26th Apr 2007 07:30
AQUARIUS PLATINUM LIMITED
26 APRIL 2007
Aquarius Platinum Third Quarter 2007 Financial & Production results
PGM price rises significantly enhance group profitability
Highlights of the Third Quarter
* Attributable production for Q3 2007 increased 3.7% to 124,577 PGM ounces compared to Q3 2006
* Revenue and profits report strong increases compared to Q3 2006
* Consent received to complete buyback acquisition of 3.5% of South African subsidiary
Quarterly Financial Highlights
* Comparable net quarterly profit up 158% to $47.9 million (US 56.3 cents per share)
* Comparable cash profit up 118% to $58.3 million (US 68.9 cents per share)
* Group consolidated cash position has risen by $79.4 million since December 2006 to $343 million
P&SA1 at Kroondal
* Production 102,079 PGM ounces (Aquarius attributable: 51,039 PGM ounces)
* Underground development to be extended to provide for improved mining flexibility
* New K5 Shaft on plan and on budget
* Cash margin increased 10% for the quarter to 71%
P&SA2 at Marikana
* Production 30,148 PGM ounces (Aquarius attributable: 15,074 PGM ounces)
* Underground production contributed 33% of total tons produced as P&SA2 implementation continues apace
* DMS plant continues to enhance performance
* Gross cash margin for the quarter decreased 8% to 46%
Everest
* Production 40,107 PGM ounces
* Underground ramp-up continues, providing 87% of total tons
* Plant performance enhanced by implementation of advanced flotation process control systems
* Gross cash margin for the quarter increased 18% to 66%
Mimosa
* Production increased 4% to 34,760 PGM ounces (Aquarius attributable: 17,380 PGM ounces)
* Wedza Phase V in progress
* Gross cash margin increased 6% for the quarter to 72%
CTRP
* Production increased 5% to 1,954 PGM ounces (Aquarius attributable: 977 PGM ounces)
* Gross cash margin for the quarter steady at 77%
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said, "Once again, strong metal prices have played their part and helped us to deliver good profits and add significantly to the group cash position. However, the commodity prices mask some challenging operating conditions, with production falling in the traditionally dull third quarter due to seasonal issues, industrial relations and geological conditions, however Aquarius is not unique in this regard. In planning for the long-term, we have decided to take a more strategic approach to how we operate our mines and have therefore embarked on a program of increasing development across our operations to provide improved face availability and add redundancy and mining flexibility for the long-term. We believe that this strategy is prudent and will pay dividends in the long term, ensuring that we will continue to deliver superior returns for our shareholders."
Production by Mine
Quarter Ended PGMs (4E)
Jun 2006 Sep 2006 Dec 2006 Mar 2007
Kroondal 99,406 121,713 117,189 102,079
Marikana 31,992 30,865 39,077 30,148
Everest 43,838 41,717 41,191 40,107
Mimosa 37,395 42,733 33,345 34,760
CTRP 1,856 1,711 1,866 1,954
Total 214,487 238,739 232,668 209,048
Production by Mine Attributable to Aquarius
Quarter Ended PGMs (4E)
Jun 2006 Sep 2006 Dec 2006 Mar 2007
Kroondal 49,703 60,856 58,594 51,039
Marikana 15,996 15,432 19,538 15,074
Everest 43,838 41,717 41,191 40,107
Mimosa 18,697 21,367 16,672 17,380
CTRP 928 855 933 977
Total 129,162 140,227 136,928 124,577
Metals Prices and Foreign Exchange
Platinum, palladium, rhodium and gold all reported price increases over the quarter. Ongoing production and supply concerns in both South Africa and Russia pushed platinum higher, notably into the fourth quarter when rumours of a platinum ETF resurfaced. Platinum closed the period 10% stronger at $1,244 per ounce. Sister metal palladium added 6% over the quarter. Despite considerable above ground stocks, palladium is enjoying an improved outlook owing to its considerable discount to platinum and substitution opportunities in autocatalysts and as a cheaper jewellery metal in China. Rhodium once again led the charge for the platinum group metals, adding $650 an ounce over the quarter to close at $6,200 per ounce. While speculation would appear to account in part for these gains, rhodium's unique autocatalyst and flat screen glass applications continue to see strong demand set against supply constraints. Indeed, like all the platinum group metals, rhodium prices have continued to advance into the fourth quarter.
PGM basket prices reported a strong performance, buoyed by price increases across the board for platinum, palladium, rhodium and gold. At South African operations the 4 element basket price comfortably broke through R10,000 per PGM ounce, to average an achieved price of R10,054 per PGM ounce for the quarter, equal to $1,399 per PGM ounce in dollar terms. In Zimbabwe, the average achieved basket price for the quarter was $950 per PGM ounce. Once again by-products iridium, ruthenium, nickel and copper all reported strong price increases, and for the quarter collectively accounted for 8.6% of revenue at South African operations and 36% of revenue at the Mimosa mine in Zimbabwe.
Average PGM basket prices achieved at Aquarius operations: US$ per PGM ounce(4E) Basket Prices (Quarter Ended) Jun 2006 Sep 2006 Dec 2006 Mar 2007
Kroondal 1,306 1,311 1,287 1,427
Marikana 1,275 1,283 1,270 1,369
Everest 1,162 1,199 1,179 1,331
Mimosa 854 958 934 950
CTRP 1,449 1,622 1,592 1,806
The Rand Dollar exchange rate marched a steady course through the quarter, opening at 6.97 and closing at 7.29. The average exchange rate achieved at South African operations was 7.18.
Aquarius announces consolidated earnings for the quarter to 31 March 2007 of $47.9 million (US 56.3 cents per share) as the Group continues to deliver increased profits at a time of good PGM metal prices. The results represent a 158% increase compared to the previous corresponding period, March 2006. Cash earnings (before depreciation and amortisation) were $58.3 million (US 68.9 cents per share).
Aquarius Attributable Production and Net Profit Summary
Quarter Quarter 9 months FY ended ended ended ended Mar 2007 Mar 2006 Jun Mar 2007 2006 PGM Production (4E) 124,577 120,105 401,724 447,693
Net Profit After Tax & Outside Equity $47.9m $18.6m $133.3m $85.6m Interests
Production of PGMs attributable to shareholders of Aquarius was 124,577 PGM ounces, down 9% from the previous quarter ended December 2006. Lower production in the quarter was due to a combination of an extended holiday period, labour shortages, industrial relations issues and equipment failures in Zimbabwe.
Revenue for the quarter, net of currency adjustments, was $197.7 million. Higher PGM metal prices recorded during the quarter, up an average 12%, supported a strong cash flow stream resulting in an increase in Group cash of $79.4 million for the quarter. Finance charges for the quarter were consistent at $3.3 million. This included a non-cash interest charge of $0.8 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 $4.9 million, up $1.9 million from the previous quarter reflecting increased cash reserves at the Group.
Cost of sales on a unit of production basis were up for the quarter due to lower production, ongoing development costs, notably at the Kroondal K5 Project and fluctuating grade achieved and lower concentrator recovery levels.
Depreciation and amortisation was higher at $8.7 million. Amortisation arising from the fair value uplift of mineral rights at $1.6 million was in line with the previous corresponding period.
Aquarius group cash balances at 31 March 2007 were $343.0 million, an increase of $79.4 million since December 2006. Material cash flow items (other than mine operations) that affected cash balances during the quarter included capital expenditure of $7 million, $6.3 million in income tax paid and dividends paid of $10 million. Included in the cash balance is R342.5 million earmarked for the buyback of 3.5% of AQPSA from SavCon, anticipated in April.
Kroondal's cash costs per ROM ton for the quarter increased by 6% to R224 per ton compared to R211 in the previous quarter, due to decreased volumes. Cash costs per PGM ounce increased by 10% to R3,281 due mainly to the new K5 shaft ramping up and the decreased PGM production due to lower volumes and grade variance. These costs include R366 per PGM ounce of decline development costs comprising ledging and sinking. Secondary development costs represented R70 per PGM ounce.
Marikana's cash costs per ROM ton for the quarter increased by 32% to R395 per ton due to a 23% decrease in production for the quarter. Lower production at Marikana was due to similar reasons as experienced at Kroondal being the extended holiday period and labour shortages caused by industrial actions. On a PGM ounce basis, cash costs increased by 44% to R5,977 per PGM ounce due to:
a higher stripping ratio at the open pit
lower concentrator recoveries at 62%, down 11% from the prior quarter due to increased amounts of oxidised ore
a 33% increase in decline development cash costs which accounts for R577 per PGM ounce
Everest's cash costs per ROM ton for the quarter increased by 13% to R258 per ton due to the higher consumption of underground ore as opposed to open pit ore. Open pit ore reduced to 13% of total production compared to 25% in the previous quarter. Whilst costs per ROM ton increased due to the increased ratio of underground mined tons, cash costs on a PGM ounce basis decreased 2% to R3,504 per PGM ounce due to improved plant head grades (up 5%) and concentrator recoveries (up 11%).
Mimosa realised a cash cost per PGM ounce of US$396 (negative $154 per ounce after by-product credits) compared with the previous quarter's figure of US$446 per ounce (negative $52 per ounce after by-product credits. By-product revenue from base metals contributed 36% of gross revenue for the quarter
The CTRP operation has recorded marginal improvements with production up to 1,954 PGM ounces (Aquarius' share: 977 PGM ounces).
FINANCIALS Aquarius Platinum Limited Consolidated Income Statement Quarter ended 31 March 2007 $'000 Quarter Nine Months Financial ended* ended* Year ended 31/03/07 31/03/07 30/06/06 Note: Aquarius PGM Production 124,577 401,724 447,693 (attributable ounces) Revenue (i) 189,584 520,358 426,569 Foreign exchange gain/(loss) (ii) 8,131 5,217 13,228 Cost of Sales (iii) (76,043) (214,866) (223,064) Gross Profit 121,672 310,709 216,733
Amortisation of fair value uplift of (1,635) (5,391) (7,162) mineral properties
Gross profit after amortisation of 120,037 305,318 209,571 fair value uplift Admin & other operating costs (2,692) (6,266) (8,027) Other FX movements (iv) (2,147) 2,451 913 Finance costs (v) (3,260) (10,582) (10,383) Profit before tax 111,938 290,921 192,074 Income tax expense (30,840) (77,015) (51,071) Profit after tax 81,098 213,906 141,003 Minority interest (vi) (33,168) (80,606) (55,373) Net profit 47,930 133,300 85,630 EPS (basic - cents) 56.34 156.70 100.87 *Unaudited
Notes on the March 2007 Consolidated Income Statement
Revenue higher due to improved PGM and base metal prices during the quarter
Reflects effects of adjusting revenue recorded at time of production at Kroondal, Marikana and CTRP to actual receipts received at the end of the four month pipeline
Cost of sales per PGM ounce rose due to lower quarter's production at Kroondal and Marikana
Reflects foreign exchange movements on net monetary assets
Finance costs includes group debt $0.6 million, pipeline finance $1.9 million and unwinding of rehab provision $0.8 million
Minority interests reflect 49.5% outside equity interest of the Savannah Consortium (SavCon) and Impala Platinum Holdings Limited (Implats) in AQPSA
Aquarius Platinum Limited Consolidated Cash flow Statement Quarter ended 31 March 2007 $'000 Quarter Nine Months Financial Year ended* ended* ended 31/03/07 31/03/07 30/06/06 Note: Net operating cash inflow (i) 100,398 259,423 175,531 Net investing cash outflow (ii) (7,514) (33,003) (112,880) Net financing cash outflow (iii) (7,668) (44,564) 27,161
Net increase (decrease) in cash held 85,216 181,856 89,812
Opening cash balance 263,561 162,425 75,251 Exchange rate movement on cash (5,821) (1,325) (2,638) Closing cash balance 342,956 342,956 162,425 * Unaudited
Notes on the March 2007 Consolidated Cash flow Statement
Net operating cash flow includes $105 million inflow from operations, income tax paid of $6.3 million and net finance income of $1.7 million
Reflects development and plant and equipment expenditure of $7.5 million
Includes dividend paid to shareholders $10 million and proceeds from theexercise of employee optionsof $2.5 million Aquarius Platinum Limited Consolidated Balance Sheet At 31 March 2007 $'000 Quarter Financial Year ended* ended 31/03/07 30/06/06 Note: Assets Cash assets 342,956 162,425 Current receivables (i) 90,362 66,721 Other current assets (ii) 23,739 19,828 Property, plant and equipment (iii) 207,921 206,626 Mining assets (iv) 275,296 247,601 Other non-current assets 9,013 6,994 Total assets 949,287 710,195 Liabilities Current liabilities (v) 60,985 35,463 Non-current payables (vi) 120,933 130,104
Non-current interest-bearing liabilities (vii) 35,877 45,372
Other non-current liabilities (viii) 145,001 105,419 Total Liabilities 362,796 316,358 Net assets 586,491 393,837 Equity Parent entity interest 428,266 315,559 Minority interest 158,225 78,278 Total Equity 586,491 393,837 * Unaudited
Notes on the March 2007 Consolidated Balance Sheet
Reflects debtors receivable on increased PGM concentrate sales
Reflects PGM concentrate inventory
Represents fixed assets within the Group
Mining assets reflects Kroondal, Marikana, Mimosa and Everest mining (mining rights) assets
Includes tax payable ($22 million) and creditors ($38 million)
Includes BEE deferred settlement proceeds ($10.5 million) and non-interest bearing portion of AQPSA shareholder loans (Implats $48 million and SavCon $60 million)
Includes interest bearing debt payable to RMB ($27 million), interest bearing shareholder loan SavCon ($7 million)
Reflects deferred tax liabilities $101 million and provision for closure costs $44 million
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 50.5%)
P&SA 1 at Kroondal
Safety
The 12-month rolling average DIIR for the quarter improved from 0.93 in the previous quarter to 0.86 in the third quarter. The mine achieved a record two million fatality free shifts on 23 February 2007, an excellent performance. However a fatality occurred on 26 March 2007, at the far west section of Central Shaft, when a belt attendant was fatally injured in a conveyor belt related accident. An official inquiry was held by the DME and a risk assessment was done by an external auditor.
Mining
The mine recorded production of 95,950 openpit tons and 1,398,000 underground tons
K5 Project remains on schedule
Head grade fell to 2.80g/t
Processing
Plant processed 1,497,000 tons
Production fell to 102,079 PGM ounces
Concentrator recoveries fell to 76.4% from 77.3% in the previous quarter
Revenue
Revenue at Kroondal increased 18% to R1.138 million for the quarter (Aquarius share: R569 million). The increase was a result of a 11% increase for the quarter in the $ PGM basket price. The cash margin for the quarter increased to 71% compared to 64% in the previous quarter.
Operations
Production totalled 1.494,000 tons. Openpit production fell by 35% to 95,950 tonnes and underground production decreased by 8% to 1,398 million tons. During the quarter, production was adversely impacted for the following reasons:
10% reduction in production shifts due to the Christmas and New Year holidays (falls into 3rd Quarter)
Slow start following the Christmas New Year break and shortage of critical labour at that time
Work stoppages and go-slow action in certain pay grades
Tons processed declined by 10% to 1,497,000 tons, including 72,896 tons of opencast material.
Over the quarter, stockpiles decreased to 36,000 tons. For the quarter a tonnage discrepancy was recorded of 61,000 tons due to a 3% weightometer error and a 1% moisture variance.
The head grade decreased to 2.80g/t compared to 2.85g/t in the previous quarter. This reduction was due to the contribution of material from the new K5 Shaft where excessive dilution was caused by an increase in the hanging-wall waste parting and an increase in the internal waste. Subsequent to the period end, the dilution has improved slightly.
Development decreased during the quarter for the same reasons as production; however, development will increase in the fourth quarter to sustain the necessary redundancy requirements. Although some momentum was lost on development, the strategy at Kroondal will continue to provide for an increase in development at current metal prices. This will ensure optimum redundancy across the operation, and provide adequate face length to achieve planned volumes into the future.
Plant recoveries decreased to 76.4% compared to 77.3% the previous quarter.
PGM production decreased by 13% to 102,079 PGM oz (Aquarius attributable: 51,039 PGM ounces).
Kroondal: Metal in concentrate produced (PGM ounces)
Quarter ended Pt Pd Rh Au PGMs PGMs attributable to Aquarius
Mar 2007 61,240 29,593 10,720 526 102,079 51,039 Dec 2006 70,522 33,748 12,295 624 117,189 58,594 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
Operating Cash Costs
Cash costs increased by 6% to R224 per ROM ton. Consequently, cash costs per PGM ounce for the quarter increased by 10% to R3,281. The increase in cost is mainly due to the new K5 shaft ramping up and the decrease in PGM production due to lower volumes and grade variance.
Kroondal: Operating Cash Costs
4E 6E 6E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu)
Kroondal R 3,281 per PGM ounce R 2,700 per PGE ounce R 2,512 per PGE ounce
Operating cash costs include ledging and primary development costs of R366 per PGM ounce (down 15% on the previous quarter), secondary development costs of R70 per PGM ounce (down 7% on previous quarter) and engineering infrastructure costs of R235 per PGM ounce (down 3% on previous quarter). Cash cost of stoping for Kroondal was R2,610 per PGM ounce, a 17% increase compared to the previous quarter. It should also be noted that operating costs also include costs associated with the new K5 shaft of R171 per PGM ounce. The K5 Shaft is in a ramp-up phase and therefore attracts high relative unit costs at this stage.
Kroondal Operating Cash Costs Reconciliation
Rand per PGM ounce Q2 (Dec 2006) Q3 (Mar 2007) Variance Cash costs 2,982 3,281 -10%
Ledging and primary development costs (429) (366) 15%
Secondary development costs (75) (70) 7%
Engineering infrastructure costs (243) (235) 3%
Cash cost after adjustments 2,235 2,610 -17%
K5 Project Capital Expenditure
During the quarter R42 million was spent on amongst others: R22 million for initial strike and dip conveyor extensions; R10 million for K5 surface infrastructure and dip conveyor extensions and R9 million on the K5 rail-link.
K5 Project
The appointed contractor Deilmann-Haniel (SA) (Pty) Ltd continues to perform satisfactorily.
During the quarter, a total of 783 meters of development were completed, including 526 meters decline sinking. The mining of the chairlift excavation re-commenced following completion of the No. 1 vent raise. The drop-raise from the base of No. 1 vent shaft to the reef horizon was completed with the temporary fan arrangement now being installed.
Stoping and development are progressing well against a backdrop of some challenging geological conditions, most notably, variations in the parting widths between both the main and leader reefs and also within the leader reef itself. These variances coupled with numerous small faults create higher than anticipated mining widths requiring extra support and resulting in higher dilution.
P&SA2 at MarikanaSafety
The 12-month rolling DIIR improved from 0.43 to 0.36.
Mining
The mine recorded production of 296,546 openpit tons and 146,564 underground tons
At the end of the quarter, the stockpile decreased 7% to 183,000 tons
Processing
Total of 456,522 ROM tons were processed during the quarter
Recoveries fell to 62% due to a higher feed of oxidised opencast material
Production decreased 23% to 30,148 PGM ounces (Aquarius attributable: 15,074 PGM ounces)
Revenue
The PGM basket price for the quarter averaged $1,369 per PGM ounce, 8% higher than the previous quarter. Mine revenue increased to R333 million for the quarter (AQPSA share R167 million). The cash margin for the quarter fell to 46% from 50%.
Operations
Total production decreased 22% to 443,110 ROM tons for the quarter, with one third coming from underground production and two thirds from openpit. Openpit production decreased by 22% to 296,546 tons. During the quarter, production was adversely impacted due to the following reasons:
20% reduction in production shifts due to the Christmas New Year holidays (falls into 3rd Quarter)
Slow start following the Christmas break and shortage of critical labour
Work stoppages and go-slow action
Strike belt outages
The Open cast operation was replanned and rescheduled in January 2007. This resulted in an increase in stripping ratios that will continue for the remainder of the financial year. This included production in March of 20,268 tons from the Fingers opencast operation.
Underground production decreased by 22% to 146,564 tons. At No. 4 Shaft 1,051 meters of primary development was completed during the quarter and at No. 1 Shaft 335 metres of primary development was completed. After the Christmas break an unanticipated shortage of Rock Drill Operators was experienced due to a large number not returning from vacation. An intermediate solution to the labour shortage was to hire labour from labour hire companies. Industrial action by the Load Haul Dumper drivers aggravated the situation and ultimately impacted negatively on underground production volumes. Infill drilling is continuing at No. 4 Shaft in addition to surface-core drilling to better understand the geological disturbances.
At No. 2 Shaft, the high wall support and portal civil works were completed. Development recommenced of the man and material decline shaft towards the end of the quarter.
At the quarter end the stockpile totalled 183,000 tonnes, comprising 171,000 opencast and 12,000 underground tonnes respectively.
A total of 456,522 tons were processed during the quarter, comprising 161,851 tons of underground and 294,671 tons of opencast material. A mechanical failure in the tailings thickener at Marikana resulted in a three-day production stoppage.
On the P&SA2 Project, expansion capital totalled R7.2 million for the quarter. The total expansion capital expenditure to date is R99 million (AQPSA share: R49.5 million).
Marikana: Metal in concentrate produced (PGM ounces)
Quarter ended Pt Pd Rh Au PGMs PGMs attributable to Aquarius
Mar 2007 18,525 8,595 2,794 234 30,148 15,074 Dec 2006 23,627 11,218 3,941 291 39,077 19,538 Sep 2006 18,588 8,944 3,098 235 30,865 15,432 Jun 2006 19,036 9,531 3,162 263 31,992 15,996
Operating Cash Costs
Cash cost per ROM ton increased by 32% to R395 per ROM ton due to decreased production volumes. The cash cost per PGM ounce increased by 44% to R5,977 per PGM ounce. The increase is attributed to the increase in the stripping ratio and associated high development costs. Stripping costs for the third quarter where high as openpit production was accelerated to compensate for geological losses suffered at No. 4 Shaft during its development and over-stripping for the start-up of the Fingers openpit operation. Development costs which form part of the cash costs per PGM ounce increased by 33% from the previous quarter to R577 per PGM ounce.
Marikana: Operating Cash Costs
4E 6E 6E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu)
Marikana R 5,977 per PGM ounce R 4,955 per PGE ounce R 4,628 per PGE ounce
Contractor dispute with Moolman Mining
Moolman Mining was the primary opencast mining contractor employed at the Marikana Mine from start up in May 2002 until December 2005. In December 2005, AQPSA resiled from the contract with Moolman Mining on discovering misrepresentations by Moolman which induced the contract. Moolman has been replaced by MCC as opencast contractor at Marikana.
In April 2006, AQPSA instituted action against Moolman arising from the misrepresentation. The action includes a damages component. In May 2006, AQPSA served an application to stay the arbitration in respect of the Rise and Fall claim pending the determination of the action. In September 2006, AQPSA received Moolman's response in the application to stay the arbitration as well as a plea to the action. Moolmans delivered a conditional counterclaim, comprising four components in an aggregate amount of ZAR472 million. The AQPSA legal team requested additional documentation from Moolman Mining to prepare a reply in the application proceedings and a plea to the conditional counterclaims, which reply was due on 4 December 2006. The requested documents were however not forthcoming and as a result, the replying affidavit could only be delivered on 19 March 2007.
Moolman Mining purported to set the application down for hearing in the High Court during the last week of August 2007 and AQPSA has objected to the set down as it is irregular. It is not anticipated that the application will be heard during August 2007 and will be delayed for some time.
Everest Platinum Mine
Safety
The 12-month rolling DIIR deteriorated to 0.58 from 0.52. Regrettably on 20 January 2007 a rock drill operator was fatally injured when he was struck by an underground load haul dumper. An internal investigation was completed by AQPSA and a separate investigation performed by the Department of Minerals and Energy; however, the DME report has not yet been issued. Remedial actions arising from the internal investigation are in process of implementation. Four lost-time injuries occurred during the quarter. Safety initiatives continue to focus on fall-of-ground prevention and materials handling.
Mining
Underground ore production decreased by 5% to 463,202 tons due to fewer mining shifts
Opencast operations production decreased to 69,568 tons
Opencast mining extension through the South-West Pit continued
Processing
Plant processed 544,016 tons, a 17% decrease compared to the previous quarter
Recoveries increased to 78% from 70% in the previous quarter
Production fell 3% to 40,107 PGM ounces
Revenue
Revenue at Everest increased 24% to R416 million for the quarter. The average PGM basket price for the quarter increased to $1,331 per PGM ounce. The cash margin for the quarter increased to 66% from 56% in the previous quarter.
Operations
Opencast and underground mining produced a total 532,870 tons, an 18% decrease compared to the previous quarter, with the production balance roughly 87% from underground and 13% from opencast and operations respectively.
Opencast mining production decreased to 69,568 tons largely comprising high grade and high cost tons from the deeper areas of the South-West Pit compared to 164,312 tons in the previous quarter from low-cost low-grade tons from the North Pit). Production capacity was limited by the small reserve in the south-west pit and the boulder laden nature of the overburden. The reduction in opencast production, high boulder volumes and the high stripping ratios inherent in the south-west pit extension resulted in an increase in opencast mining unit cost.
Underground on-reef development and the establishment of stoping sections continued during the quarter. Development was hampered by poor ground conditions, resulting in a 5% decrease in production from 487,114 tons to 463,202 tons. The decrease is primarily attributable to the Christmas break resulting in a 10% reduction in mining shifts compared to the previous quarter. In addition, the performance of the underground mining contractor, Shaft Sinkers Mining (Pty) Ltd, was below expectation, because of high personnel absenteeism and poor availability of trackless equipment. Shaft Sinkers initiated action plans to improve trackless equipment availability and address absenteeism through the application of disciplinary codes.
The underground head grade was consistent with the previous quarter whilst underground mining unit costs showed a slight increase due to inflationary increases.
The plant head grade for the quarter improved to 2.94 g/t from 2.79 g/t in the previous quarter due to a reduction in low-grade opencast material.
Concentrator throughput was 544,016 tons milled for the period, with 11,246 tons consumed from the stockpile, which fell to 2,497 tons at the end of the quarter. Both the primary and secondary mills were relined during the period. Recoveries improved to 78% from 70% due to a reduction in oxidised opencast material, increased reagent addition and improved process stability resulting from the implementation of advanced flotation process control systems. The grade and recovery improvement had a significant positive impact on the PGM yield. Although the tonnage throughput was 21% less than the previous quarter, the PGM output was only 3% less at 40,107 PGM ounces.
Everest: Metal in concentrate produced (PGM ounces)
Quarter ended Pt Pd Rh Au PGMs (4E)
Mar 2007 23,561 12,359 3,845 342 40,107 Dec 2006 23,495 13,484 3,838 374 41,191 Sep 2006 23,459 14,140 3,697 421 41,717 Jun 2006 24,699 14,844 3,817 478 43,838
Operating Cash Costs
Cash costs increased by 15% to R258 per ROM ton milled in line with the increased ratio of underground tons at higher cost. Although opencast volumes reduced, the unit cost increased due to increased stripping ratios. Process plant unit costs increased as a result of the higher reagent consumption, mill reline costs and the lower throughput. As a consequence of improved grades and recoveries, cash costs per PGM ounce for the quarter decreased by 2% to R3,504 per PGM ounce.
Everest Operating Cash Costs
4E 6E 6E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu)
Everest R3,504* per PGM ounce R 2,921 per PGE ounce R 2,697 per PGE ounce
*As adjusted forIFRIC-4 (determining whether an arrangement contains a lease) by R132 per PGM ounce
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The 12-month rolling average DIIR improved to 0.50 for the quarter from 0.52 in the previous quarter
Mining
Underground production increased 4% to 463,446 tons
The surface stockpile increased to a total 393,280 tons at the end of the quarter
Processing
Plant milling operations seriously affected by the of the tertiary crusher breakdown
Concentrator plant recoveries improved to 77.7% from 77.3%
Total mine production increased 4% to 34,760 PGM ounces
Revenue
The average achieved PGM basket price for the quarter increased 1% to $950 per PGM ounce. The average nickel price over the quarter rose by 17% to $15.21 per pound from $13.03 per pound in the previous quarter. Together with a contribution from base metals of approximately 36% of gross revenue, sales revenue for the quarter totalled $47.0 million, an increase of $2.7 million when compared to the previous quarter. The gross cash margin increased to 72% from 68% in the previous quarter.
Operations
During the quarter mining operations hoisted 463,446 tons compared to 456,740 tons in the previous quarter. Tons milled during the quarter totalled 378,549 tons, with the balance going to the stockpile, which totaled 393,280 tons at the quarter end using the reconciliation method.
The average plant head grade was constant at 3.68g/t, compared to 3.67 g/t in the previous quarter.
Tons processed totalled 378,549, a 4% increase compared to the previous quarter. The anticipated increase in processing following the plant shutdowns in the previous quarters was not realised due to a failure of the tertiary crusher which required extended repairs in South Africa. The situation is now back to normal, though, despite the odds, recoveries for the quarter increased by 0.4% in the quarter to 77.7%. and PGM production during the third quarter increased 4% to 34,760 ounces (Aquarius attributable: 17,380 ounces).
Mimosa: PGMs in concentrate produced (ounces)
Quarter ended Pt Pd Rh Au PGMs PGMs attributable to Aquarius
Mar 2007 17,624 13,380 1,355 2,401 34,760 17,380 Dec 2006 16,810 12,856 1,316 2,363 33,345 16,672 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
Mimosa: Base Metals in concentrate produced (tons)
Mine Production Attributable to Aquarius Quarter ended Ni Cu Co Ni Cu Co Mar 2007 468 394 15 234 197 7.5 Dec 2006 449 377 14 225 189 7 Sep 2006 574 475 18 287 238 9 Jun 2006 506 423 15 253 211 7 Operating Cash Costs
Cash costs for the quarter decreased to $396 per PGM ounce, an 11% decrease compared to the previous quarter's figure of $446 per PGM ounce.
Net of by-products, however, cash costs were negative at -$154 per PGM ounce, compared to -$52 per PGM ounce in the previous quarter, primarily due to the high nickel price.
Mimosa Operating Cash Costs 4E 6E 4E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu& Co)
Mimosa $396 per PGM ounce $374 per PGE ounce ($154) 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 have occurred since the project commenced.
Processing
Material processed steady at 44,000 tons
Grade improved by 11% to 4.98 g/t
Recoveries decreased to 28%
Production increased 5% to 1,954 PGM ounces
Revenue
The PGM basket price for the quarter increased 13% to $1,806 per PGM ounce. Revenue for the quarter increased to R23 million (Aquarius attributable: R11.5 million). The cash margin remained high at 77%.
Operations
A total 44,000 tons were processed for the quarter producing 1,954 PGM ounces, an increase of 5% (Aquarius attributable: 977 PGM ounces). This material had an 11% higher head grade at 4.98g/t than the material processed in the previous quarter, however, concentrator recoveries were lower at 28%. The principle reason for the fall in recoveries was that less current arising (fresh material with a lower head grade and higher recovery) and more dump material (oxidized material with a higher head grade and lower recovery) was processed due to the availability of material from the different sources.
Operating Costs
Cash costs increased by 28% to $2,750 per PGM ounce. The increase was due to a price participation element in the cost of the feed and major spares that are purchased on a six monthly interval.
CTRP Operating Cash Costs
4E 6E 4E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu& Co)
CTRP R2,750 per PGM ounce R1,699 per PGE ounce R1,338 per PGE ounce
CORPORATE MATTERSDirectorate Changes
On 12 March 2007, Mr Patrick Quirk resigned as a director of the Company to concentrate on his private business interests. The directors wish to record their sincere appreciation for the outstanding contribution Mr Quirk has made to the Company in his capacity as director over the last five years, and wish him well in his future endeavours.
Aquarius advances purchase of 3.5% of South African subsidiary from SavCon
SavCon have notified Aquarius that the completion of the acquisition of a 3.5% equity interest in AQPSA from SavCon for a cash consideration of ZAR 342.5 million, as first announced in November 2006, may now complete in April 2007, following receipt of the necessary consent from the South African Department of Minerals and Energy.
AQPSA Management Changes
In March 2007, Gert Ackerman retired as Managing Director of AQPSA. He continues to work for the group as a consultant, primarily involved with the implementation of social, labour and development plans.
Mr Anton Wheeler has in turn been appointed Managing Director of AQPSA. Mr Wheeler joined Aquarius in April 2006 as Operations Director, responsible for the day-to-day management of Aquarius Platinum's South African operations.
More information on all the corporate matters can be found at www.aquariusplatinum.com
Statistical Information: Kroondal P&SA1
Data reflects 100% of Current Previous % Change Current Previous % Change
mine operations Unit Quarter Quarter Quarter 9 9 months Period Mar 2007 Dec 2006 on months Mar 06 on Quarter Mar 07 Period Safety DIIR Rate/ 0.86 0.93 8 0.86 0.93 8 200,000 man hours Revenue Gross R'M 1,138 963 18 3,054 1,912 60 Revenue PGM basket $/oz 1,427 1,287 11 1,342 942 42 Price Gross cash % 71 64 10 67 56 19 margin Nickel $/lb 18.79 15.02 25 15.68 6.35 147 Price Copper $/lb 2.69 3.21 (16) 3.12 1.97 59 Price Ave R/$ 7.18 7.36 (2) 7.21 6.39 13 rate Cash Costs on-mine Per ROM ton R/ton 224 211 6 210 180 17 $/ton 31 29 7 29 28 4 Per PGM oz R/oz 3,281 2,982 10 2,990 2,476 21 (3E+Au) $/oz 457 405 13 414 388 7 Per PGE R/oz 2,700 2,453 10 2,461 2,039 21 (5E+Au) $/oz 376 333 13 341 319 7 Capex Current/ R'000s 41,758 93,378 (55) 166,409 38,761 329 Sustaining 100% $'000s 5,812 12,687 (54) 23,067 6,070 280 Expansion R'000s - - - - 43,306 (100) 100% $'000s - - - - 6,782 (100) Tons Mined Underground ROM Ton 1,398 1,514 (8) 4,617 4,454 4 '000 Open Pit ROM Ton 96 147 (35) 438 154 185 '000 Total ROM Ton 1,494 1,661 (10) 5,055 4,608 10 '000 Surface Stockpiles Underground ROM Ton 13 54.00 (76) 13 Ore '000 Open Pit ROM Ton 23 46 (50) 23 Ore '000 Total ROM Ton 36 100 (64) 36 25 44 '000 Tons Processed Underground ROM Ton 1,424 1,551 (8) 4,527 4,331 5 '000 Open Pit ROM Ton 73 107 (32) 328 357 (8) '000 Total ROM Ton 1,497 1,658 (10) 4,855 4,688 4 '000 Grade Plant Head g/t 2.80 2.85 (2) 2.84 2.90 (2) Recoveries % 76 77 (1) 77 78 (1) PGM Production Platinum Ozs 61,239 70,522 (13) 205,000 203,207 1 Palladium Ozs 29,593 33,748 (12) 98,507 99,124 (1) Rhodium Ozs 10,720 12,295 (13) 35,694 36,014 (1) Gold Ozs 526 624 (16) 1,779 1,694 5 Total PGM Ozs 102,079 117,189 (13) 340,981 340,039 0 (3E+Au) Iridium Ozs 4,175 4,782 (13) 13,953 14,133 (1) Ruthenium Ozs 17,794 20,489 (13) 59,335 58,718 1 Total PGE Ozs 124,047 142,460 (13) 414,269 412,890 0 (5E+Au) Base Metals Production Nickel Tonnes 103 113 (9) 333 326 2 Copper Tonnes 46 49 (6) 145 147 (1) Chromite Tonnes 84 106 (21) 278 373 (25) (000)
Statistical Information: Marikana P&SA2
Data reflects 100% of Current Previous % Change Current Previous % Change
mine operations Unit Quarter Quarter Quarter 9 9 months Period Mar 2007 Dec 2006 on months Mar 06 on Quarter Mar 07 Period Safety DIIR Rate/ 0.36 0.43 19 0.36 0.32 (11) 200,000 man hours Revenue Gross R'M 333 324 3 912 297 207 Revenue PGM basket $/oz 1,369 1,270 8 1,307 918 42 Price Gross cash % 46 50 (8) 46 1.0 4,549 margin Nickel $/lb 18.79 15.02 25 15.68 6.35 147 Price Copper $/lb 2.69 3.21 (16) 3.12 197 (98) Price Ave R/$ 7.18 7.36 (2) 7.21 6.39 13 rate Cash Costs on-mine Per ROM ton R/ton 395 299 32 338 353 (4) $/ton 55 41 34 47 55 (15) Per PGM oz R/oz 5,977 4,147 44 4,879 5,427 (10) (3E+Au) $/oz 832 563 48 676 850 (20) Per PGE R/oz 4,955 3,402 46 4,022 4,509 (11) (5E+Au) $/oz 690 462 49 558 706 (21) Capital expenditure Current/ R'000s 53,240 22,877 133 78,747 7,948 891 Sustaining 100% $'000s 7,410 3,108 138 10,916 1,245 777 Expansion R'000s (22,672) 45,526 (150) 68,324 58,738 16 100% $'000s (3,156) 6,186 (151) 9,471 9,199 3 Tons Mined Underground ROM Ton 147 189 (22) 504 102 393 '000 Open Pit ROM Ton 297 383 (22) 1,020 718 42 '000 Total ROM Ton 444 572 (22) 1,524 820 86 '000 Surface Stockpiles Underground ROM Ton 12 25 (52) 12 23 (49) Ore '000 Open Pit ROM Ton 171 171 0 171 101 70 Ore '000 Total ROM Ton 183 196 (7) 183 124 47 '000 Tons Processed Underground ROM Ton 163 202 (19) 500 79 533 '000 Open Pit ROM Ton 293 340 (14) 944 751 26 '000 Total ROM Ton 457 542 (16) 1,444 830 74 '000 Grade Plant Head g/t 3.33 3.26 2 3.23 3.22 0 Recoveries % 62 69 (11) 67.04 63 6 PGM Production Platinum Ozs 18,525 23,627 (22) 60,741 33,721 80 Palladium Ozs 8,595 11,218 (23) 28,757 14,930 93 Rhodium Ozs 2,794 3,941 (29) 9,833 4,861 102 Gold Ozs 234 291 (20) 760 408 86 Total PGM Ozs 30,148 39,077 (23) 100,090 53,920 86 (3E+Au) Iridium Ozs 1,146 1,534 (25) 3,826 1,955 96 Ruthenium Ozs 5,070 7,024 (28) 17,488 9,024 94 Total PGE Ozs 36,365 47,635 (24) 121,404 64,899 87 (5E+Au) Base Metals Production Nickel Tonnes 47 66 (29) 169 80 111 Copper Tonnes 25 35 (28) 91 45 101 Chromite Tonnes 42 34 22 99 117 (15) (000) (000)
Statistical Information: Everest
Data reflects 100% of Current Previous % Change Current Previous % Change mine operations Unit Quarter Quarter Quarter 9 9 months Period Mar 2007 Dec 2006 on months Mar 06 on Quarter Mar 07 Period Safety DIIR Rate/ 0.58 0.52 (10) 0.58 0.82 41 200,000 man hours Revenue Gross R'M 416 334 24 1,068 225 375 Revenue PGM basket $/oz 1,331 1,179 13 1,236 964 28 Price Gross cash % 66 56 18 62 53.0 16 margin Nickel Price $/lb 18.79 15.02 25 15.68 6.72 133 Copper Price $/lb 2.69 3.21 (16) 3.12 224 (99) Ave R/$ rate 7.18 7.36 (2) 7.21 6.14 17 Cash Costs on-mine Per ROM ton R/ton 258 224 15 225 156 44 $/ton 36 30 20 31 25 25 Per PGM oz R/oz 3,504 3,573 (2) 3,322 2,280 46 (3E+Au) $/oz 488 485 1 460 371 24 Per PGE R/oz 2,921 3,011 (3) 2,797 1,974 42 (5E+Au) $/oz 407 409 (1) 388 321 21 Capital expenditure Current/ R'000s 20,096 41,974 (52) 91,286 - - Sustaining 100% $'000s 2,797 5,703 (51) 12,654 - - Expansion R'000s 3,095 945 228 24,211 67,094 (64) 100% $'000s 431 128 237 3,356 10,927 (69) Tons Mined Underground ROM Ton 463 487 (5) 1,274 202 531 '000 Open Pit ROM Ton 70 163 (57) 542 616 (12) '000 Total ROM Ton 533 650 (18) 1,816 818 122 '000 Surface Stockpiles Underground ROM Ton - 1 (100) - - - Ore '000 Open Pit Ore ROM Ton 2 13 (81) 2 143 (98) '000 Total ROM Ton 2 14 (82) 2 143 (98) '000 Tons Processed Underground ROM Ton 464 486 (5) 1,274 202 531 '000 Open Pit ROM Ton 80 170 (53) 542 473 15 '000 Total ROM Ton 544 656 (17) 1,816 675 169 '000 Grade Plant Head g/t 2.94 2.79 5 2.90 3.22 (10) Recoveries % 78 70 11 72 65 11 PGM Production Platinum Ozs 23,561 23,495 0 70,514 27,257 159 Palladium Ozs 12,359 13,484 (8) 39,983 14,913 168 Rhodium Ozs 3,845 3,838 0 11,379 3,472 228 Gold Ozs 342 374 (9) 1,137 439 159 Total PGM Ozs 40,107 41,191 (3) 123,013 46,081 167 (3E+Au) Iridium Ozs 1,444 1,359 6 4,142 1,357 205 Ruthenium Ozs 6,559 6,330 4 18,970 5,777 228 Total PGE Ozs 48,109 48,880 (2) 146,125 53,214 175 (5E+Au) Base Metals Production Nickel Tonnes 52 56 (8) 165 54 205 Copper Tonnes 25 29 (14) 82 28 191 Chromite Tonnes - - - - - - (000) (000)
Statistical Information: Mimosa
Current Previous % Current Previous % Rolling Change Change Unit Quarter Quarter Quarter 9 9 months Period 12 Mar 2007 Dec 2006 on months Mar 06 on Months Quarter Mar 07 Period Safety DIIR Rate/ 0.5 0.52 0.04 0.48 0.21 1.27 0.44 200 000 man hours Revenue Gross US$M 47 44 6 138 55 150 169 Revenue PGM basket US$/ 950 939 1 949 638 49 928 Price oz Gross cash % 72 68 6 72 61 19 71 margin Nickel US$/ 15.21 13.03 17 12.55 6.92 81 11.44 Price lb Copper US$/ 2.90 3.42 0 3.23 1.61 1 3.08 Price lb Cash Costs Per Rom ton US$/ 36 41 11 36 32 -13 35 ton Per PGM US$/ 396 446 11 395 342 -16 379 ounce 3E+Au oz Per PGM US$/ -154 -52 -196 -60 98 161 -21 ounce 3E+Au oz (after by-product credit) Per 6 PGM US$/ 374 421 11 374 323 -16 358 ounce 5E+Au oz Per 6 PGM US$/ -134 -42 -218 -48 96 151 -12 ounce 5E+Au oz (after by-product credit) Capital Expenditure Current US$ 2396 2773 14 5519 4327 -28 8486 ' 000s Expansion US$ 720 1043 31 2057 1050 -96 4952 ' 000s Mining Underground RoM 463 448 4 1399 862 62 1850 ton '000 Surface Stock Piles Underground ton 393 308 28 393 163 141 393 '000 Tonnes Processed Milled ton 379 365 4 1211 764 58 1614 '000 Grade Plant Head g/t 4 4 0 4 4 -2 3 Recoveries % 77.66 77.29 0.48 77.67 77.98 -0.40 101.77 PGM Production Platinum Ozs 17,624 16,810 5 56,047 36,509 54 74,951 Palladium Ozs 13,380 12,856 4 42,722 27,496 55 57,139 Rhodium Ozs 1,355 1,316 3 4,342 2,797 55 5,817 Gold Ozs 2,401 2,363 2 7,727 4,960 56 10,326 Total Ozs 34,760 33,345 4 110,838 71,762 55 148,233 Iridium Ozs 1,331 1,299 2 4,236 2,684 58 5,672 Ruthenium Ozs 666 650 2 2,142 1,359 58 2,885 Total 5E + Ozs 36,757 35,294 4 117,216 75,805 55 156,790Au Base Metals Production Nickel Tons 468 449 4 1491 1000 49 1997 Copper Tons 394 377 4 1246 832 50 1669 Cobalt Tons 15 14 5 46 30 52 61
Statistical Information: Chrome Tailings Retreatment Plant
Data reflects 100% of Current Previous % Change Current Previous % Change
mine operations Unit Quarter Quarter Quarter 9 9 months Period Mar 2007 Dec 2006 on months Mar 06 on Quarter Mar 07 Period Safety DIIR Rate/ - - - - - - 200,000 man hours Revenue Gross R'M 23 17 36 58 24 142 Revenue PGM basket $/oz 1,806 1,592 13 1,690 1,105 53 Price Gross cash % 77 77 (0) 77 49.0 58 margin Nickel $/lb 18.79 15.02 25 15.68 6.35 147 Price Copper $/lb 2.69 3.21 (16) 3.12 197 (98) Price Ave R/$ 7.22 7.36 (2) 7.22 6.39 13 rate Cash Costs on-mine Per ROM ton R/ton 124 92 34 116 95 22 $/ton 17 12 43 16 15 7 Per PGM oz R/oz 2,750 2,143 28 2,376 2,839 (16) (3E+Au) $/oz 381 291 31 329 445 (26) Per PGE R/oz 1,699 1,459 16 1,582 1,998 (21) (5E+Au) $/oz 235 198 19 219 313 (30) Capital expenditure Current/ R'000s - - - - - Sustaining 100% $'000s - - - - - Expansion R'000s - - - - - 100% $'000s - - - - - Tons Mined Underground ROM Ton nm nm nm nm nm nm '000 Open Pit ROM Ton nm nm nm nm nm nm '000 Total ROM Ton nm nm nm nm nm nm '000 Surface Stockpiles Underground ROM Ton nm nm nm nm nm nm Ore '000 Open Pit ROM Ton nm nm nm nm nm nm Ore '000 Total ROM Ton nm nm nm nm nm nm '000 Tons Processed Underground ROM Ton nm nm nm nm nm nm '000 Open Pit ROM Ton 44 44 (1) 113 131 (14) '000 Total ROM Ton 44 44 (1) 113 131 (14) '000 Grade Plant Head g/t 4.98 4.49 11 4.26 3.21 33 Recoveries % 28 38 (26) 36 35 3 PGM Production Platinum Ozs 1,200 1,136 6 3,355 2,687 25 Palladium Ozs 438 406 8 1,221 966 26 Rhodium Ozs 313 320 (2) 944 718 32 Gold Ozs 4 3 31 11 9 18 Total PGM Ozs 1,954 1,865 5 5,531 4,380 26 (3E+Au) Iridium Ozs 306 111 176 502 230 119 Ruthenium Ozs 902 766 18 2,273 1,615 41 Total PGE Ozs 3,163 2,742 15 8,306 6,225 33 (5E+Au) Base Metals Production Nickel Tonnes 6 1 508 8 3 154 Copper Tonnes 3 2 43 5 1 448 Chromite Tonnes - - - - - - (000) (000) Aquarius Platinum LimitedIncorporated in BermudaExempt company number 26290Board 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
Kofi Morna - Non-executive
Zwelakhe Mankazana - Alternate to Kofi Morna
Audit/Risk Committee
Sir William Purves (Chairman)
David DixEdward HaslamNicholas Sibley
Remuneration/Succession Planning Committee
Edward Haslam (Chairman)Nicholas SibleyNomination Committee
The full Board comprises the Nomination Committee
Company SecretaryWilli BoehmAQPSA ManagementStuart Murray Executive Chairman Anton Wheeler Managing Director Ayanda Khumalo Finance Director Graham Ferreira General Manager Admin & Company Secretary Hugo HĦll General Manager Everest Robert Mallinson General Manager Marikana Gordon Ramsay General Manager Metallurgy Abraham (Rudi) Rudolph 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 Issued Capital
At 31 March 2007, the Company had on issue:
85,068,716 fully paid common shares and 1,527,162 unlisted options
Substantial Shareholders 31 March 2007 Number of Shares Percentage
Impala Platinum Holdings Ltd 7,127,276 8.38 Nutraco Nominees Limited 5,981,270 7.03 National Nominees Limited 4,277,611 5.03 Trading InformationISIN number BMG0440M1029Broker (LSE) (Joint) Broker (ASX) Sponsor (JSE) Morgan Stanley & Co Euroz Securities Investec Bank Limited International Limited Level 14, The Quadrant 100 Grayston Drive 20 Cabot Square, Canary Wharf 1 William Street Sandown London, E14 4QW Perth WA 6000 Sandton 2196 Telephone: +44 (0) 20 7425 8000 Telephone: +61 (0)8 Telephone: +27 (0)11 Facsimile: +44 (0)20 7425 8990 9488 1400 286 7326 Facsimile: +61 (0)8 Facsimile: +27 (0)11 9488 1478 291 1066 Investec Securities Limited Investec Bank (UK) Limited 2 Gresham Street London, EC2V 7QP Telephone: +44 (0)20 7597 5970 Facsimile: +44 (0)20 75975120
Aquarius Platinum (South Africa) (Proprietary) Ltd.
50.5% Owned
(Incorporated in the Republic of South Africa)
Registration Number 2000/000341/07
Block A, 1st Floor, The Great Wall Group Building
5 Skeen Boulevard, Bedfordview
South Africa 2007Postal Address P O Box 1282, Bedfordview, 2008, South Africa.Telephone: +27 (0)11 455 2050Facsimile: +27 (0)11 455 2095
Aquarius Platinum Corporate Services Pty Ltd
100% Owned
(Incorporated in Australia)
ACN 094 425 555
Level 4, Suite 5, South Shore Centre,
85 The Esplanade, South Perth, WA 6151, Australia
Postal Address PO Box 485, South Perth, WA 6151, Australia.Telephone: +61 (0)8 9367 5211Facsimile: +61 (0)8 9367 5233Email: [email protected]$ 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 DMS Dense Media Separation Dollar United States Dollar or $ EMPR Environmental Management Programme Report Everest Everest Platinum Mine Great A PGE bearing layer within the Great Dyke Complex in Zimbabwe Dyke Reef g/t Grams per tonne, measurement unit of grade (1g/t = 1 part per million) JORC Australasian code for reporting of Mineral Resources and Ore Reserves code 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) Platinum Group Elements plus Gold. Five metallic elements commonly (6E) 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) Platinum Group Metals plus Gold. Aquarius reports the PGMs as (4E) 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 SavCon The Savannah Consortium. The principal Black Empowerment Investor in Aquarius Platinum 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 Z$ Zimbabwe Dollar
For further information please contact:
In Australia:
Willi Boehm
Aquarius Platinum Corporate Services Pty Ltd
+61 (0)8 9367 5211
In the United Kingdom and South Africa
Nick BiasBuckBias Limited+ 44 (0)7887 920 530
or visit: www.aquariusplatinum.com
AQUARIUS PLATINUM LIMITEDRelated Shares:
AQP.L