13th Jul 2005 09:06
AQUARIUS PLATINUM LIMITEDAQUARIUS GROUPHighlights * Fourth quarter mine production attributable to Aquarius boosted 33% quarter-on-quarter to 103,834 PGM ounces as expansions continue to deliver * Record full year production attributable to Aquarius of 327,669 PGM ounces, up 7% * Kroondal P&SA expansion approaches targeted annual production of 505,000 PGM ounces * New Everest Mine construction on track for production by end December 2005 OperationsKroondal * Record production of 116,669 PGM ounces for the quarter and 324,730 PGM ounces for the year (Aquarius attributable 58,335 and 162,365 PGM ounces respectively) * New K2 Plant at steady state 3 months ahead of schedule; K1 plant continued good performance * Rand per PGM cash costs fall 10%, boosting cash margin to 45% during the quarter Marikana * Announcement of Marikana Pool & Share Agreement with Anglo Platinum to increase production, lower costs and extend life of mine. * Production increases 2% for the quarter to 26,940 PGM ounces, and 14% to 99,161 PGM ounces for the year * Mine contractor performance improved, achieving the mutually agreed revised mining schedule * Positive cash margin for the third successive quarter, improves to 8% for the quarter * Trial Underground Mining Project commenced Mimosa * Production increased 6% to 35,644 PGM ounces for the quarter (Aquarius attributable 17,822 PGM ounces), resulting in annual production of 130,167 PGM ounces (Aquarius attributable 65,084 PGM ounces * Efficiencies remained constant for PGM recovery rate and improved slightly by 2% for plant head grade * Exchange rate depreciated by 45% while the FOB incentive was improved by 67% Everest * Construction activities proceeding on schedule and to budget * Smaller scale opencast mining established ahead of underground operations; 56,580 tons opencast reef stockpiled * Underground decline development ahead of schedule, decline conveyor system commissioned CTRP * Production improves as operation continues to ramp up * 36,900 ROM tons processed, producing 1,473 PGM ounces (Aquarius attributable 737 PGM ounces) Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said,"Aquarius has delivered shareholders a strong performance for the final quarterwith each operation producing at record levels. The Kroondal P&SA has performedwell, as production continues to ramp up. I am particularly pleased thatMarikana has made steady progress throughout the year, reporting positive cashmargins for three consecutive quarters. The recently announced Pool and ShareAgreement (P&SA2) with Anglo Platinum not only offers Marikana a longer life ofmine, but also confirms Aquarius' ability to find innovative solutions in thesearch for production growth. Construction at our new mine Everest is on budgetand on schedule, and the Mimosa Mine is to commence a small expansion.The recent weakness of the South African Rand and the Zimbabwean dollar arepositive shifts at a time when our operations are delivering more productionmore efficiently. Looking ahead, Aquarius is well positioned to continuedelivering strong growth to shareholders. . I believe 2006 will be an excitingyear for Aquarius as we cement our position as the world's fastest growingestablished platinum producer."Production by MinePGMs (4E) Quarter Ended Full Year Ended Sep 2004 Dec 2004 Mar 2005 Jun 2005 Jun 2005 Jun 2004 Kroondal 67,486 71,523 69,051 116,669 324,730 237,626 Marikana 21,694 24,019 26,509 26,940 99,161 87,176 Mimosa 30,608 30,386 33,529 35,644 130,167 119,390 CTRP - - 644 1,473 2,117 - Total 119,788 125,928 129,733 180,726 556,175 444,192Production by Mine Attributable to AquariusPGMs (4E) Quarter Ended Full Year Ended Sep 2004 Dec 2004 Mar 2005 Jun 2005 Jun 2005 Jun 2004 Kroondal 33,743 35,761 34,526 58,335 162,365 160,190 (ii) (i) Marikana 21,694 24,019 26,509 26,940 99,161 87,176 Mimosa 15,304 15,193 16,765 17,822 65,084 59,697 CTRP - - 322 737 1,059 - Total 70,741 74,973 78,122 103,834 327,669 307,063 i. 8 months of P&SA ii. Full impact of P&SA Foreign ExchangeRandOver the quarter the Rand weakened against the US Dollar. On 30 June 2005 theRand Dollar exchange rate was 6.67, a weakening of some 8% on the quarter'sopening exchange rate of 6.20. The Rand Dollar exchange rate is a significantsensitivity on company earnings. This shift is positive as the company's SouthAfrican operations incur costs in Rands and revenues in Dollars.Zimbabwe DollarDuring the quarter, the Reserve Bank of Zimbabwe depreciated the Zimbabweancurrency by some 45% to approximately 9,000 Zimbabwean Dollars to the USDollar. This move is welcomed by management, and along with an increase in theF.O.B. Certificate rates (a form of export credit offset against costs) from15% to 25%, assists in a significant decrease in cash costs at the MimosaPlatinum Mine in Zimbabwe.Metals PricesPGM pricesPGM prices continued to perform well during the quarter and indeed for the yearas a whole. Platinum rhodium and gold closed the quarter stronger, with therhodium price in particular performing well closing 27% higher at the quarterend. Looking to platinum, management believes that continued supply-sideconstraints due to higher South African costs associated with a strong randhave continued to hamper new production. Demand, however, has continued to bestrong, notably for platinum autocatalysts and this has resulted in a continuedplatinum supply-deficit and historically high prices. The palladium price hascontinued to fall, losing some $20 over the quarter to close at $183 per ounce.It should be note, however, that Aquarius mines a basket of platinum groupmetals: platinum, palladium, rhodium and gold, referred to as 4PGE. Thesemetals occur in different ratios in South Africa and Zimbabwe, and when pricedaccordingly, provide a PGM basket price, one of the principal revenue drivers.With the sustained high prices of platinum and gold, and the strong increasesin rhodium the South African PGM basket prices increased 15% in local currencyterms to R5,251 PGM ounce or 7% in US dollar terms to $788 PGM ounce. InZimbabwe, despite a higher ratio of palladium in the basket, the PGM basketprice increased 1% to $603 PGM ounce.Aquarius also produces base metals, nickel, copper and cobalt as PGMby-products. Base metal prices also increased in the quarter with nickelincreasing 7% over the quarter and 24% over the year to close at $7.44 perpound, and copper increasing 3% and 35% respectively to close the year at $1.54per pound.AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 50.5%)Kroondal Platinum MineSafetyDespite a fatal accident during the quarter, Kroondal reported an improved DIIRfor the quarter to 0.65. A Rock Drill Operator was fatally injured as a resultof a fall of ground accident. The matter is under internal investigation andalso by inspectors of the Department of Minerals and Energy.Mining * As Pool & Share Agreement (P&SA) expansion nears completion, operations produced a record 1,148,308 tons * New No. 4 decline commenced underground mining operations * Underground production to continue ramping up to 540,000 tons per month by December 2005 Processing * Production increased 69% to 116,669 PGM ounces for the quarter, boosting annual production from the mine by 37% to 324,730 PGM ounces for the full year * Concentrator plants demonstrate excellent engineering and efficiencies OperationsDevelopment and equipping of additional underground mining areas continued atthe Central, East and No. 3 decline shafts. Underground mining at the new No. 4decline shaft commenced in May 2005. A total of 1,208 metres of development wascompleted during the quarter.It is anticipated that the total underground mining production will reach asteady state of 540,000 tons per month by December 2005. The only remainingwork on the P&SA expansion is the completion of East Mine bunker and thesurface and underground infrastructure at the No 4 decline shaft. This isexpected to be finalised by the end of 2005.AQPSA's commitments on the P&SA expansion project totalled R314m at the end ofthe quarter with R278m paid. The expected final cost to AQPSA is estimated atR358m. The increase in on-going capital expenditure during the quarter reflectsthe movement from project status to maintenance of the ore reserve. As therequired ore reserve is established, this will reduce.The mine produced 1,148,308 tons and the plants processed 1,578,675 ROM tons,with 269,633 tons remaining on the surface stockpile at year end.The head grade to the plant reduced marginally to 2.99g/t from 3.02g/t in theprevious quarter, due to development material from underground, a lower in-situgrade and treatment of surface stockpile material. The slight reduction ingrade indicates good underground control measures.The increase in mining area as a result of down-dip development as part of theP&SA project, has had a marked positive effect on production, with an averageof 2km of dip face length mined every month.Production increased 69% to 116,669 PGM ounces for the quarter (Aquariusattributable 58,335 PGM ounces), boosting annual production from the mine by37% to 324,730 PGM ounces to financial year end 30 June 2005 (Aquariusattributable 160,190 PGM ounces).Both concentrator plants performed well in terms of throughput. The K2 plantwas successfully commissioned and ramped up to near full design capacity tonsduring the quarter, while the K1 plant continued to perform well above designcapacity of 250,000 tons per month, ultimately resulting in a record of1,578,675 tons processed during the quarter. The impact on metal production wasequally impressive with in excess of 40,000 PGM ounces achieved during June.Concentrator recoveries were 78.0% and 75.6% respectively at the K1 and K2Plants. K1 was marginally lower reflecting the treatment of coarse surfacestockpile material. Recoveries at the new K2 Plant are expected to furtherimprove.Cash cost per ROM ton decreased by 12% to R163 compared to the previous quarterdue to economies of scale. Cash costs per PGM ounce decreased by 10% to R2,208per PGM ounce, despite a combination of higher cost for development and ledgingoperations as a result of the P&SA and higher costs of deeper open pit tons.The PGM basket price for the quarter increased 2% to $745 per PGM ounce.Kroondal: Metal in concentrate produced (PGM ounces)Quarter ended Pt Pd Rh Au PGMs (4E) PGMs (4E) attributable to Aquarius Jun 05 69,875 33,728 12,499 567 116,669 58,335 Mar 05 41,366 19,971 7,408 306 69,051 34,526 Dec 04 42,659 20,815 7,723 326 71,523 35,761 Sep 04 40,389 19,471 7,285 341 67,486 33,743 Jun 04 35,724 17,343 6,481 282 59,830 29,915 Mar 04 36,283 17,243 6,233 273 60,032 30,016OutlookThe outlook for Kroondal is positive: the P&SA expansion is almost completeahead of time and below budget. At full capacity the newly expanded mine willproduce 505,000 PGM ounces a year (Aquarius attributable 50%) for asignificantly longer life of mine to 2016.The focus now is to complete the final expansion works and development of thenew No. 4 shaft. Operating efficiencies are already evident and are expected tofurther improve as the expansion works tail-off, with the associated portion ofdevelopment costs currently attributed to operating expected to reduce.Environmental ManagementEnvironmental management at Kroondal is a core part of day to day operations.In February 2005 an external environmental auditing and management servicescompany was contracted to undertake the environmental management at the Minecomplementing existing environmental programs.During the quarter a dedicated task team was created to minimise dust pollutionfrom the tailings dams.In addition, other detailed ongoing environmental action plans include: * Other airborne dust pollution remediation * Dust monitoring * Ground and surface water monitoring * Open pit rehabilitation * Quarterly environmental assessments and monthly environmental management meetings * Quarterly tailings dam assessments * Regular community liaison meetings Marikana Platinum MineSafetyMarikana reported a DIIR of zero for the quarter, with no lost time injuriesrecorded. Consequently, the 12 month-rolling DIIR reduced to 0.81 from 0.99.Mining * Mine contractor performance improved, achieving the mutually agreed revised mining schedule * Stripping ratios increased slightly with the opening up of a new pit * Trial underground mining commenced during the quarter Processing * ROM tons processed increased 16% over the quarter to 403,450 tons * Concentrator plant recoveries maintained at 65%, despite a reduction in head grade * Production improved 2% to 26,940 PGM ounces from the previous quarter, with annual production from the mine increasing 14% to 99,161 PGM ounces for the full year OperationsPGM production improved by 2% to 26,940 PGM ounces for the quarter, liftingproduction to 99,161 PGM ounces for the full year. This represents ayear-on-year increase of 14%, as deeper and more competent reef was mined,yielding higher recoveries.Mining operations occurred in five pits during the quarter. Production fromPits C and D is scheduled to end during next year as the remaining deep ore isdepleted. As production declines, it will be replaced from the new Pit A. Thisplanning allows the correct mix of reef going forward while Pit A producesweathered material, good ore is sourced from C and D, whereafter good ore isopened in Pit A. This ensures 25% weathered ore with 75% competent oreavailable to the plant.Contractor performance improved during the quarter and achieved the revisedmining schedule agreed to in March 2005. The secondary surface miningcontractor, MCC, continues to perform well.ROM tons increased 16% during the quarter to 403,450 tons at a lower head gradeof 3.2g/t. This was due to both internal waste dilution and unavoidablefootwall dilution from adverse localised geological conditions in Pits C and D.Improvements in processing resulted in concentrator plant recoveries maintainedat 65%, as per the previous quarter, despite the lower head grade.Cash costs at Marikana for the quarter were R239 per ROM ton and R3,578 per PGMounce. The increase in PGM ounce costs was due to higher costs associated witha planned higher stripping ratio necessary to open up the new Pit A, and thenegative effect of higher dilution currently being experienced simultaneouslyin Pits B, C and NE.The PGM basket price increased to $746 per PGM ounce.Marikana: Metal in concentrate produced (PGM ounces)Quarter ended Pt Pd Rh Au PGMs (4E) Jun 05 16,893 7,402 2,428 217 26,940 Mar 05 17,230 6,759 2,324 196 26,509 Dec 04 15,808 6,214 1,800 197 24,019 Sep 04 13,937 6,039 1,509 209 21,694 Jun 04 13,591 5,086 1,369 174 20,220 Mar 04 11,950 4,484 1,272 141 17,847Trial Underground MiningThe trial underground mining project commenced during the quarter, with theconstruction of both the highwall support and underground portals.Marikana Pool & Share AgreementAquarius announced on 13th July a Marikana Pool and Share Agreement (P&SA2)with Anglo Platinum in relation to their respective mineral rights and assetsat and around the Marikana Platinum mine. The P&SA2, which is subject tocertain suspensive conditions being met including both parties signing off on adevelopment plan as per the Kroondal P&SA process, and regulatory approvals, istargeted to come into effect on 22nd September 2005. The P&SA2 will extend thelife of mine at Marikana by 10 years to 2024. Full details of the P&SA2agreement are outlined in the announcement released on 13th July 2005 andavailable on the Company website: www.aquariusplatinum.com.Contractor dispute with Moolman MiningDuring the quarter, Grinaker-LTA Limited trading as Moolman Mining (SouthAfrica) requested a postponement of the arbitration. This was requested toenable an audit be conducted from inception up until the end of March 2005 onthe cost elements and expenditure incurred which formulate the rise and fallcalculation.The audit is currently being conducted by KPMG and assisted by independentauditing experts representing Moolman Mining South Africa and AQPSArespectively. It is anticipated that the audited report will be availableduring the next quarter, whereafter the parties will agree on a way forward.Everest Platinum MineHighlights * Construction activities proceeding on schedule and to budget * Smaller scale opencast mining established; 56,580 tons opencast reef stockpiled * Underground decline development ahead of programme, decline conveyor system commissioned SafetyThe DIIR for the quarter rose to 0.39 from zero in the previous quarter as aresult of two lost time injuries occurring during the period.MiningAhead of underground mining, small scale open cast mining is planned to provideinitial feedstock. During the quarter, the opencast North Pit was established,with opencast mining continuing from the South Pit. Opencast mining is onschedule, with a total of 599,385m3 of waste moved and 56,580 tons of reefproduced. The decline development commenced in April 2005 as scheduled, and isahead of programme with a system advance of 135m against the 99m programmeadvance. The decline conveyor and first underground tip was successfullycommissioned during the period.ProgressThe Everest construction programme is proceeding as planned. Civil constructionand erection of steel structures are ongoing and piping, electrical andinstrumentation and tailings dam construction commenced during the period.Engineering, design and procurement activities are proceeding in parallel andproject execution is on track for hot commissioning during December 2005.Everest expects to mine and process 250,000 tons per month of UG2 ore toproduce 225,000 PGM ounces per annum at steady state, with full production tobe attained in 2006.Everest Mine Development (end June 2005)The Everest capital budget is R819 million including a R33 million allowancefor escalation. The Everest project capital expenditure commitments were R533million at the end of the quarter, with capital expenditure paid to date ofR223 million.Social UpliftmentThe implementation of social upliftment and sustainable livelihood projects isongoing. Contractor recruitment of local labour is proving beneficial with 473local people employed during the period.MIMOSA INVESTMENTSMimosa Mine (Aquarius Platinum 50%)SafetyThe DIIR recorded a 0.34 for the quarter as a result of 3 disabling injuriesincurred in the quarter. The DIIR for the year to June 2005 at 0.31 was betterby 40% compared to the year to June 2004. The result is attributable to avigorous risk management programme implemented during the period under review.Processing * 35,644 PGM ounces produced (Aquarius attributable 17,822 PGM ounces) * PGM Recovery Rate remained at 77.2% despite increase in throughput * Base metal tons produced for the quarter increased by 4% Mining * ROM tons improved by 4% for the quarter to 395 000 tones. The increase in mining production is directly attributable to improvements in the provision of underground infrastructure and equipment. OperationsPGM production improved by 6.3% to 35,644 PGM ounces for the quarter year toJune 2005, boosting annual production from the mine by 9% to 130,167 PGM ouncesto financial year end30 June 2005. The increase in PGM production was as a result of increases inROM which ensured a 4% increase in concentrator throughput to 383,000 tons. Inaddition plant feed grade improved by 2% to 3.75 g/t while the PGM recoveryrate was maintained at the same levels of 77.2%.The PGM basket price increased to $603 per PGM ounce, with this improvement in$ price offset by a strengthening of the Z$ exchange rate.Cash costs at Mimosa for the quarter were $36 per ROM ton and $389 per PGMounce, (or $164 per PGM ounce after by-product credits). On a 12 month rollingbasis to June 2005, unit cash costs per PGM ounce were $357 (or $140 per PGMounce after by-product credits). The exchange rates achieved for the currencyfunding requirements were based on the Reserve Bank of Zimbabwe (RBZ) AuctionFloor Rates that were lower compared to inflation differential against majorcurrencies. Consequently costs for the quarter were 6% worse than the previousquarter and 42% worse on rolling averages. However, both the Auction Floor Rateand FOB allowance were depreciated by 45% and 67% respectively at the end ofMay 2005. The impact of these changes on operating costs will be realised inthe first quarter of the 2006 financial year.Mimosa: PGMs in concentrate produced (ounces)Quarter ended Pt Pd Rh Au PGMs (4E) PGMs (4E) attributable to Aquarius Jun 05 18,269 13,518 1,406 2,451 35,644 17,822 Mar 05 17,189 12,665 1,343 2,332 33,529 16,765 Dec 04 15,557 11,514 1,198 2,117 30,386 15,193 Sep 04 15,727 11,562 1,210 2,109 30,608 15,304 Jun 04 14,653 10,902 1,187 2,065 28,807 14,404 Mar 04 14,647 10,621 1,281 2,072 28,621 14,310Mimosa: Base Metals in concentrate produced (tons) Mine Production Attributable to Aquarius Quarter ended Ni Cu Co Ni Cu Co Jun 05 514 420 15 257 210 8 Mar 05 491 407 14 245 203 7 Dec 04 444 374 13 222 187 6 Sep 04 447 362 14 223 181 7 Jun 04 414 329 13 207 164 6 Mar 04 412 340 13 206 170 6Expansion PotentialMimosa mine has completed technical work for the Wedza Phase IV upgrade toincrease concentrator throughput by 25% by June 2006.IndigenisationSubstantial progress has been made in the indigenisation of 15% of thecompany's shareholding.AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTDChromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)SafetyThe Plant recorded a DIIR of 0 for the quarter and the year.Processing * 36,900 ROM tons processed * As the project continues to ramp up, 1,473 PGM ounces were produced (Aquarius attributable 737 PGM ounces) during the quarter OperationsAs the project continues to steadily ramp up, PGM production increased to 1,473PGM ounces for the quarter (Aquarius attributable 737 PGM ounces), resulting infull year production (five months from January 2005) of 2,117 PGM ounces(Aquarius attributable 1,059 PGM ounces)During the quarter 36,900 ROM tons were processed at a slightly lower headgrade of 2.58g/t, compared to 2.98g/t in the previous quarter. The feed gradeis erratic due to the high variability of the grades in the dumps. Recoveriesimproved from 34.5% in the third quarter to 46.6% during the fourth quarter, asa consequence of steadier operations.The ability of the CTRP plant to process the designed tonnages has beenrestricted by excessive water feeding the plant via the tailings streamsreceived from the chrome mine. Cyclones will be installed during the nextquarter to remove the excess water, thereby increasing the ability to reach thedesigned dry solids throughput.Cash costs at the CTRP for the quarter were $339 per PGM ounce, an improvementof 15% compared to the previous quarter due to increasing throughput.The PGM basket price increased to $840 per PGM ounce. This is higher than theother operations due to a higher rhodium content in the concentrate.Statistical Information: Kroondal Unit Current Previous % Change Current Previous % Change Per PGM ozPer PGM oz after by-product creditExpansion Quarter Quarter Quarter 12 12 Year on Jun 2005 Mar 2005 on months months Year Quarter Jun Jun 2005 2004 Safety DIIR Rate/ 0.65 1.06 (39) 0.75 1.66 (55) 200,000 man hours Revenue Gross revenue R'M 466 263 77 1,250 869 44 PGM basket price $/oz 745 728 2 711 599 19 Gross cash margin % 45 35 29 40 52 (23) Nickel Price $/lb 7.44 6.96 7 6.92 5.56 24 Copper Price $/lb 1.54 1.49 3 1.43 1.06 35 Ave R/$ rate 6.33 5.90 7 6.17 6.86 (10) Cash Costs Per ROM ton R/ton 163 186 (12) 177 156 13 $/ton 26 31 (16) 29 23 26 R/oz 2,208 2,462 (10) 2,311 2,132 8 $/oz 349 417 (16) 375 311 20 R/oz 2,070 2,382 (13) 2,173 1,987 9 $/oz 327 404 (19) 352 290 21 Capex Current R '000s 18,453 571 nm 20,521 28,894 (29) $ '000s 2,915 97 nm 3,326 4,212 (21) R '000s 67,198 81,829 (18) 462,374 91,805 404 $ '000s 10,616 13,869 (23) 74,939 13,383 460 Underground Underground ROM ton 1,519 860 77 3,974 2,862 39 '000 Open pit ROM ton 59 55 8 266 277 (4) '000 Total ROM ton 1,578 915 72 4,240 3,139 35 '000 Grade Plant Head g/t 2.99 3.02 (1) 3.04 3.07 (1) Recoveries % 77 79 (3) 79 77 3 PGM Production Platinum Ozs 69,875 41,366 69 194,290 143,408 35 Palladium Ozs 33,728 19,971 69 93,984 68,223 38 Rhodium Ozs 12,499 7,408 69 34,916 24,913 40 Gold Ozs 567 306 85 1,540 1,081 42 Total Ozs 116,669 69,051 69 324,730 237,625 37 Base Metals Production Nickel Tonnes 119 64 86 314 206 52 Copper Tonnes 53 29 83 141 94 50 Chromite (000) Tonnes 261 63 314 461 256 80 Data reflects 100% of operations.Statistical Information: Marikana Unit Current Previous % Change Current Previous % Change Per PGM ozPer PGM oz after by-product creditExpansion Quarter Quarter Quarter 12 12 Year on Jun 2005 Mar 2005 on months months Year Quarter Jun Jun 2005 2004 Safety DIIR Rate/ 0 0.99 (100) 0.81 0.85 (5) 200,000 man hours Revenue Gross revenue R'M 105 94 12 364 334 9 PGM basket price $/oz 746 729 2 713 627 14 Gross cash margin % 8 5 60 -10 -5 100 Nickel Price $/lb 7.44 6.95 7 6.92 5.56 24 Copper Price $/lb 1.54 1.49 3 1.43 1.06 35 Ave R/$ rate 6.33 5.90 7 6.17 6.86 (10) Cash Costs Per ROM ton R/ton 239 256 (7) 264 235 12 $/ton 38 43 (12) 43 34 26 R/oz 3,578 3,356 7 4,035 4,031 0 $/oz 565 569 (1) 654 588 11 R/oz 3,342 3,225 4 3,827 3,927 (3) $/oz 528 547 (3) 620 572 8 Capex Current R '000s 6,053 6,161 (2) 19,362 6,442 201 $ '000s 956 1044 (8) 3,138 939 234 R '000s 0 0 - 0 0 - $ '000s 0 0 - 0 0 - Mining Processed Open Pit ROM ton 403 347 16 1,515 1,493 1 '000 Grade Plant Head g/t 3.20 3.66 (12) 3.60 3.70 (3) Recoveries % 65 65 0 57 49 16 PGM Production Platinum Ozs 16,893 17,230 (2) 63,868 57,774 11 Palladium Ozs 7,402 6,759 10 26,413 22,598 17 Rhodium Ozs 2,428 2,324 4 8,061 6,062 33 Gold Ozs 217 196 11 819 742 10 Total Ozs 26,940 26,509 2 99,161 87,176 14 Base Metals Production Nickel Tonnes 45 38 19 133 86 55 Copper Tonnes 27 21 31 73 50 46 Chromite (000) Tonnes 66 57 16 247 106 133 Data reflects 100% of operations.Statistical Information: Mimosa Unit Current Previous % Current Previous % Rolling Change Change Quarter Quarter Quarter 12 12 Year on 12 Jun 2005 Mar on months months Year months 2005 Quarter Jun Jun 2005 2004 June 2005 Safety DIIR Rate/ 0.34 0.11 209 0.31 0.52 (40) 0.31 200,000 man hours Revenue Gross revenue $'M 23.0 20.7 11 83.8 72.1 16 83.8 PGM basket price $/oz 603 595 1 590 538 10 590 Gross cash margin % 57 58 (1) 60 66 (10) 60 Nickel Price $/lb 7.11 6.70 6 6.52 5.57 17 6.52 Copper Price $/lb 1.46 1.29 13 1.23 0.95 30 123 Cash Costs Per ROM ton $/ton 36 34 6 33 23 42 33 Per PGM oz $/oz 389 372 4 358 252 42 357 Per PGM oz after $/oz 164 158 4 141 56 151 140 by-product credit Capex Current 100% $ '000s 2,245 2,273 (1) 13,672 9,287 47 11,782 Expansion 100% $ '000s 370 82 351 1,108 4,257 (74) 1,108 Mining Processed Underground ROM ton 395 381 4 1,432 1,334 7 1,432 '000 Grade Plant Head g/t 3.75 3.68 2 3.69 3.71 (1) 3.69 Recoveries % 77.2 77.2 (0.0) 77.1 76 1.4 77.1 PGM Production Platinum Ozs 18,269 17,189 6.3 66,742 61,422 8.7 66,742 Palladium Ozs 13,518 12,665 6.7 49,259 44,697 10.2 49,259 Rhodium Ozs 1,406 1,342 4.8 5,156 5,036 2.4 5,156 Gold Ozs 2,451 2,333 5.1 9,010 8,234 9.4 9,010 Total Ozs 35,644 33,529 6.3 130,167 119,389 9.0 130,167 Base Metals Production Nickel Tons 514 491 4.5 1,895 1,708 11.0 1,895 Copper Tons 420 407 3.2 1,563 1,402 11.5 1,563 Cobalt Tons 15 14 4.4 56 52 7.5 56 Data reflects 100% of operations.Statistical Information: Chromite Tailings Retreatment Program Unit Current Previous % Current Previous % Change Change Quarter Quarter Quarter 12 12 Year on Jun Mar 2005 on months months Year 2005 Quarter Jun Jun 2004 2005 Safety DIIR Rate/ 0 0 0 0 - - 200,000 man hours Revenue Gross revenue $M 0.9 0.4 125 1.3 - - PGM basket price $/oz 840 812 3 834 - - Gross cash margin % 48 30 60 37.5 - - Nickel Price $/lb - - - - - - Copper Price $/lb - - - - - - Cash Costs Per ROM ton $/ton 14.02 13 -8 13.67 - - Per PGM oz $/oz 339 400 15 367 - - Per PGM oz after $/oz - - - - - - by-product credit Capex Current 100% $ '000s - - - - - - Expansion 100% $ '000s 0.1 1,555 nm nm - - Feed Processed ROM ton 36.9 19.4 90 56.3 - - '000 Grade Plant Head g/t 2.58 2.98 -13 2.71 - - Recoveries % 46.65 34.50 37 41.78 - - PGM Production Platinum Ozs 920 401 129 1,321 - - Palladium Ozs 303 136 123 439 - - Rhodium Ozs 247 106 133 353 - - Gold Ozs 3 1 200 4 - - Total Ozs 1,473 644 129 2,117 - - Data reflects 100% of operations.Note: this operation commenced production of concentrate in late January 2005Aquarius Platinum LimitedIncorporated in BermudaExempt company number 26290Board of DirectorsNicholas Sibley Non-executive ChairmanStuart Murray Chief Executive OfficerDavid Dix Non-executiveEdward Haslam Non-executiveCatherine Markus Non-executiveSir William Purves Non-executivePatrick Quirk Non-executiveZwelakhe Sisulu Non-executiveAudit/Risk CommitteeSir William Purves (Chairman)David DixEdward HaslamNicholas SibleyRemuneration/Succession Planning CommitteeEdward Haslam (Chairman)Catherine MarkusNicholas SibleyNomination CommitteeThe full Board comprises the Nomination CommitteeCompany SecretaryWilli BoehmIssued CapitalAt 30 June 2005, the Company had on issue:82,753,892 fully paid common shares3,794,626 unlisted optionsSubstantial Shareholders 30 June 2005 Number of Shares Percentage Impala Platinum Holdings Ltd 7,141,966 8.63 % J P Morgan Nominees Australia Limited 6,072,196 7.34 % Chase Nominees Limited (FISL) 5,691,676 6.88 % National Nominees Limited 4,446,210 5.37 % Broker (LSE)Williams de Broƒ«6 BroadgateLondon EC2M 2RPTelephone: +44 (0)20 7588 7511Facsimile: +44 (0)20 7588 8860Broker (ASX)Euroz SecuritiesLevel 14, The Quadrant1 William StreetPerth WA 6000Telephone: +61 (0)8 9488 1400Facsimile: +61 (0)8 9488 1478Sponsor (JSE)Nedbank Capital135 Rivonia RoadSandown, Sandton 2196Telephone: +27 (0)11 294 3601Facsimile: +27 (0)11 294 8602Aquarius Platinum (South Africa) Aquarius Platinum Corporate Services (Proprietary) Ltd. Pty Ltd 50.5% Owned 100% Owned (Incorporated in the Republic of South (Incorporated in Australia) Africa) ACN 094 425 555 Registration Number 2000/000341/07 Level 4, Suite 5, South Shore Centre,Block A, 1st Floor, The Great Wall Group Building 85 The Esplanade, South Perth, WA 6151, 5 Skeen Boulevard, Bedfordview Australia South Africa 2007 PO Box 485 P O Box 1282 South Perth, WA 6151, Australia Bedfordview South Africa 2009 Telephone: +61 (0)8 9367 5211 Telephone: +27 (0)11 455 2050 Facsimile: +61 (0)8 9367 5233 Facsimile: +27 (0)11 455 2095 Email: [email protected] Email: [email protected] AQPSA Management Stuart Murray Executive Chairman Gert Ackerman Managing Director Ayanda Khumalo Finance Director Neil Collett General Manager P&SA Project Graham Ferreira General Manager Finance & Company Secretary Hugo Hƒ¶ll 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 General Manager GlossaryA$ Australian DollarAquarius Aquarius Platinum LimitedABET Adult Basic Education Training programmeAPS Aquarius Platinum Corporate Services Pty LtdAQPSA Aquarius Platinum (South Africa) Pty LtdASACS Aquarius Platinum (SA) (Corporate Services) (Pty) LimitedCTRP Chromite Ore Tailings Retreatment OperationDIFR Disabling Injury Incidence Rate - being the number of lost time injuriesexpressed as a rate per 1,000,000 man-hours workedDIIR Disabling Injury Incidence Rate - being the number of lost time injuriesexpressed as a rate per 200,000 man-hours workedEMPR Environmental Management Programme ReportEverest Everest Platinum MineGreat Dyke Reef A PGE bearing layer within the Great Dyke Complex in Zimbabweg/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 ReservesJSE JSE Securities Exchange South AfricaKroondal Kroondal Platinum MineLHD Load Haul Dump machineMarikana Marikana Platinum MineMimosa Mimosa Mining Company (Private) LimitedNOSA National Occupational Safety AssociationPGE(s) (6E) Platinum Group Elements. Six metallic elements commonly foundtogether which constitute the platinoids. These are Pt (platinum), Pd(palladium), Rh (rhodium), RU (ruthenium), Ir (iridium) and Os (osmium)PGM(s) (4E) Platinum Group Metals. Aquarius reports the composite gradecomprising Pt+Pd+Rh+Au (gold), the Pt, Pd and Rh being the most economicplatinoids in the UG2 Reef.P&SA Pooling & Sharing Agreement between KPM and RPM LtdR South African RandRK1 Consortium comprising Aquarius Platinum (SA) (Corporate Services) (Pty)Limited (ASACS), GB Mining and Exploration (SA) (Pty) Limited (GB) and SylvaniaSouth 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 LimitedTKO TKO Investment Holdings LimitedTon 1 Metric tonne (1 000kg)UG2 Reef A PGE bearing chromite layer within the Critical Zone of the BushveldComplex$ United States DollarsZ$ Zimbabwe DollarFurther 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 1014ENDAQUARIUS PLATINUM LIMITEDRelated Shares:
AQP.L