24th Jan 2008 07:00
Aquarius Platinum LimitedAquarius PlatinumSecond Quarter 2008Production ResultsHighlights of the Quarter
Improvements in margins achieved in the quarter at all operations, due to PGM basket prices and strong control of cash costs
Attributable production fell only 2% quarter-on-quarter to 137,456 PGM ounces due to safety, industrial relations and power shortage shut downs
P&SA1 at Kroondal
PGM production decreased by 5% quarter-on-quarter to 101,542 PGM ounces (Aquarius attributable: 50,771 PGM ounces)
7,000 PGM ounces lost due to an unplanned stoppage of the K2 mills to effect emergency repairs, mine closure following a fatal accident on 15 November, and Eskom power outages and a one-day national stay-away
Cash margin for the quarter increased to 66%
P&SA2 at Marikana
PGM production increased by 7% to 37,744 PGM ounces (Aquarius attributable: 18,872 PGM ounces)
3,000 PGM ounces lost due to the 7-day unprotected industrial action reported in December and a one-day national stay-away
Gross cash margin for the quarter increased to 52%
Appointment of Mr. Wessel Phumo as General Manager
Everest
PGM production decreased from 48,841 PGM ounces to 46,719 PGM ounces
2,000 PGM ounces were lost due to the voluntary closure of the mine as a result of the fatal accident on 24 November 2007, poor mining contractor performance and a one-day national stay-away
Gross cash margin for the quarter increased to 70%
Mimosa
PGM production increased to 39,372 PGM ounces (Aquarius attributable: 19,686 PGM ounces)
Wedza Phase V expansion 85% complete at end December 2007, as the previous quarter's delays were resolved. Commissioning to commence in late February 2008
Gross cash margin for the quarter increased marginally to 72%
CTRP
PGM production increased to 2,816 PGM ounces (Aquarius attributable:1,408 PGM ounces)
Recoveries increased 20% to 28%
Gross cash margin for the quarter increased to 81%
Production by Mine Quarter Ended Half Year Ended PGMs (4E) Mar 2007 Jun 2007 Sep 2007 Dec 2007 Dec 2006 Dec 2007 Kroondal 102,079 98,370 106,493 101,542 238,902 208,035 Marikana 30,148 32,286 35,200 37,744 69,941 72,944 Everest 40,107 40,923 48,841 46,719 82,908 95,560 Mimosa 34,760 42,732 38,660 39,372 76,078 78,032 CTRP 1,954 1,877 2,681 2,816 3,576 5,497 Total 209,048 217,066 231,875 228,193 471,405 460,068
Production by Mine Attributable to Aquarius
Quarter Ended Half Year Ended PGMs (4E) Mar 2007 Jun 2007 Sep 2007 Dec 2007 Dec 2006 Dec 2007 Kroondal 51,039 49,185 53,246 50,771 119,450 104,017 Marikana 15,074 16,143 17,600 18,872 34,971 36,472 Everest 40,107 40,923 48,841 46,719 82,908 95,560 Mimosa 17,380 21,366 19,330 19,686 38,039 39,016 CTRP 977 938 1,340 1,408 1,788 2,748 Total 124,577 128,994 140,357 137,456 277,156 277,813
Metals Prices and Foreign Exchange
All the PGMs reported strong price increases over the quarter, with platinum closing 11% higher at $1,530 per ounce, rhodium 11% higher at $6,850, palladium 3% higher at $364 per ounce and gold closing up 12% at $837 per ounce. Platinum, palladium and rhodium prices continued to benefit from heightened concerns over supply constraints in South Africa. Furthermore, gold benefited from the weak US dollar and the flight to precious metals as an alternative asset class in the face of recessionary concerns. As we have moved into 2008, all metals have risen from their year end price levels, notably Rhodium, which has broken through $7,000 per ounce, but prices have become more volatile as a result of economic turbulence.
PGM basket prices for the Group reached record levels over the quarter in US Dollar terms. At our South African operations, the four element basket price broke through R11,000 per ounce, averaging 5% higher than the previous quarter at R11,173 per ounce, equal to $1,648 per ounce. In Zimbabwe, the average achieved basket price for the quarter averaged 2% higher at $1,083 per ounce. This resulted in a group basket price equivalent of $1,567 per PGM ounce or R10,562 per PGM ounce. The nickel price, however, fell significantly to close$13.41/lb. This impacted on revenue at the Mimosa mine where nickel is a significant by-product.
Average PGM basket prices achieved at Aquarius operations: US$ per PGM ounce(4E) Basket Prices (Quarter Ended) Mar 2007 Jun 2007 Sep 2007 Dec 2007 Kroondal 1,427 1,520 1,518 1,657 Marikana 1,369 1,453 1,480 1,632 Everest 1,331 1,438 1,475 1,635 Mimosa 950 1,047 1,065 1,083 CTRP 1,806 1,856 1,775 1,967 Aquarius Group Average 1,326 1,405 1,438 1,567
The Rand Dollar exchange rate for the quarter averaged 6.75, trading sideways through much of the quarter and closing at 6.81, compared to 6.87 at the start of the quarter.
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 54%)
P&SA 1 at Kroondal
Safety
The 12-month rolling average DIIR for the quarter improved to 0.44 from 0.59 in the previous quarter. Seven lost time injuries occurred during the quarter.
Regrettably, a fatality occurred on 21 November 2007 at Central Shaft. Mr Johannes Tseliso Nthunya, an underground load haul dumper operator, employed by contractor Murray and Roberts Cementation was fatally injured following a fall of ground accident. The mine was voluntarily shut down for 5 days. The DME, together with AQPSA Management has conducted inquiries into both the accidents. The results of the enquiries are still pending.
Production
Production increased by 7% to 1,722,377 tons, consisting of 1,672,500 underground and 49,877 open pit tons
Head grade decreased by 4% to 2.63 g/t
Processing
Processed tons decreased by 2% to 1,564,042 tons
Recoveries increased by 1% to 77%
PGM production decreased by 5% to 101,542 PGM ounces
P&SA1 at Kroondal PGM Production & Rand Cash Costs per PGM Ounce
Revenue
Revenue at Kroondal increased by 10% to R1,119 million for the quarter (Aquarius attributable: R559 million) as a result of higher commodity prices. The basket price for the quarter averaged $1,657 per PGM ounce, 9% higher than the previous quarter. The cash margin for the quarter improved from 61% to 66%.
Operations
Total mined production increased by 7% to 1,722,377 tons. Underground production increased by 10% to 1,672,500 tons and open pit production decreased 40% to 49,877 tons, in line with the mining plan.
During the quarter, production was adversely affected by 9-day shut down of the K2 mill to repair both of the mill girth gears, the voluntary shut down of the mine following the fall of ground fatality, Eskom power outages and a one day national NUM strike. It is estimated that this reduced production by 7,000 PGM ounces (Aquarius share: 3,500 PGM ounces). Furthermore, the direction of the K5 declines had to be changed due to adverse geological anomalies, which negatively affected production. It is envisaged that production at K5 will be normalised in Q4 2008.
Total processed tons decreased by 2% to 1,564,042 tons, comprising 1,512,456 tons from underground and 51,586 tons of opencast material.
Over the quarter, stockpiles increased to 123,487 tons as a result of the K2 shut down.
The head grade decreased by 4% to 2.63 g/t, mainly due to an increase in the internal and external waste.
Primary development during the quarter increased by 6% compared to the previous quarter.
Plant recoveries improved by 1% to 77%.
Total PGM production decreased by 5% to 101,542 PGM ounces (Aquarius attributable: 50,771 oz).
Kroondal: Metal in concentrate produced (PGM ounces)
Quarter ended Pt Pd Rh Au PGMs Attributable to Aquarius Dec 2007 60,726 29,525 10,819 472 101,542 50,771 Sep 2007 63,860 30,855 11,259 518 106,493 53,246 Jun 2007 58,930 28,541 10,403 496 98,370 49,185 Mar 2007 61,240 29,593 10,720 526 102,079 51,039 Operating Cash Costs
Cash costs per ton improved by 1% to R244 whilst costs per PGM ounce increased by 2% to R3,758, a solid performance in view of the shut downs described above.
Kroondal: Operating Cash Costs per Ounce
4E 6E 6E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu) Kroondal R 3,758 R 3,090 R 2,953 Capital Expenditure
Capital expenditure for the quarter was R119 million. Major items included K5 project infrastructure enhancement and the purchase of equipment for the K5 rail project.
P&SA2 at MarikanaSafety
The 12-month rolling DIIR improved from 0.40 to 0.33. Three lost-time injuries occurred during the quarter.
Regrettably, a fatality occurred on 11 December 2007 at One Shaft when Mr. Thabiso T Chaka, an underground load haul dumper operator, employed by mining contractor Murray and Roberts Cementation, was fatally injured following a load haul dumper accident. The DME, together with AQPSA Management has conducted an inquiry into the accident. The result of this enquiry is still pending. Marikana operations achieved 1.6 million fatality-free shifts before this accident.
Mining
Production increased by 4% to 604,082 tons, consisting of 258,569 tons from underground and 345,513 tons from open cast
Head grade decreased by 5% to 2.95 g/t
Processing
Processed tons increased by 7% to 609,530 tons
Recoveries improved by 5% to 65%
PGM production increased by 7% to 37,744 ounces (Aquarius attributable: 18,872 oz)
P&SA2 at Marikana PGM Production & Rand Cash Costs per PGM Ounce
Revenue
Revenue increased to R411 million for the quarter (Aquarius attributable: R206 million) due to higher commodity prices and improved production. The basket price for the quarter averaged $1,632 per PGM ounce, 10% higher than the previous quarter. The margin for the quarter increased from 33% to 52% as a result of higher commodity prices, increased production and lower cash costs.
Operations
Total production increased by 4% to 604,082 tons for the quarter; 43% from underground operations and the balance from open pit.
Production from underground operations decreased by 13% to 258,569 tons. Production was adversely affected by industrial action of the underground contractor's (Murray & Roberts Cementation) employees. Due to an ongoing dispute over bonus payouts the workforce embarked on a slow strike which culminated in a seven day unprotected industrial action towards the end of the quarter. The workforce further participated in a one day national stay away. The estimated production loss as a result of the above was 3,000 PGM ounces. (Aquarius share: 1,500 oz).
Production from open pit operations increased by 22% to 345,513 tons. Production was however adversely affected by higher than normal rainfall.
Stockpiles at the end of the quarter were 171,553 tons, including 125,371 tons of low recovery oxidised material.
A total of 609,530 tons were processed during the quarter, 269,127 tons from underground and 340,402 tons of open pit material.
Head grade decreased by 5% to 2.95 g/t due to changes in geology, notably the opencast reef intersecting areas of excessive internal waste.
Recoveries improved by 5% to 65%.
Marikana: Metal in concentrate produced (PGM ounces)
Quarter ended Pt Pd Rh Au PGMs Attributable to Aquarius 23,985 Dec 2007 9,925 3,586 249 37,744 18,872 Sep 2007 21,844 9,742 3,367 246 35,290 17,600 Jun 2007 20,164 8,963 2,917 242 32,286 16,143 Mar 2007 18,525 8,595 2,794 234 30,148 15,074
Operating Cash Costs
Cash cost per ton improved by 17% to R322 per ton and by 18% to R5,203 per PGM ounce, due to reduction in the stripping ratios and improved production.
Marikana: Operating Cash Costs per Ounce
4E 6E 6E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu) Marikana R 5,203 R 4,309 R 4,107 Capital Expenditure
Capital expenditure totalled R26.3 million which includes R1.9 million of expansion capital (AQPSA share R1.0 million). The total P&SA2 committed expansion capital to date is R107 million (AQPSA share: R54 million).
Contractor dispute with Moolman Mining
AQPSA has received a response from Moolman Mining to AQPSA's answering affidavit in Moolman Mining's counter-application in the motion proceedings instituted by AQPSA. AQPSA's application is to stay the Arbitration proceedings instituted by Moolman Mining in the "rise and fall" formula dispute, pending the outcome of the action proceedings instituted by AQPSA against Moolman Mining to set aside the mining contract by reason of Moolman Mining's misrepresentation when the mining contract in question was originally concluded. The response has not changed AQPSA's view of the merits of the matter in any respect.
AQPSA has served a plea to Moolman Mining's counterclaim in the abovementioned action proceedings. AQPSA denies that any amounts whatsoever are owing to Moolman Mining because such claims arise either directly out of the mining contract or as a result of a finding that AQPSA was not entitled to rescind the mining contract. A finding that there was a misrepresentation at the instance of Moolman Mining will have the effect that none of the amounts in the counter-claim will be payable.
All pleadings in the matter are now closed and the legal teams will be meeting in the near future to discuss a time table and procedural issues for the hearing of the matter.
Everest Platinum MineSafety
The 12-month rolling DIIR deteriorated from 0.72 to 0.84. Four lost-time injuries occurred during the quarter.
Regrettably two fatalities occurred during the quarter. On Tuesday 23 October, Mr. Juao Jose Paulo, an Utility Vehicle Driver employed by the mining contractor, Shaft Sinkers Mining Ltd, was fatally injured in an accident resulting from being trapped between two vehicles on surface. On Saturday 24 November, Mr. Tete Tlali, a Rockdrill Operator employed by the mining contractor, Shaft Sinkers Mining Ltd, died following a fall of ground accident. The DME, together with AQPSA Management has conducted inquiries into both the accidents. The results of the enquiries are still pending.
Mining
Production decreased by 8% to 619,448 tons; consisting of 553,819 tons from underground and 65,629 from opencast
Head grade improved to 3.00 g/t from 2.94 g/t
Development increased from the previous quarter as the declines were restarted and the development of strike 12 South resumed.
Processing
Plant processed 623,411 tons, a 3% decrease compared to the previous quarter
Recoveries deteriorated to 78% from 80% in the previous quarter
PGM production decreased by 4% to 46,719 PGM ounces
Everest PGM Production & Rand Cash Costs per PGM Ounce
Revenue
Revenue increased by 15% to R532 million for the quarter on the back of higher commodity prices. The basket price for the quarter averaged $1,635 per PGM ounce, 11% higher than the previous quarter. The cash margin for the quarter improved to 70% from 62% in the previous quarter.
Operations
Combined mining production from opencast and underground was 619,448 tons, a decrease of 8% compared to the previous quarter. Underground production decreased by 9% to 553,819 tons, as a result voluntary stoppages due to the fatal accidents, a two day unprotected work stoppage and a national one day protected stay-away. 2,000 PGM ounces were lost (Aquarius share: 2,000 PGM ounces), due to the voluntary closure of the mine as a result of the fatal accident on 24 November 2007. Complex geological ground conditions requiring additional support also adversely affected production on the northern side of the mine.
The transaction whereby JIC Mining Services (Pty) Ltd intends to acquire the full shareholding of Shaft Sinkers Mining (Pty) Ltd from Shaft Sinkers Pty Ltd, the mining contractor at Everest, has not yet been concluded. The uncertainty arising from the proposed transaction has negatively affected the morale of the contractor employees, contributing to labour instability.
Open pit production, decreased by 4% to 65,629 tons in line with the mine plan. Rehabilitation is planned to be completed in Q4 of FY08.
The head grade improved to 3.00 g/t from 2.94 g/t as a result of improved in-situ grades and higher channel widths.
Concentrator throughput was 623,411 tons milled for the period.
[DEL:[DEL: :DEL]:DEL]
Recoveries decreased from 80% to 78% due to frequent process interruptions arising from Eskom load shedding.
PGM production for the quarter correspondingly decreased by 4% to 46,719 ounces.
Everest: Metal in concentrate produced (PGM ounces)
Quarter ended Pt Pd Rh Au PGMs (4E) Dec 2007 27,897 13,576 4,877 369 46,719 Sep 2007 28,890 14,486 5,069 396 48,841 Jun 2007 23,883 12,544 4,155 341 40,923 Mar 2007 23,561 12,359 3,845 342 40,107 Operating Cash Costs
Cash costs decreased by 5% to R256 per ROM ton milled, and 4% to R3,417 per PGM ounce. The reduction in operating cost is primary attributed to a decrease in underground mining costs.
Everest Operating Cash Costs per PGM Ounce
4E 6E 6E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu) Everest R3,417 R2,769 R2,589
*As adjusted forIFRIC-4 (determining whether an arrangement contains a lease) by R169 per PGM ounce
Capital Expenditure
Capital expenditure for the quarter totaled R13.6 million, all of it was sustaining capital expenditure.
MIMOSA INVESTMENTS (Aquarius Platinum 50%)
Mimosa Platinum Mine
Safety
The 12-month rolling DIIR improved from 0.33 to 0.26. There were no disabling injuries in the second quarter, a commendable achievement. The Zero Harm campaign will continue into the new quarter with emphasis on pre-task risk assessment, a fall of ground campaign, on the job coaching and supervisory training.
Mining
Underground production increased 12% to 513,383 tons
Head grade decreased 1% to 3.54 g/t
The surface stockpile increased to a total 418,000 tons at the end of the quarter, equivalent to over 80 days mill feed
Processing
Concentrator plant recoveries decreased to 75.9% from 76.2%
Total mine production increased by 2% to 39,372 PGM ounces (Aquarius share: 19,686)
Mimosa Mine PGM Production & $ Cash Cost per PGM Ounce
Revenue
The average achieved PGM basket price for the quarter increased by 2% to $1,083 per PGM ounce. However, the average achieved nickel price over the quarter decreased by 25% to $13.41 per pound from $17.95 per pound in the previous quarter. Revenue decreased 4% to $52.4 million for the quarter, due to low sales volumes and reduced nickel prices. Base metals accounted for approximately 32% of revenue. The gross cash margin increased to 72% from 71% in the previous quarter.
Operations
During the quarter mining operations hoisted 513,383 tons compared to 457,155 tons in the previous quarter. Tons milled during the quarter totalled 455,784 tons, with 57,599 being transferred to the stockpile, which totalled 418,481 tons at the quarter end.
The average plant head grade decreased to 3.54 g/t, compared to 3.59 g/t in the previous quarter. The decline was attributable to low blasted grades in the month of October as a result of the effects of reduced mining width and dilution of ore whilst negotiating faults. Stringent controls on the mining width, optimisation of the mined slice and control of secondary blasting of oversize material have resulted in improvements in the feed grades.
Tons processed totalled 455,784, a 4% increase compared to the previous quarter, due to the steady state of operations experienced during the quarter.
Recoveries for the quarter slightly decreased to 75.9% from 76.2%. This was caused by running the roughers at relatively high densities because of process water shortage. Return water volumes were limited by serious increase in evaporation and seepage on the slimes dam. The second raw water line was installed to prevent recurrence.
PGM production during the second quarter increased by 2% to 39,372 ounces (Aquarius attributable: 19,686 ounces).
Mimosa: PGMs in concentrate produced (ounces)
Quarter ended Pt Pd Rh Au PGMs Attributable to Aquarius Dec 2007 19,996 15,216 1,563 2,597 39,372 19,686 Sep 2007 19,644 14,883 1,517 2,616 38,660 19,330 Jun 2007 21,724 16,494 1,688 2,826 42,732 21,366 Mar 2007 17,624 13,380 1,355 2,401 34,760 17,380
Mimosa: Base Metals in concentrate produced (tons)
Mine Production Attributable to Aquarius Quarter ended Ni Cu Co Ni Cu Co Dec 2007 541 446 15 270.5 223 7.5 Sep 2007 537 441 16 268.5 220.5 8 Jun 2007 587 485 18 293.5 242.5 9 Mar 2007 468 394 15 234 197 7.5 Operating Cash Costs
Cash costs for the quarter improved to $392 per PGM ounce, a 10% decrease compared to the previous quarter's figure of $437 per PGM ounce. This was mainly due to high production throughput and mine wide stringent cost control measures that are being implemented by management.
Net of by-products, cash costs were negative at ($71) per PGM ounce, compared to ($150) per PGM ounce in the previous quarter, primarily due to the lower contribution from by-product nickel.
Mimosa Operating Cash Costs per Ounce
4E 6E 4E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu & Co) Mimosa $392 $373 ($71)
Update on Foreign Currency Regime in Zimbabwe
The Zimbabwean economy continues to be characterized by foreign currency shortages. Mimosa's foreign currency accounts continue to be maintained offshore with no changes to the operational modalities agreed between the company and the authorities.
Wedza Phase 5 Expansion
The mining part of the project is complete except for the raise boring of ventilation shafts. The plant construction is overall 85% complete. Two shut downs to link the Phase V and existing plant are scheduled for 17/18 Jan and 11 /13 Feb 2008 ahead of commissioning in late February.
The estimated final capex is $28,9 million.
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 increased to 71,000 tons
Grade decreased 9% to 4.53 g/t
Production increased 5% to 2,816 PGM ounces
CTRP PGM Production & Rand Cash Costs per PGM Ounce
Revenue
The PGM basket price for the quarter increased by 11% to $1,967 per PGM ounce. Revenue increased by 15% to R30 million (Aquarius share: R13 million) for the quarter,due to higher production and commodity prices. The cash margin increased to 81%.
Operations
A mill was installed ahead of the flotation plant towards the end of the first quarter, and the plant performance has improved as a result. The head grade decreased due to a drop in the dump feed grade as a result of treating a lower grade area in the dump. The head grade fell 9% to 4.53 g/t.
Recoveries improved to 28% from 20%, resulting in production up 5% to 2,816 PGM ounces.
Operating Costs
Cash costs increased by 1% to 1,988 per PGM ounce. A saving of approximately R200,000 per month on the chrome penalties was also realised during the past six months.
CTRP Operating Cash Costs per Ounce
4E 6E 4E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu& Co) CTRP R1,988 R1,370 R1,296 CORPORATE MATTERSShare Split Completed
On 23rd November 2007, at the Annual General Meeting, shareholders approved, inter alia, the subdivision of the issued capital of the Company on the basis that every one fully paid common share of US$0.15 each be sub-divided into three fully paid common shares of US$0.05 each. On 5th December 2007, the three-for-one share split became effective, and the new shares of $0.05 each commenced trading.
The new ISIN for shares on the Australian Securities Exchange, The London Stock Exchange and the JSE Limited is BMG0440M1284 and for the ADRs remains US03840M2089.
Following the share split there are 256,534,266 shares in issue and 3,059,061 unlisted options.
More information on all corporate matters can be found at www.aquariusplatinum.com
Interim Results
On 7th February 2008, Aquarius Platinum will report unaudited Interim Financial Results for the Half Year to December 2007. Further information concerning the release and a conference call will be provided on the corporate website www.aquariusplatinum.com one week before the release.
Aquarius Platinum LimitedIncorporated in BermudaExempt company number 26290Board of DirectorsNicholas 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 Financial Director
Graham Ferreira General Manager Group Admin & Company Secretary
Rudi Rudolph General Manager Kroondal Wessel Phumo General Manager Marikana Jacques Pretorius General Manager Everest Gordon Ramsay General Manager Metallurgy Hugo HĦll General Manager Projects & Transformation Gabriel de Wet General Manager Engineering Willie Byleveld General Manager Technical Services
Mimosa Mine Management
Winston Chitando Managing Director
Herbert Mashanyare Technical Director
Peter Chimboza Operations Director Issued Capital
At 30 December 2007, the Company had in issue:
256,534,266 fully paid common shares and 3,059,061 unlisted options
Substantial Shareholders 30 December 2007 Number of Shares Percentage
Impala Platinum Holdings Ltd 21,381,828 8.33 Nutraco Nominees Limited 17,009,579 6.63 Trading Information
New ISIN number following share split BMG0440M1029
Old ISIN number prior to share split BMG0440M1284
ADR ISIN number US03840M2089
Broker (LSE) (Joint) Broker (ASX) Sponsor (JSE) Morgan Stanley & Co Euroz Securities Investec Bank LimitedInternational Limited Level 14, The 100 Grayston Drive 20 Cabot Square, Canary Wharf Quadrant Sandown London, E14 4QW 1 William Street Sandton 2196 Telephone: +44 (0)20 7425 8000 Perth WA 6000 Telephone: +27 (0)11 Facsimile: +44 (0)20 7425 8990 Telephone: +61 (0)8 286 7326 9488 1400 Facsimile: +27 (0)11 Facsimile: +61 (0)8 291 1066 9488 1478 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
54% 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 2007.
Postal 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, AustraliaTelephone: +61 (0)8 9367 5211Facsimile: +61 (0)8 9367 5233Email: [email protected]
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
ACS(SA) 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 Affairs
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 MRC Murray & Roberts Cementation NOSA National Occupational Safety Association NUM South African National Union of Mineworkers 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
AQUARIUS PLATINUM LIMITEDRelated Shares:
AQP.L