickel Tonnes 1 1 - 4
Copper Tonnes 1 0 - 2
Chromite (000) Tonnes -
(000)
Data reflects 100% of mine Previous +/- % YTD
operations
Unit 12 months Year on Year 2006
to June 05 Year
Safety
DIIR Rate/200,0 - - -
00 man
hours
Revenue
Gross Revenue R"M 1 3,188 43
PGM basket Price $/oz 834 45 1,207
Gross cash margin % 37.5 68 63
Nickel Price $/lb - - 7.02
Copper Price $/lb - - 2.29
Ave R/$ rate - - 6.37
Cash Costs on-mine
Per ROM ton R/ton 14 605 96
$/ton - - 15
Per PGM oz (3E+Au) R/oz 367 - 2,507
$/oz - - 394
Per PGE (5E+Au) R/oz - - 1,766
$/oz - - 277
Capital expenditure -
Current/Sustaining R"000s - - 950
100%
$"000s - - 149
Expansion 100% R"000s - - -
$"000s 3,676 - -
Feed Processed
Feed Processed ROM Ton 56 188 162
"000
Total ROM Ton 56 188 162
"000
Grade
Plant Head g/t 2.71 18 3.21
Recoveries % 42 (4) 40
PGM Production
Platinum Ozs 1,321 188 3,799
Palladium Ozs 439 214 1,378
Rhodium Ozs 353 196 1,044
Gold Ozs 4 225 13
Total PGM (3E+Au) Ozs 2,117 194 6,234
Total PGE (5E+Au) Ozs 2,940 201 8,851
Base Metals Production
Nickel Tonnes 1 489 4
Copper Tonnes 2 13 2
Chromite (000) Tonnes - - -
(000)
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 30 June 2006, the Company had on issue:
84,348,225 fully paid common shares
2,343,105 unlisted options
Substantial Shareholders 30 June Number of Percentage
2006 Shares
Impala Platinum Holdings Ltd 7,127,276 8.63
Nutraco Nominees Limited 5,242,250 6.25
National Nominees Limited 4,541,671 5.42
Broker (LSE) Broker (ASX) Sponsor (JSE)
Evolution Securities Euroz Securities Investec Bank Limited
Ltd Level 14, The 100 Grayston Drive
100 Wood Street Quadrant Sandown Sandton 2196
London EC2V 7AN 1 William Street Telephone: +27 (0)11
Telephone: +44 (0)20 Perth WA 6000 286 7326
7071 4330 Telephone: +61 (0)8 Facsimile: +27 (0)11
Facsimile: +44 (0)20 9488 1400 291 1066
7071 4451 Facsimile: +61 (0)8
9488 1478
Aquarius Platinum (South Africa) Aquarius Platinum Corporate
(Proprietary) Ltd. Services Pty Ltd
50.5% Owned 100% Owned
(Incorporated in the Republic of (Incorporated in Australia)
South Africa) ACN 094 425 555
Registration Number 2000/000341/07
Level 4, Suite 5, South Shore
Block A, 1st Floor, The Great Wall Centre,
Group Building 85 The Esplanade, South Perth,
5 Skeen Boulevard, Bedfordview WA 6151,Australia
South Africa 2007
PO Box 485
P O Box 1282 South Perth, WA 6151, Australia
Bedfordview South Africa 2009
Telephone: +61 (0)8 9367 5211
Telephone: +27 (0)11 455 2050 Facsimile: +61 (0)8 9367 5233
Facsimile: +27 (0)11 455 2095 Email:info@aquariusplatinum.com
Email: info@aquariussa.co.za
AQPSA Management
Stuart Murray Executive Chairman
Gert Ackerman Managing Director
Ayanda Khumalo Finance Director
Anton Wheeler Operations Director
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 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
NOSA National Occupational Safety Association
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.
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
RK1 Consortium comprising Aquarius Platinum (SA) (Corporate
Services) (Pty) Limited (ASACS), GB Mining and Exploration
(SA) (Pty) Limited (GB) and Sylvania South Africa (Pty) Ltd
(SLVSA).
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.
RPM Rustenburg Platinum Mines Limited
TKO TKO Investment Holdings Limited
Ton 1 Metric tonne (1,000kg)
UG2 Reef A PGE bearing chromite layer within the Critical Zone of the
Bushveld Complex
$ United States Dollars
Z$ Zimbabwe Dollar
For further information please contact:
In Australia:
Willi Boehm
Aquarius Platinum Corporate Services Pty Ltd
+61 (0)8 9367 5211
In United Kingdom:
Nick Bias
BuckBias Limited
+ 44 (0)7887 920 530
Alex Buck
BuckBias Limited
+44 (0)7392 740 452
In South Africa:
Stuart Murray
Aquarius Platinum (South Platinum) (Pty) Ltd
+27 (0)11 455 2050
Charmane Russell
Russell & Associates
+27 (0)11 880 3924
or visit: www.aquariusplatinum.com
Date: 27/07/2006 02:47:48 PM Produced by the JSE SENS Department
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