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AQP
AQP
Aquarius Platinum Limited - Aquarius platinum enjoys continued
production
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP ISIN Code: BMG0440M1029
("Aquarius Platinum")
Aquarius Platinum enjoys continued production and earnings
growth;Celebrates the award of new order mining rights for its south
afrcan mines
Highlights of the Quarter
- Group attributable production increased 8% quarter-on-quarter
to a new record of 140,227 PGM ounces
- Group net profit for the quarter increased 365% compared to the
quarter ending September 2005
- Mining rights converted to `new order" rights at Kroondal,
Marikana and Everest
Quarterly Financial Highlights
- Comparable net quarterly profit up 365% to $45.9 million (US
54.4 cents per share)
- Cash profit up 218% to $56.2 million (US 66.5 cents per share)
- Group consolidated cash position rose by $68 million since June
2006 to $230.4 million
P&SA1 at Kroondal
- New production record at 121,713 PGM ounces (Aquarius
attributable: 60,856 PGM ounces)
- Primary development ongoing to further improve face
availability and mining flexibility
- Gross cash margin steady at 65%
- Reef intersected at new K5 Shaft ahead of schedule
P&SA2 at Marikana
- 30,865 PGM ounces produced in the quarter (Aquarius
attributable: 15,432 PGM ounces)
- Underground production increased 55% to 170,435 tons, with open
pit increasing 17% to 339,540 tons
- Gross cash margin for the quarter increased to 43% from 36% in
the previous quarter
- P&SA2 construction of dense media separation plant, and the No.
1 and No.4 shafts on target
Everest
- 41,717 PGM ounces produced for the quarter, marginally down due
to labour disruptions
- Underground production established as primary source of ore,
increasing by 41% to 323,426 tons
- Production from opencast operations increased marginally to
289,681 tons
- Gross cash margin steady at 64%
Mimosa
- Production increased 14% to 42,733 PGM ounces (Aquarius
attributable :21,367 PGM ounces)
- Wedza Phase IV optimisation work in progress and delivering new
low cost production
- Underground production increased 8% to 487,538 tons
- Gross cash margin rose to 76% from 66%
CTRP
- 1,711 PGM ounces produced for the quarter (Aquarius
attributable: 855 PGM ounces)
- Basket price increased by 12% to $1,622 per PGM ounce quarter
on quarter
- Gross cash margin for the quarter decreased to 79% from 88%
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum
said, "The production achievement at Kroondal has helped drive group
performance to record output, and quarterly earnings. The Mimosa
expansion is delivering new low cost ounces and work at Everest and
Marikana continues, with those ramp-ups adding to the bottom line.
Already, at the end of the first quarter, I believe that we are on
track to deliver our annual target of 600,000 PGM ounces, a third up
on last year"s production.
Breaking production and earnings records is only one part of the
quarterly story. During this last quarter we finalised all the
processes for conversion of all our South African mining rights to
new order licenses. This effort was blessed by the Honourable
Minister of Minerals and Energy, Ms Buyelwa Sonjica only this week,
with the award of the new rights, a stamp of approval for Aquarius"
ongoing presence in South Africa."
Aquarius announces consolidated earnings for the quarter to 30
September 2006 of $45.9 million (US 54.4 cents per share) as the
Group"s expansion program continues to deliver increased profits at
a time of good PGM metal prices. The results represent a 365%
increase compared to the previous corresponding period, September
2005 (pcp). Cash earnings (before depreciation and amortisation)
were $56.2 million (US 66.5 cents per share).
Aquarius Attributable Production and Net Profit Summary
Quarter Quarter FY
ended ended Sep ended
Sep 2006 2005 Jun
2006
PGM Production (4E) 140,227 103,869 447,693
(attributable ounces)
Net Profit After Tax & Outside $45.9m $9.9m $85.6m
Equity Interests
Production of PGMs attributable to shareholders of Aquarius was
140,227 PGM ounces, up 8% from the previous quarter ended June 2006.
The increased production was from the Group"s Kroondal and Mimosa
mines.
Revenue for the quarter, net of currency adjustments, was $168.5
million. Finance charges for the quarter were $2.95 million. This
included a non-cash interest charge of $0.7 million being the
unwinding of the discount relating to the movement in the net
present value of the Kroondal and Marikana rehabilitation
provisions. Interest income for the quarter was $3.0 million.
Depreciation and amortisation was higher at $8.2 million following
completion of the Everest mine and other developments and expansions
at Kroondal, Mimosa and the decision at Marikana to rehabilitate the
portion of the waste dump that is directly attributable to the open
pit operations over a shorter period consistent with the revised
open pit mining plan. This decision will see an additional sum of
approximately R25 million per year for five years go against this
mine"s amortisation charge. Amortisation arising from the fair
value uplift of mineral rights at $2.0 million was in line with the
previous corresponding period.
Aquarius group cash balances at 30 September 2006 were $230.4
million, an increase of $68 million since June 2006. Material
cashflow items (other than mine operations) that affected cash
balances during the quarter included capital expenditure of $14
million and income tax paid of $4 million.
Kroondal"s cash costs per ROM ton for the quarter decreased by 7% to
R197 per ton compared to R211 in the previous quarter, due to
increased volumes. Cash costs per PGM ounce decreased by 4% to
R2,754. These costs include R302 per PGM ounce of decline
development costs comprising ledging and sinking. Development costs
on a PGM ounce basis represented R36 per PGM ounce.
Marikana"s cash costs per ROM ton for the quarter increased by 1% to
R328 per ton. Cash costs per PGM ounce however increased by 11% to
R4,734 per PGM ounce due to lower grade of 3.07 g/t compared to 3.16
g/t and lower recoveries of 70% compared to 75% in the previous
quarter. Decline development and ledging costs comprised R557 per
PGM ounce.
Everest"s cash costs per ROM ton for the quarter increased by 14% to
R190 per ton due to the higher consumption of underground ore as
opposed to open pit ore. These costs are expected to reduce as
underground ore volumes further increase in line with the ramp up of
the Everest mine. Cash costs per PGM ounce increased to R2,899 per
PGM ounce. Decline development and ledging costs comprised R125 per
PGM ounce and included is an IFRIC-4 adjustment of R127 per PGM
ounce (the details outlined below).
Mimosa realised a cash cost per PGM ounce of US$356 ($11 per ounce
after by-product credits) compared with the previous quarter"s
figure of US$328 per ounce ($96 per ounce after by-product credits).
The 8% increase in costs is attributable to high Zimbabwean dollar
denominated costs, mainly due to the disparity between the rate of
inflation and the exchange rate. Base metal prices increased
significantly during the quarter, (Nickel up 31% to $9.70 per pound,
Copper up 33% to $3.39 per pound) to reduce cash costs after by-
product credits to $11 per PGM ounce.
Production by Mine
PGMs (4E) Quarter Ended
Dec 2005 Mar 2006 Jun 2006 Sep 2006
Kroondal 117,175 107,501 99,406 121,713
Marikana 20,789 5,810 31,992 30,865
Everest 7,111 46,081 43,838 41,717
Mimosa 35,394 33,252 37,395 42,733
CTRP 1,533 1,484 1,856 1,711
Total 182,002 194,128 214,487 238,739
Production by Mine Attributable to Aquarius
PGMs (4E) Quarter Ended
Dec 2005 Mar 2006 Jun 2006 Sep 2006
Kroondal 58,588 53,751 49,703 60,856
Marikana 10,394 2,905 15,996 15,432
Everest 7,111 46,081 43,838 41,717
Mimosa 17,697 16,626 18,697 21,367
CTRP 767 742 928 855
Total 94,557 120,105 129,162 140,227
Metals Prices
Commodity prices remained firm through the quarter, consolidating on
gains realised in the previous quarter. The chart below illustrates
the strong basket prices achieved at South African and Zimbabwean
operations. The weakening of the South African Rand against the US
Dollar toward the quarter end saw the South African basket price
achieve a new quarterly average high of R9,340 per PGM ounce , with
a closing price for the quarter at R9,857 per PGM ounce.
The table below details the individual basket prices achieved at
each operation calculated using a four-element PGM ounce (platinum,
palladium, rhodium and gold). All the mines achieved higher basket
prices over the quarter, with quarter-end basket prices all closing
higher than the quarter averages.
Average PGM basket prices achieved at Aquarius operations (US$ per
PGM ounce (4E))
Basket Prices (Financial Year Quarters)
Q2 2006 Q3 2006 Q4 2006 Q1 2007
Kroondal 946 1,064 1,306 1,311
Marikana 925 1,028 1,275 1,283
Everest 886 964 1,162 1,199
Mimosa 662 750 854 958
CTRP 1,099 1,276 1,449 1,622
The chart below illustrates the market prices for platinum,
palladium, rhodium and gold over the previous four quarters.
The Rand weakened against the US dollar over the quarter, with the
average rate 12% weaker at R7.09 per US Dollar. The exchange rate at
the close of the quarter was 7.76.
FINANCIALS
Aquarius Platinum Limited
Consolidated Income Statement
Quarter ended 30 Sep 2006
$"000
Note: Quarter Ended Financial
Year
ended
30/09/06 30/09/05* 30/6/06
*
Aquarius PGM 140,227 103,869 447,693
Production
(attributable ounces)
Revenue (i) 158,284 80,992 426,569
Foreign exchange (ii) 10,287 (2,325) 13,228
gain/(loss)
Cost of Sales (iii) (70,824) (55,859) (223,064)
Gross Profit 97,747 22,808 216,733
Amortisation of fair (1,976) (1,958) (7,162)
value uplift of
mineral properties
Gross profit after 95,771 20,850 209,571
amortisation of fair
value uplift
Admin & other (1,709) (1,144) (8,027)
operating costs
Other FX movements (iv) 1,948 (480) 913
Finance costs (v) (2,950) (1,644) (10,383)
Profit before tax 93,060 17,582 192,074
Income tax expense (20,762) (3,940) (51,071)
Profit after tax 72,298 13,642 141,003
Minority interest (vi) (26,357) (3,780) (55,373)
Net profit 45,941 9,862 85,630
EPS (basic - cents) 54.4 11.9 100.87
* Unaudited
Notes on the September 2006 Consolidated Income Statement
(i) Revenue is up due to increased production and higher prices
(ii) Reflects effects of adjusting revenue recorded at time of
production to cash received at the end of the four month pipeline
(iii) Cost of sales are higher due to additional 35,980 PGM
ounces of production
(iv) Reflects foreign exchange movements on translation of net
monetary assets
(v) Finance costs are higher as interest expense is no longer
capitalised following completion of the Everest mine
(vi) Minority interests reflects 29.5% and 20% outside equity
interest of Savannah Consortium and Impala Platinum Holdings Limited
(Implats) in AQPSA respectively.
Aquarius Platinum Limited
Consolidated Cash flow Statement
Quarter ended 30 September 2006
$"000
Quarter ended Financial
year
ended
Note 30/09/06 30/09/05 30/06/06
: * *
Net operating cash (i) 87,561 31,264 175,531
inflow
Net investing cash (ii) (14,082) (32,103) (112,880)
outflow
Net financing cash (iii 1,029 25,923 27,161
outflow )
Net increase 74,508 25,084 89,812
(decrease) in cash
held
Opening cash balance 162,425 75,251 75,251
Exchange rate (6,553) 2,297 (2,638)
movement on cash
Closing cash balance 230,380 102,632 162,425
* Unaudited
Notes on the September 2006 Consolidated Cash flow Statement
(i) Net operating cash flow includes cash receipts of $168.6
million, cash payments $77.0 million and income tax paid $4.0
million
(ii) Includes expenditure mine development and plant and equipment
of $14.1 million
(iii) Includes exercise of employee options of $1.0 million
Aquarius Platinum Limited
Consolidated Balance Sheet
At 30 September 2006
$"000
Quarter Financial
year ended year ended
*
Note: 30/09/06 30/06/06
Assets
Cash assets 230,380 162,425
Current (i) 71,458 66,721
receivables
Other current (ii) 22,409 19,828
assets
Property, plant (iii) 139,090 144,449
and equipment
Mining assets (iv) 309,222 309,778
Other non-current 7,086 6,994
assets
Total assets 779,645 710,195
Liabilities
Current (v) 48,734 35,463
liabilities
Non-current (vi) 122,619 130,104
payables
Non-current (vii) 45,529 45,372
interest-bearing
liabilities
Other non-current (viii 112,025 105,419
liabilities )
Total Liabilities 328,907 316,358
Net assets 450,738 393,837
Equity
Parent entity 353,700 315,559
interest
Minority interest 98,038 78,278
Total Equity 450,738 393,837
* Unaudited
Notes on the September 2006 Consolidated Balance Sheet
(i) Includes debtors receivable on PGM concentrate sales, increase
reflects higher PGM sales
(ii) Includes minesite consumables, ore stockpiles, work in progress
and finished goods
(iii) Includes minesite and administrative property, plant and
equipment
(iv) Includes mine development costs
(v) Includes tax payable ($11.4 million) and creditors ($37.3
million)
(vi) Includes Implats and SavCon non interest bearing shareholder
loans ($121.2 million) and rehabilitation obligations ($1.4 million)
(vii) Reflects non-current portion of Rand Merchant Bank debt,
SavCon interest bearing shareholder loan and lease liabilities
(viii) Reflects deferred tax liabilities $78.6 million, provision
for closure costs $33.4 million
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 50.5%)
P&SA1 at Kroondal
Safety
The 12-month rolling average DIIR for the quarter deteriorated to
1.02 from 0.96 in the previous quarter. A behaviour based safety
campaign has been introduced to achieve longer-term sustainable
safety results.
Mining
- Underground tons increased 24% to 1,652,057 tons
- The new Klipfontein pit added to opencast production,
increasing threefold to 145,144 tons
- Development above target with further improvements anticipated
to improve improving stope availability
- Head grade constant at 2.86 g/t
Processing
- Plant processed 1.70 million tons including 148,000 tons of
opencast material
- Production increased to 121,713 PGM ounces
- Concentrator recoveries fell by marginally to 78% as a result
of additional opencast material
Revenue
The improved production coupled with improved PGM prices at $1,311
per PGM ounce and a weaker Rand : Dollar exchange rate resulted in
mine revenue of R954 million for the quarter (Aquarius share: R477
million). The cash margin for the quarter reduced marginally to 65%
compared to the previous quarter.
Operations
Underground production increased 24% to an all-time record of
1,652,057 tons. This is due to the increased development during the
past quarters, which improved stope face availability, particularly
at No 3 and East Shafts.
Open pit production increased three fold from 46,000 tons in the
previous quarter to 145,144 tons. The additional tons were sourced
from a new pit at the Klipfontein section. This pit will supplement
tonnages for about six months as the underground production
continues to ramp up, to full production.
The head grade at 2.86 g/t remained virtually unchanged. This is
still being affected by the high rate of development which increased
by 16% on the previous quarter to 2,762m. Task teams have been
established at each shaft to find ways to reduce dilution and
increase underground scalping.
Despite a 3-day maintenance shutdown at both the K1 and K2
concentrators, a record 1,700,000 tons were processed for the
quarter, leaving a 97,000 tonne stockpile on surface.
Plant recoveries decreased by 1% to 78% as a result of the increase
in opencast material.
The resultant PGM production of 121,713 PGM oz (Aquarius
attributable: 60,856 PGM ounces) is a new record for the Kroondal
Mine.
Kroondal: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs PGMs
ended attributable
to Aquarius
Sep 2006 73,239 35,166 12,679 629 121,713 60,856
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
Operating Costs
Cash cost per ROM ton decreased by 7% to R197 per ton due to
increased volumes. Consequently, cash costs per PGM ounce for the
quarter decreased by 4% to R2,754. These costs included ledging and
sinking costs of R302 per PGM ounce (up 11% on previous quarter),
redevelopment costs reduced by 40% to R36 per PGM oz and engineering
equipping costs up a 3% to R227 per PGM ounce.
Once development reduces to steady-state and an improvement in grade
is achieved, it is anticipated that the unit costs will reduce
further.
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 2,754 per PGM R 2,268 per PGE R 2,130 per PGE
Kroondal ounce ounce ounce
P&SA1 Project Capital Expenditure
During the quarter R31.3 million was spent on ongoing capital on
belt extensions and infrastructure improvements. R28.8 million was
spent on expansion capital mainly at the new K5 shaft (Aquarius
share: 50%).
K5 Project at Kroondal P&SA1
Safety
The project reported a DIIR of zero for the quarter.
Mining
Declines advanced 484 metres for the quarter versus a plan of 316
metres, intersecting the reef ahead of plan on 1st September 2006.
Reef development of 65 metres of was also completed, providing a
surface stockpile of 2,500 tons.
Construction
Construction both on surface and underground continued
satisfactorily with the sewage plant, industrial change-house,
substation, settling dams and clear water dams complete. The Dip 1
and Silo Feed conveyors were also completed and commissioned with
good progress on both Dips 2 and 3 conveyors.
Project
Deilmann-Haniel (South Africa) (Pty) Ltd was awarded preferred
contractor status. A bridging agreement has been signed until the
contract is awarded. Approval was granted for the ventilation
shafts, surface emergency by-pass conveyor and chairlifts to be
brought forward as ongoing capital projects.
Capital Cost
Of the control budget of R131.1 million, R79.2 million has been
committed and R51.3 million spent to date.
P&SA2 at Marikana
Safety
12-month rolling average DIIR for the quarter improved further to
0.21 compared to 0.31 for the previous quarter.
Mining
- Underground production for the quarter increased 55% to 170,345
tons
- Open pit production for the quarter increased 17% to 339,540
tons
- Quarter end stockpile at 166,000 tons ready for DMS plant
commissioning in the second quarter
Processing
- A record 445,462 ROM tons processed during quarter, including
140,733 tons from underground
- As new pits are established, higher oxidised material treated,
reduced concentrator recoveries to 70%
- 30,865 PGM ounces produced (Aquarius attributable: 15,432 PGM
ounces)
Revenue
An improved PGM basket price for the quarter of $1,283 per PGM ounce
coupled with a weaker Rand : Dollar exchange rate resulted in mine
revenue of R256 million for the quarter (AQPSA share R128 million).
During the quarter, 12,687 tons of ore were toll-treated from
neighbouring operations generating minor additional revenues. The
cash margin for the quarter increased to 43% from 36%.
Operations
Reef produced from open pit operations totalled 339,540 tons.
Underground operations produced 170,345 tons. The stockpile level
at the end of quarter was 166,000 tons. In addition, during the
quarter 12,687 tons were toll treated.
At No. 1 Shaft, the reef-dip steepened necessitating development of
a hybrid mining method. The development of the declines has been
prioritised to access the flatter dipping section of the orebody
where conventional bord and pillar mining will continue. The
decline was developed to 340 metres down dip by the end of the
quarter.
At No. 4 Shaft, down-dip development totalled 580 metres.
Development of the eastern trunks commenced with favourable
conditions.
The plant head grade fell 3% to 3.07 g/t due to the increase in
underground ore which is more diluted due to extensive development
activities.
Marikana: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs PGMs
ended attributable
to Aquarius
Sep 2006 18,588 8,944 3,098 235 30,865 15,432
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
Operating Costs
Cash cost per ROM ton increased by 1% to R328/ton. The cash cost
per PGM ounce; however, increased by 11% to R4,734 per PGM ounce due
to the lower grade and recovery of feeds. Costs were impacted by a
substantial increase in decline development and ledging, resulting
in costs of R557 per PGM ounce.
Plant recoveries decreased although the proportion of underground
ore processed increased. This was due to the ratio of oxidised
material from the opencast mining increasing significantly,
adversely affecting total recoveries. Recoveries are expected to
improve as the underground portion continues to ramp-up, dilution
control improves and the proportion of oxidised material from the
open pit reduces.
Marikana: Operating Costs
4E (Pt+Pd+Rh+Au) 6E 6E net of by-
(Pt+Pd+Rh+Ir+Ru+Au) products (Ni&Cu)
Marikana R 4,734 per PGM R 3,906 per PGE R 3,647 per PGE
ounce ounce ounce
Marikana Pool & Share Agreement (P&SA2)
The Dense Media Separation (DMS) Plant is scheduled to commission in
the second quarter. It is anticipated that the plant will increase
total plant capacity. During the quarter R45.4 million expansion
capital expenditure was spent. The total expansion capital spent to
date is R126.4 million (AQPSA share: 50%).
Infrastructure construction at the No. 4 Shaft remains on schedule.
Contractor dispute with Moolman Mining
In continuation of prior reports in respect of the Moolman Mining
litigation, on 31 August 2006, AQPSA received an answer to its
application against Moolman to stay the rise and fall arbitration as
well as an answer to AQPSA"s summons in the amount of R963,775,098
for damages arising from Moolman"s inducing AQPSA to enter into the
mining contract on the basis of misrepresentations as to the costing
of the contract The latter action was instituted against Moolman
Mining as a consequence of AQPSA resiling from the contract with
Moolman Mining on the basis of Moolman"s misrepresentation at
contract outset.
The reply to AQPSA"s summons and application raises no new issues,
save that Moolman has brought a counter-claim in an amount of R472
million in aggregate, which includes the amount previously claimed
in the arbitration of R164 million in respect of the rise and fall.
That claim, however, has been inflated to R215 million. In
addition, Moolman Mining has included a damages component of R59
million which was never contemplated in the mining contract.
AQPSA"s legal team have interrogated the basis for the increase in
the quantum to R472 million and believes that the increase is
without substance or merit. Moreover, in the event that the Court
should find that AQPSA lawfully resiled from the contract, Moolman
Mining would not be entitled to receive any amounts which it claims
from AQPSA whatsoever, including any amount claimed under the rise
and fall dispute.
After resiling from the contract AQPSA has continued mining
operations at Marikana through MCC, the new opencast mining
contractor, who has increased production and improved pit operations
since its appointment to such an extent that AQPSA may well be in a
position to mitigate the amount of the damages claimed against
Moolman.
The application proceedings and the trial action are before the
Courts and the litigation procedure will take its ordinary course.
It is anticipated that there will be no final resolution of the
Disputes for several years.
Everest Platinum Mine
Safety
The 12 month rolling DIIR deteriorated to 0.95 from 0.73 in the
previous quarter. Regrettably on 3rd August 2006, Mr. David
Molaatsoana, an underground Team Leader suffered fatal injuries as a
result of a fall of ground. An investigation has been completed by
the Department of Minerals and Energy; however, the report has not
yet been issued. Actions have been implemented to improve the
safety on the mine.
Mining
- Underground ore feed exceeded opencast for the first time, with
the underground section increasing production by 41% to 323,426 tons
- Opencast operations production steady 289,681 tons
Processing
- Plant processed 609,110 tons
- Recoveries stable at 72%
- Quarterly production was 41,717 PGM ounces. This production is
from a higher mining base, yet compares unfavourably to the previous
quarter when stockpile tons were also consumed.
Revenue
The PGM basket price for the quarter increased 3% to $1,199 per PGM
ounce, resulting in mine revenue of R 318 million for the quarter.
The cash margin for the quarter decreased to 64% from 66%.
Operations
Operational ramp-up continued, with opencast and underground
operation producing a total 613,107 tons, a 19% increase compared to
the previous quarter.
Opencast mining was on target, with a total of 289,681 tons produced
during the quarter. The opencast mining contractor continues to
perform well in terms of both production and cost. Opencast ROM
grade improved from the previous quarter with a smaller portion of
the opencast production coming from the lower grade areas in the
North pit.
With the focus on developing underground feed, the balance is
starting to shift there. Underground mining progress continued
during the quarter, with on-reef decline development 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 a "go-slow" during July,
citing discontent regarding contractor wages as the cause.
Subsequently, a wage agreement between the union representatives and
Shaft Sinkers, the underground mining contractor, has been
concluded, improving the overall industrial relations situation.
Despite the stoppage, underground production showed a 41% increase
in production to 323,426 ROM tons for the quarter. .
Concentrator throughput was 609,110 tons milled for the period, a
reduction of 8% quarter-on-quarter, as a result of stockpile
depetion.
Plant head grade improved to 2.98 g/t from 2.86 g/t with
metallurgical recoveries maintained at 72%. This resulted in
production of 41,717 PGM ounces for the quarter.
Everest: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs (4E)
ended
Sep-06 23,459 14,140 3,697 421 41,717
Jun-06 24,699 14,844 3,817 478 43,838
Mar-06 27,257 14,913 3,472 439 46,081
Dec-05 4,161 2,351 532 67 7,111
Operating Costs
Cash costs were R190 per ROM ton milled and R2,899 per PGM ounce
(including ledging, sinking and underground infrastructure cost of
R125 per PGM ounce). The increase in cash cost is attributed to the
higher mining cost of underground ore (in this development period)
than shallow opencast ore. It is anticipated that underground costs
will reduce as the underground volumes ramp up further to steady
state production.
The R2,899 per PGM ounce unit reported cash cost includes an amount
of R127 per PGM ounce (which forms part of the amortisation charges
in the accounts) following the introduction of accounting standard
IFRIC-4* (for embedded leases) as applied to the underground mining
contract. This R127 per PGM ounce cost is disclosed for comparison
purposes to the Kroondal and Marikana cash costs.
Everest Operating Costs*
4E (Pt+Pd+Rh+Au) 6E 6E net of by-
(Pt+Pd+Rh+Ir+Ru+Au) products (Ni&Cu)
Everest R2,899 per PGM R2,460 per PGE R2,285 per PGE
ounce ounce ounce
* Includes calculation for IFRIC-4 (Determining whether an
Arrangement contains a Lease)
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The 12-month rolling average DIIR improved marginally to 0.26 for
the quarter from 0.28 in the previous quarter. Two disabling
injuries were recorded during the quarter and there was generally an
improvement in the safety statistics of the mine.
Mining
- Underground production increased 8% to 487,538 tons
- The surface stockpile increased to a total 230,729 tons at the
quarter end
- Expansion project was completed
Processing
- Tons processed increased 16% to 467,696 tons
- Concentrator plant recoveries decreased fractionally to 78%
from 78.4%
- Total production increased 14% to 42,733 PGM ounces (Aquarius
attributable: 21,367 PGM ounces)
Revenue
The PGM basket price for the quarter increased by 12% to $958 per
PGM ounce. The average nickel price over the quarter rose by 31% to
$9.71 per pound from $7.42 per pound over the corresponding period.
Together with the contribution from base metals, of approximately
28% of gross revenue, sales revenue for the quarter of $47 million
was an increase of $16 million. The gross cash margin increased to
76% from 66% in the previous quarter.
Operations
During the quarter mining operations hoisted 497,487 tons compared
to 460,794 tons in the previous quarter. Tons milled during the
quarter totalled 467,696 tons, with the balance going to the
stockpile totaling 29,791 tons at the quarter end.
The average plant head grade was 3.64 g/t, compared to 3.68 g/t in
the previous quarter.
Recoveries decreased fractionally by 0.4% in the quarter to 78%.
PGM production for the quarter increased by 14% to 42,733 ounces
(Aquarius attributable: 21,367 ounces).
Mimosa: PGMs in concentrate produced (ounces)
Quarter Pt Pd Rh Au PGMs PGMs
ended attributable
to Aquarius
Sep 2006 21,613 16,486 1,671 2,963 42,733 21,367
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
Mimosa: Base Metals in concentrate produced (tons)
Mine Production Attributable to Aquarius
Quarter Ni Cu Co Ni Cu Co
ended
Sep 2006 574 475 18 287 238 9
Jun 2006 506 423 15 253 211 7
Mar 2006 452 383 14 226 191 7
Dec 2005 488 410 15 244 205 8
Operating costs
Cash costs for the quarter increased to $356 per PGM ounce ($11 per
PGM ounce after by-product credits), an 8% increase compared to the
previous quarter"s figure of $328 per PGM ounce ($96 per PGM ounce
after by-product credits). The increase in cash costs was
attributable to high Zimbabwe dollar denominated costs, mainly due
to disparity between inflation rate and exchange rate.
Mimosa Operating Costs
4E (Pt+Pd+Rh+Au) 6E 4E net of by-
(Pt+Pd+Rh+Ir+Ru+Au) products (Ni, Cu&
Co)
Mimosa $356 per PGM ounce $337 per PGE ounce $11 per PGE ounce
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
The DIIR is zero. No Lost Time Accidents since the project
commenced.
Processing
- 26,000 tons processed , a decrease of 17% due to lower feed
supplied by the Kroondal Chrome Mine
- Recoveries decreased to 64% due to more oxidised material
processed during September 2006
- Production decreased to 1,711 PGM ounces as a result of the
lower throughput and recovery
Revenue
The PGM basket price for the quarter increased 12% to $1,622 per PGM
ounce. CTRP revenue for the quarter was unchanged at R18 million
(Aquarius attributable: R9million). The cash margin fell to 79%.
Operations
During the quarter only current arisings from the Kroondal Chrome
Mine were fed to the CTRP. Although operations were stable and
consistent, the feed from the Chrome Mine was decreased during the
last quarter with a large portion of oxidised material, adversely
affecting recoveries.
The dump material project was commissioned at the end of September,
and it is anticipated that this will result in an increase in
production.
Operating Costs
Cash costs increased by 14% to $311 per PGM ounce. This increase is
volume driven as a consequence of higher fixed costs on the CTRP
plant.
CTRP Operating Costs
4E (Pt+Pd+Rh+Au) 6E 6E net of by-
(Pt+Pd+Rh+Ir+Ru+Au) products
CTRP R2,202 per PGM R1,526 per PGE R1,466 per PGE
ounce ounce ounce
CORPORATE MATTERS
Conversion of Mining Licenses to New Order Rights
On 24th October 2006 Aquarius announced that the South African
Department of Minerals and Energy (DME) approved AQPSA"s
applications for the new order mining rights conversions in respect
of all three of its mines: Kroondal, Marikana and Everest.
Consequently, AQPSA is now in full compliance with the South African
Mineral and Petroleum Resources Development Act 2002, having
exceeded the requirement for 26% Black Economic Empowerment
ownership by 2014.
Agreement with Bakgaga Mining
On 23rd October 2006 Aquarius announced that through its wholly
owned subsidiary Aquarius Platinum (SA) Corporate Services (Pty) Ltd
("ASACS") that it signed a farm-in agreement with Bakgaga Mining
(Pty) Ltd to drill and conduct feasibility work at prospective
Platinum Group Metals (PGMs) bearing properties on South Africa"s
Bushveld.
Greater detail is available on the Aquarius website.
Statistical Information: Kroondal P&SA1
Data reflects Previ % Curre Previ +/- %
100% of mine Curren ous Chang nt ous
operations t e
Unit Quart 3 3 Year
Quarte Quart er on month month on
r er Quart s to s to Year
Sep Jun er Sep Sep
2006 2006 06 05
Safety
DIIR Rate/200 1.02 0.96 (6) 1.02 0.65 (36)
,000 man
hours
Revenue
Gross Revenue R"M 954 830 15 954 573 67
PGM basket Price $/oz 1,311 1,306 0 1,311 813 61
Gross cash margin % 65 66 (2) 65 50 30
Nickel Price $/lb 13.22 9.03 46 13.22 6.60 100
Copper Price $/lb 3.48 3.26 7 3.48 1.70 105
Ave R/$ rate 7.09 6.32 12 7.09 6.52 9
Cash Costs on-
mine
Per ROM ton R/ton 197 211 (7) 197 181 9
$/ton 28 33 (17) 28 28 0
Per PGM oz R/oz 2,754 2,871 (4) 2,754 2,489 11
(3E+Au)
$/oz 388 454 (15) 388 382 2
Per PGE (5E+Au) R/oz 2,268 2,364 (4) 2,268 2,044 11
$/oz 320 374 (15) 320 313 2
Capex
Current/Sustainin R"000s 31,273 26,88 16 31,27 16,52 89
g 100% 1 3 2
$"000s 4,411 4,255 4 4,411 2,534 74
Expansion 100% R"000s 28,841 23,42 23 28,84 32,63 (12)
7 1 5
$"000s 4,068 3,708 10 4,068 5,005 (19)
Mining Processed
Underground ROM Ton 1,552 1,308 19 1,552 1,465 6
"000
Open Pit ROM Ton 148 46 224 148 125 18
"000
Total ROM Ton 1,700 1,353 26 1,700 1,590 7
"000
Grade
Plant Head g/t 2.86 2.87 (0) 2.86 2.88 (1)
Recoveries % 78 79 (1) 78 78 -
PGM Production
Platinum Ozs 73,239 59,05 24 73,23 69,12 6
7 9 9
Palladium Ozs 35,166 29,19 20 35,16 33,42 5
4 6 0
Rhodium Ozs 12,679 10,64 19 12,67 12,25 4
9 9 0
Gold Ozs 629 506 24 629 563 12
Total PGM (3E+Au) Ozs 121,71 99,40 22 121,7 115,3 6
3 6 13 62
Total PGE (5E+Au) Ozs 147,76 120,7 22 147,7 140,4 5
2 22 62 87
Base Metals
Production
Nickel Tonnes 117 107 10 117 110 7
Copper Tonnes 51 43 18 51 48 6
Chromite (000) Tonnes 91 74 23 91 275 (67)
(000)
Revenue
954
Cash Cost
335
Margin
619
Margin %
65
Statistical Information: Marikana P&SA2
Data reflects 100% Previ % Curren Previo +/- %
of mine operations Curren ous Chang t us
t e
Unit Quart 3 3 Year
Quarte Quart er on months months on
r er Quart to Sep to Sep Year
Sep Jun er 06 05
2006 2006
Safety
DIIR Rate/2 0.21 0.31 48 0.21 0.80 281
00,000
man
hours
Revenue
Gross Revenue R"M 256 211 21 256 127 101
PGM basket Price $/oz 1,283 1,275 1 1,283 800 60
Gross cash margin % 43 36 19 43 8.0 438
Nickel Price $/lb 13.22 9.03 46 13.22 6.60 100
Copper Price $/lb 3.48 3.27 6 3.48 2 105
Ave R/$ rate 7.09 6.32 12 7.09 6.52 9
Cash Costs on-mine
Per ROM ton R/ton 328 324 1 328 280 17
$/ton 46 51 (10) 46 43 8
Per PGM oz (3E+Au) R/oz 4,734 4,255 11 4,734 4,268 11
$/oz 668 673 (1) 668 655 2
Per PGE (5E+Au) R/oz 3,906 3,516 11 3,906 3,546 10
$/oz 551 557 (1) 551 544 1
Capital expenditure
Current/Sustaining R"000s 2,630 2,279 15 2,630 3,434 (23)
100%
$"000s 371 361 3 371 527 (30)
Expansion 100% R"000s 45,470 20,79 119 45,470 - -
9
$"000s 6,413 3,292 95 6,413 - -
Mining Processed
Underground ROM 141 106 33 141 8 1,659
Ton
"000
Open Pit ROM 305 314 (3) 305 409 (25)
Ton
"000
Total ROM 445 420 6 445 417 7
Ton
"000
Grade
Plant Head g/t 3.07 3.16 (3) 3.07 3.26 (6)
Recoveries % 70 75 (7) 70.18 62 13
PGM Production
Platinum Ozs 18,588 19,03 (2) 18,588 17,244 8
6
Palladium Ozs 8,944 9,531 (6) 8,944 7,409 21
Rhodium Ozs 3,098 3,162 (2) 3,098 2,466 26
Gold Ozs 235 263 (11) 235 203 16
Total PGM (3E+Au) Ozs 30,865 31,99 (4) 30,865 27,322 13
2
Total PGE (5E+Au) Ozs 37,404 38,71 (3) 37,404 32,888 14
6
Base Metals
Production
Nickel Tonnes 55 66 (16) 55 40 39
Copper Tonnes 30 38 (21) 30 24 26
Chromite (000) Tonnes 23 18 27 23 60 (62)
(000)
Statistical Information: Everest
Data reflects 100% Previ % Curren Previo +/- %
of mine operations Curren ous Chang t us
t e
Unit Quart 3 3 Year
Quarte Quart er on months months on
r er Quart to Sep to Sep Year
Sep June er 06 05
2006 2006
Safety
DIIR Rate/2 0.95 0.73 (23) 0.95
00,000
man
hours
Revenue
Gross Revenue R"M 318 326 (2) 318
PGM basket Price $/oz 1,199 1,162 3 1,199
Gross cash margin % 64 66 (3) 64
Nickel Price $/lb 13.22 9.03 46 13.22
Copper Price $/lb 3.48 3.27 6 3.48
Ave R/$ rate 7.09 6.32 12 7.09
Cash Costs on-mine
Per ROM ton R/ton 190 167 14 190
$/ton 27 26 1 27
Per PGM oz (3E+Au) R/oz 2,899 2,507 16 2,899
$/oz 409 397 3 409
Per PGE (5E+Au) R/oz 2,460 2,149 14 2,460
$/oz 347 340 2 347
Capital expenditure
Current/Sustaining R"000s 29,046 7,108 309 29,046
100%
$"000s 4,097 1,125 264 4,097
Expansion 100% R"000s 19,852 (11,8 (267) 19,852
60)
$"000s 2,800 (1,87 (249) 2,800
7)
Mining Processed
Underground ROM 323 229 41 323
Ton
"000
Open Pit ROM 286 431 (34) 286
Ton
"000
Total ROM 609 660 (8) 609
Ton
"000
Grade
Plant Head g/t 2.98 2.86 4 2.98
Recoveries % 72 72 (0) 72
PGM Production
Platinum Ozs 23,459 24,69 (5) 23,459
9
Palladium Ozs 14,140 14,84 (5) 14,140
4
Rhodium Ozs 3,697 3,817 (3) 3,697
Gold Ozs 421 478 (12) 421
Total PGM (3E+Au) Ozs 41,717 43,83 (5) 41,717
8
Total PGE (5E+Au) Ozs 49,167 51,14 (4) 49,167
5
Base Metals
Production
Nickel Tonnes 57 76 (25) 57
Copper Tonnes 28 41 (32) 28
Revenue
318
Cash Cost
116
Margin
203
Margin %
64
Statistical Information: Mimosa
Data Reflects Previ +/- % YTD Previo +/-
100% of mine Curre ous us % Rolli
operations nt ng
Avera
ge
Quart 12 12 Year 12
Quart Quart er on month months on Month
er er Quart s to to Sep Year s
Sep June er Sep 05
2006 2006 06
Safety Unit
DIIR Rate/ (125
200 0.27 0.36 25 0.27 0.12 ) 0.26
000
man
hours
Revenue
Gross Revenue US$M
47.1 30.7 53 47.1 27.6 70.0 132.8
PGM basket US$/o
Price z 958 854 12 958 614 56 811
Gross cash % 76 66 15 76 57 34 70
margin
Nickel Price US$/l 9.7 7.4 31 9.7 6.9 40 7.4
b
Copper Price US$/l 3.39 2.55 0.33 3.39 1.50 1.26 2.44
b
Cash Costs
Per Rom ton US$/t 33 30 (7) 33 34 4 31
on
Per PGM ounce US$/o 356 328 (8) 356 361 1 335
(3E+Au) z
Per PGM ounce US$/o 11 96 89 11 106 90 73
(3E) after by- z
product
credits
Per 6 PGM US$/o 337 310 (9) 337 341 1 317
ounce (5E+Au) z
Per 6 PGM US$/o 16 94 83 16 102 85 73
ounce (5E+Au) z
after by-
product
credits
Capital
Expenditure
Current US$ " 2,350 2,967 21 2,350 2,432 3 7,917
000s
Expansion US$ " 410 2,895 86 410 - - 10,88
000s 1
Mining
Processed
Underground RoM 488 452 8 488 433 13 1,768
ton
"000
Grade
Plant Head g/t 3.64 3.68 (1) 3.64 3.76 (3) 3.68
Recoveries % 78.0 78.4 (1) 78.0 78.0 (0) 77.8
PGM Production
Platinum Ozs 21,61 18,90 14 21,61 18,548 17 75,29
3 4 3 7
Palladium Ozs 16,48 14,41 14 16,48 13,915 19 57,29
6 7 6 4
Rhodium Ozs 1,671 1,475 13 1,671 1,406 19 5,842
Gold Ozs 2,963 2,599 14 2,963 2,499 19 10,34
0
Total Ozs 42,73 37,39 14 42,73 36,368 18 148,7
3 5 3 73
Base Metals
Production
Nickel Tons 574 506 13 574 512 12 2,020
Copper Tons 475 423 13 475 422 13 1,691
Cobalt Tons 18 15 19 18 15 15 61
Note: Cash Cost Per ROM ton calculated using milled tonnage
Statistical Information: Chrome Tailings Retreatment Plant
Statistical Information: Chromite Tailings
Retreatment Project
Data reflects 100% Previ % Curren Previo +/- %
of mine operations Curren ous Chang t us
t e
Unit Quart 3 3 Year
Quarte Quart er on months months on
r er Quart to Sep to Sep Year
Sep June er 06 05
2006 2006
Safety
DIIR Rate/2 0 0 0 0 0 0
00,000
man
hours
Revenue
Gross Revenue R"M 18 18 (3) 18 1 1,686
PGM basket Price $/oz 1,622 1,449 12 1,622 940 73
Gross cash margin % 79 88 (10) 79 45.0 75
Nickel Price $/lb 13.22 9.03 46 13.22 6.60 100
Copper Price $/lb 3.48 3.27 6 3 1.70 105
Ave R/$ rate 7.09 6.32 12 7.09 6.52 9
Cash Costs on-mine
Per ROM ton R/ton 144 101 42 144 104 38
$/ton 20 16 27 20 16 27
Per PGM oz (3E+Au) R/oz 2,202 1,721 28 2,202 2,921 (25)
$/oz 311 272 14 311 448 (31)
Per PGE (5E+Au) R/oz 1,526 1,217 25 1,526 2,594 (41)
$/oz 215 193 12 215 398 (46)
Capital expenditure
Current/Sustaining R"000s 1,159 572 103 1,159 - -
100%
$"000s 166 91 83 166 - -
Expansion 100% R"000s - - - - 359 (100)
$"000s - - - - 55 (100)
Feed Processed
Feed Processed ROM 26 32 (17) 26 37 (29)
Ton
"000
Total ROM 26 32 (17) 26 37 (29)
Ton
"000
Grade
Plant Head g/t 3.33 2.83 18 3.33 2.91 14
Recoveries % 64 68 (6) 64 40 60
PGM Production
Platinum Ozs 1,020 1,115 (9) 1,020 864 18
Palladium Ozs 377 411 (8) 377 282 34
Rhodium Ozs 311 326 (5) 311 215 45
Gold Ozs 3 4 (32) 3 3 (9)
Total PGM (3E+Au) Ozs 1,711 1,856 (8) 1,711 1,364 25
Total PGE (5E+Au) Ozs 2,469 2,626 (6) 2,469 1,536 61
Base Metals
Production
Nickel Tonnes 1 1 (32) 1 1 (5)
Copper Tonnes 2 1 85 2 0 389
Chromite (000) Tonnes - - -
(000)
Sales
17,863
,334
Direct Operating
Cost 2,499,
312
AQPSA man fee
374,89
7
Suppliers
compensation fee 893,16
7
Total Cash Cost
3,767,
376
Cash Margin
14,095
,958
79
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
Timothy Freshwater 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 September 2006, the Company had on issue:
84,496,558 fully paid common shares
2,099,320 unlisted options
Substantial Shareholders 30 Number of Percentage
September 2006 Shares
Impala Platinum Holdings Ltd 7,127,276 8.43
Nutraco Nominees Limited 5,515,850 6.53
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
Telephone: +27 (0)11 455 2050 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
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
DME South African Government Department of Minerals and
Energy
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 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), Ivanhoe Nickel
and Platinum Limited 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: 27/10/2006 09:11:07 AM Produced by the JSE SENS Department
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