AQUARIUS PLATINUM LIMITED: Financial and Production Results to 31 March 2013
AQUARIUS PLATINUM LIMITED: Financial and Production Results to 31 March 2013 Aquarius Platinum Limited
Financial and Production Results to 31 March 2013 Highlights Attributable production from operating mines increased by 20% to 81,471 4E ounces compared to their performance in the previous corresponding period pcp Revenue decreased by 20% to $100 million (Q3 2012: $125 million) due to mine closures Mine operating net cash flow increased by $47 million to a surplus of $29 million inflow (Q3 2012: outflow of $18 million) Mine EBITDA increased 14 fold to $30 million (Q3 2012: $2 million) Group cash balance at quarter end $93 million, up $10 million (Dec 2012: $83 million) Average PGM basket price increased 4% for the quarter in Dollar terms The Rand weakened against the US Dollar by 3% on average quarter-on-quarter and 14% compared to pcp Cash costs at Kroondal decreased 1% to R8,312 per PGM ounce quarter-on-quarter and decreased 7% compared to pcp Cash costs at Mimosa decreased 3% to $870 per PGM ounce quarter-on-quarter but increased 9% compared to pcp Q3 2013 Operating Results Summary Kroondal Mimosa Platinum Mile
4E PGM production
Total (100% basis) 105,027 51,611 3,152
Attributable 52,514 25,805 3,152
4E basket price
R/oz 11,664 n/a 11,948 $/oz 1,315 1,247 1,335
Cash costs (4E basis)
R/oz 8,312 n/a 7,640 $/oz 937 870 854
Cash margin (%) 20 34 20
R/oz 862 n/a - $/oz 97 140 - Commenting on the results, Jean Nel, CEO Aquarius Platinum said: "During the quarter under review, Aquarius' focus remained almost exclusively on improving operational performance. It is therefore particularly pleasing to report credible performances at both Kroondal and Mimosa. Kroondal production exceeded 105,000 ounces for the first time since the quarter ended December 2011, while unit costs improved and 2 million fatality-free shifts were achieved in the quarter. There was regrettably a fatal accident on 25 March, after this milestone had been reached. Our commitment to safety remains paramount. Mimosa in turn managed to maintain production at above budget levels while unit costs declined by 3%, even after the annual wage increase of 7.5%. The operational teams at Kroondal led by Wessel Phumo and Rob Schroder, and at Mimosa, led by Winston Chitando, deserve credit for their performances. While our operational performance improved, the operating environment remained particularly challenging across most disciplines and was exacerbated by the significant drop in dollar metal prices post the period end. There appears little cause for optimism about the sectors' immediate prospects. Against this backdrop, we remain focussed on maintaining operational stability, effecting incremental operational improvements and preserving our treasury to ensure that Aquarius is well positioned to respond to any uplift in PGM prices. " Production by mine
Quarter ended PGMs (4E)
Mar 2013 Dec 2012 % Change Mar 2012 % Change
Kroondal 105,027 102,525 2 76,935 37
Mimosa 51,611 52,752 -2 52,053 -1
Platinum Mile 3,152 1,349 134 3,474 -9
Marikana - - - 26,405 -
Everest - - - 15,926 -
CTRP - - - 1,413 -
Total 159,790 156,626 2 176,206 (9)
Production by mine attributable to Aquarius (Operating mines)
Quarter ended PGMs (4E)
Mar 2013 Dec 2012 % Change Mar 2012 % Change
Kroondal 52,514 51,263 2 38,467 37
Mimosa 25,805 26,376 -2 26,026 -1
Platinum Mile 3,152 1,349 134 3,474 -9
Total 81,471 78,988 3 67,967 20
Aquarius Group quarterly attributable production (PGM ounces) to 31 March 2013
See www.aquariusplatinum.com for graph
During the quarter, the PGM Rand basket price reached multi-year highs. The two components that drove the performance were high volumes of platinum ETF buying in January (+150,000oz) and a significant weakening of the Rand (+3% during the quarter). The ETF buying was in response to an announcement regarding proposed capacity cuts in the sector. An extended consultation period has delayed implementation of the redundancies and the outcome of this process remains uncertain. Following initial optimism of the capacity cuts, $ Dollar platinum prices have fallen from a high of $1,738 per ounce on 6 February to $1,432 per ounce in the third week of April, a consequence of a collapsing gold price and weak European car demand.
The average platinum price increased by 2%, while palladium increased by 13% and rhodium increased by 7% quarter-on -quarter. Gold fell by 1.3% on average. Platinum closed the quarter down 2.7% at $1,589 per ounce, while palladium rose by 4.4% to $773 per ounce and rhodium rose by 5.4% to $1,200 per ounce. Gold fell 1.7% to $1,602 per ounce.
Rand-Dollar exchange rate
The average Rand-Dollar exchange rate weakened during the quarter, falling by 3% from R8.65 to R8.87 to the US Dollar. Since then, it has traded in a narrow range to average R9.09 in the first two weeks of April.
The average Rand basket price for the quarter increased by 7% quarter-on-quarter, and since quarter end the spot price has fallen by 7%. The US Dollar weighted average group basket price increased by 4% to $1,295 per 4E ounce compared to the previous quarter. The average South African basket price at AQPSA's operations was R11,665 per PGM ounce for the period. Subsequent to the end of the quarter, the PGM basket price consolidated to average R11,240 per PGM ounce for the first two weeks of April, recording a low of R10,300 during April.
See www.aquariusplatinum.com for graphs
Average PGM basket prices achieved at Aquarius operations
Quarter ended US$ per PGM ounce (4E)
Mar 2013 Dec 2012 % Change Mar 2012 % Change
Kroondal 1,315 1,261 4 1,321 (0.5)
Mimosa 1,247 1,213 3 1,199 4
Platinum Mile 1,335 1,269 5 1,338 (0.2)
Weighted Avg. 1,295 1,245 4 1,290 0.4
Financials Aquarius continued to restore its operational credibility during the March quarter by recording improved production and financial results compared to the previous corresponding period (pcp), the quarter ended March 2012. Aquarius recorded a net loss of $1.6 million for the quarter ended March 2013 compared to a loss of $9.4 million in the pcp. Production from the Group's operating mines was 20% higher compared to their performance in the pcp. The improved performance during a difficult time in the platinum sector comes as a direct result of the concerted effort within the Company to drive and restore its operational performance across all operating mines. The results of the difficult decisions made with respect to mine closures, the transition to owner operated mines and the rollout of the revised support regime are now starting to be evident in the operating results. EBITDA, profit and production comparison by corresponding quarters Quarter ended Quarter ended Movement Mar 2013 Mar 2012
EBITDA $30.3M $2.2M $28.1M
Foreign exchange gain $2.0M $1.8M $0.2M
Net loss after tax ($1.6M) ($9.4M) $7.8M
Revenue $100.4M $124.8M ($24.4M)
PGM ozs production (in operation) 81,471 97,802 (16,331)
On-mine EBITDA improved 14 fold to $30.3 million from $2.2 million in the pcp. The increase in EBITDA despite flat PGM prices was a result of increased production at Kroondal, up 37% compared to pcp, and the closure of loss-making mines Everest and Marikana. On-mine cash costs at Kroondal for the quarter were down 7% to R8,312 per PGM ounce compared to R8,965 in the pcp. despite inflationary pressures. Unit costs at Mimosa, which is at steady state production, were 9% higher compared to pcp due to inflationary pressures, but were 3% lower compared to the last quarter. The decrease in costs at Mimosa occurred despite the annual wage increase of 7.5% implemented in January 2013. Cost over runs recorded in Q2 at Mimosa have largely been resolved and as a result the trend in costs variance is reverting down towards budget. Revenue (PGM sales and including interest income of $2.4 million) was down 20% to $100.4 million from $124.8 million in the pcp due to lower levels of production resulting from the mine closures. On a per PGM ounce basis, revenue was flat at $1,295 compared to $1,290 in the pcp. Quarter ended Mar 2012 June 2012 Sep 2012 Dec 2012 Mar 2013
Revenue $121.9M $118.1M $88.9M $93.9M $99.2M
PGM sales adjustments $2.9M ($9.5M) ($1.5M) ($2.0M) $1.2M
Total revenue $124.8M $108.6M $87.4M $91.9M $100.4M
Production from operating mines was 20% higher at 81,471 PGM ounces from 67,967 PGM ounces in the pcp. The increased production came directly from Kroondal where production improved by 37% compared to the pcp. Quarter ended
Attributable ounces Mar 2012 June 2012 Sep 2012 Dec 2012 Mar 2013
Operating mines 67,967 71,230 77,477 78,988 81,471
Non-operating mines 29,835 26,915 322 - -
4PGE production 97,802 98,145 77,799 78,988 81,471
Total cash cost of production was 34% lower at $75.1 million compared to the pcp, partly due to the closure of the loss-making mines Everest and Marikana and also due to improved productivity especially at Kroondal.
On a unit cash cost basis (PGM ounce), costs in Rand terms at the South African operations were 1% lower quarter-on-quarter and 7% lower compared to pcp. In Dollar terms, overall group unit costs decreased 4% quarter-on-quarter to $922 per PGM ounce and 21% compared to pcp. These reduced costs, despite the very difficult operating environment, reflect improved production at Kroondal and improved efficiencies achieved through the recent changes introduced at the mine. The varying degrees of cost increases measured in differing currencies (Rand versus Dollars) reflect exchange rate movements over the period.
In spite of these improved results, the operating and macro environment remains a difficult arena in which to function with continued volatility in PGM prices since the end of the quarter placing increase pressure on operating costs.
Administrative costs of $2.0 million were in line with quarterly trends. Finance costs for the quarter included interest paid on borrowings $4.5 million, non-cash interest accretion on convertible bond of $2.5 million and unwinding of the rehabilitation provision, $1 million. Amortisation and depreciation was $17.1 million.
Group cash increased $10 million to $93 million at the end of the quarter.
Net operating cash inflow for the quarter of $29 million comprised $109 million inflow from sales, $79 million paid to suppliers, $2 million tax paid and $1 million interest received. Development and capital expenditure for the quarter was $10 million with net financing cash outflows of $5 million consisting of interest paid.
Group cash at 31 March 2013 was held as follows:
AQP $ 38 million
AQPSA $ 29 million
ACS(SA) $ 1 million
Mimosa $ 19 million
Platmile $ 4 million
Ridge Mining $ 2 million
Total $ 93 million
Aquarius Platinum Limited Consolidated Income Statement Quarter ended 31 March 2013 $'000 Quarter Nine Months Financial Year Ended Ended Ended Note 31/03/13* 31/03/13* 30/06/12
PGM Production 81,471 238,258 411,398
Revenue (i) 100,400 279,661 485,736
Cost of sales (including D&A) (ii) (92,286) (274,864) (531,169)
Gross profit/(loss) 8,114 4,797 (45,433)
Other income 67 174 2,076
Administrative costs (iii) (2,000) (9,217) (11,950)
Foreign exchange gain/(loss) (iv) 1,989 (18,320) (95,001)
Finance costs (v) (7,751) (23,638) (34,674)
Impairment losses (vi) - (127,496) (3,983)
Closure and transition costs (162) (17,166) -
Community share ownership - (1,500) - trust
Profit/(loss) before income 257 (192,366) (188,965) tax
Income tax (expense)/benefit (vii) (1,853) 6,479 30,678
Net loss (1,596) (185,887) (158,287)
Net loss is attributable to:
Equity holders of Aquarius (1,625) (185,460) (158,227) Platinum Limited
Non-controlling interests (viii) 29 (427) (60)
(1,596) (185,887) (158,287)
Earnings per share
Basic loss per share (cents (0.34) (38.73) (33.77) per share)
* Unaudited Notes on the March 2013 Consolidated Income Statement Revenue decrease reflects lower production and lower prices compared to the pcp. Cost of sales: aggregate cost of sales is lower following closure of Everest and Marikana mines; unit cash costs per PGM ounce decreased 1% in South Africa in Rand quarter-on-quarter and 18% decrease compared to March 2012. Movements in US Dollar terms differed due to exchange rates prevailing at the time. Unit cash costs decreased 4% quarter-on-quarter and 21% compared to March 2012. Major reductions in unit costs compared to March 2012 are due to the closure of high cost operations Everest and Marikana and the increase in PGM production at Kroondal. Administrative costs of $2 million are in line with previous periods. Foreign exchange gain is attributable to revaluation adjustments on intercompany loans, cash balances held in Rand, Australian Dollars and Pound Stirling, and the revaluation of pipeline debtors in line with movements in the Rand against the US Dollar. Finance costs include interest paid on borrowings $4.5 million, non-cash interest accretion on convertible bond $2.5 million and unwinding of the rehabilitation provision $1 million. Impairment losses arising from a review of the carrying value of non-operating assets, namely Marikana, Ridge Mining, the tailings retreatment operation Platmile, and several mining rights. Income tax expense includes a $1 million deferred tax credit and $1 million withholding tax. Reflects the 8.3% non-controlling interest of Platinum Mile Resources (Pty) Ltd. Following the acquisition of an additional 41.7% during the during the 2012 financial year, the Group holds 91.7% and controls Platinum Mile Resources (Pty) Ltd. Aquarius Platinum Limited Consolidated Statement of Cash Flows Quarter ended 31 March 2013 $'000 Quarter Nine
Months Financial Year Ended
Note 31/03/13* 31/03/13* 30/06/12
Net operating cash inflow/(outflow) (i) 29,421 (9,043) 26,356
Net investing cash outflow (ii) (9,830) (36,582) (120,079)
Net financing cash outflow (iii) (4,635) (40,910) (34,525)
Net increase/(decrease) in cash held 14,956 (86,535) (128,248)
Opening cash balance 83,330 180,088 328,083
Exchange rate movement on cash (5,730) (997) (19,747)
Closing cash balance 92,556 92,556 180,088
Notes on the March 2013 Consolidated Statement of Cash Flows
Net operating cash flow for the March quarter includes $109 million inflow from sales, $79 million paid to suppliers, $2 million tax paid and $1 million interest received.
Includes development and plant and equipment expenditure on AQPSA and Mimosa.
Includes interest paid of $4 million.
Aquarius Platinum Limited Consolidated Balance Sheet At 31 March 2013 $'000 $'000
As at As at
Current receivables (i)
Other current assets (ii)
Property, plant and equipment (iii)
Mining assets (iv)
Other non-current assets (vi)
Current liabilities (vii)
Non-current payables (viii)
Non-current interest-bearing liabilities (ix)
Other non-current liabilities (x)
Treasury shares (26,527) (18,128)
Accumulated losses (245,655) (60,195)
Total equity attributable to equity holders of Aquarius Platinum Limited
Non-controlling interests (xi)
Notes on the March 2013 Consolidated Balance Sheet
Reflects debtors receivable on PGM concentrate sales.
Reflects PGM concentrate inventory, consumables, stores and critical spares.
Represents plant and equipment within the Group.
Includes group's mining assets at Kroondal, Marikana, Mimosa, Everest, Blue Ridge, CTRP and Platmile.
Includes intangibles relating to contract value acquired on the acquisition of equity interest in Platinum Mile Resources (Pty) Ltd.
Includes the recoverable portion of rehabilitation provision from Anglo Platinum of $10 million, receivable from the Reserve Bank of Zimbabwe (RBZ) of $28 million, receivable from outside shareholders of Blue Ridge and Sheba's Ridge of $24 million, investments in rehabilitation trusts of $17 million and investments held for resale of $4 million.
Includes trade creditors of $46 million, DBSA and IDC bank loans in Blue Ridge of $36 million and leave provisions of $6 million.
Includes rehabilitation obligations on P&SA1 and P&SA2 structures.
Includes convertible bonds of $265 million and AQPSA lease facilities of $2 million.
Includes deferred tax liabilities $82 million and provision for closure costs $41 million.
Reflects the 8.3% non-controlling interest of Platinum Mile Resources (Pty) Ltd. Following the acquisition of an additional 41.7% during the 2012 financial year end, the Group now holds 91.7% and controls Platinum Mile Resources (Pty) Ltd.
Operating Review Summary (all numbers on 100% basis)
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum - 100%)
P&SA 1 at Kroondal (Aquarius Platinum - 50%)
12-month rolling average DIIR improved to 1.05 per 200,000 man hours from 1.39 in the previous quarter
Production decreased to 1,686,000 tonnes from 1,727,000 tonnes, quarter-on-quarter
Head grade deteriorated from 2.41g/t to 2.36g/t
Recoveries improved by 0.3% to 80%
Volumes processed increased to 1,737,000 tonnes
Stockpiles at the end of the quarter totalled approximately 24,000 tonnes
PGM production increased by 2% to 105,027 PGM ounces, quarter-on-quarter
Revenue increased by 14% to R1,085 million, quarter-on-quarter, due to improved production and a positive sales adjustment
Mining cash costs decreased by 3% to R503 per tonne, due to improved production
Unit cost per PGM ounce reduced 1% to R8,312 per PGM ounce due to improved production
Kroondal's cash margin for the period improved from 10% to 20%
See www.aquariusplatinum.com for graph
Regrettably, post quarter, a fatal accident occurred on 25 March 2013 when a rock drill operator of Precrete, Mr. Raohang Ramakhetha, was struck by a fall of ground during drilling operations of long anchors on Kwezi Shaft. The DMR's investigation into the fatal accident is ongoing. The Board and Management of Aquarius express their sincere condolences to the family of the deceased.
Production at Kroondal for the quarter was 1.686 million tonnes, down 2% compared to the previous quarter, The decrease is attributed to vamping by outside contractors being terminated at the beginning of the quarter under review as well as a the planned Christmas break which cost 7 production days
At Kroondal three Section 54 stoppage instructions were issued by the Department of Mineral Resources (DMR) of which two were lifted immediately following discussions with the Principal Inspector of Mines. The third section 54 notice was dealt with through a comprehensive investigation and action plans that were presented to the DMR.
P&SA2 at Marikana (Aquarius Platinum - 50%)
Given the continuing low Rand PGM basket prices, Marikana 4 shaft, the remaining operating shaft, and the processing plant at Marikana continue on care and maintenance until further notice.
Everest Mine Similarly, given the continuing low Rand PGM basket prices, temporary geological problems and unstable labour relations, the Everest mine remains placed on care and maintenance until further notice.
AQPSA Operating cash costs per ounce (Rand)
4E 6E 6E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu)
Kroondal 8,312 6,826 6,657
Capital expenditure Kroondal
(R'000 unless otherwise stated) Total Per 4E oz
Ongoing establishment of infrastructure 50,717 483
Project capital (K6 shaft) 39,776 379
Mobile equipment 13,597 129
Total 104,090 991
Kroondal mine: reconciliation of cash costs per 4E ounce Cost per 4E ounce (Rand) Q3 HY1
Total operating expenditure 9,358 10,633
Ongoing capital expenditure & mobile equipment (612) (1,142)
Project capex (K6 shaft) (379) (509)
Transition costs (27) (294)
On mine cash costs 8,340 8,688
Development of the K6 shaft at Kroondal continues as does design and drill work at Everest. The K6 shaft sinking project remains on budget and is ahead of time. The Company expects to incur R90 million in capital expenditure (R45 million attributable to Aquarius) on this project during H2, in line with the budget. Work on the K6 shaft is currently being undertaken by a mining contractor and Aquarius is currently preparing to take over operational responsibility from 1 May 2013, in line with its decision to be an owner operator. Almost all other project and growth capital expenditure has been placed on hold, pending improved market conditions. The Company is continuing with the necessary maintenance capital expenditure required by its operating mines. Capital expenditure on mobile equipment is financed by means of a lease agreement over the life of the equipment. MIMOSA INVESTMENTS (Aquarius Platinum - 50%) Mimosa Platinum Mine 12-month rolling average DIIR improved to 0.12 per 200,000 man hours worked Production decreased by 2% to 590,620 tonnes, quarter-on-quarter Head grade deteriorated slightly to 3.66g/t Recoveries were 78.05% Volumes processed decreased by 2% to 563,054 tonnes Stockpiles at the end of the quarter totalled approximately 150,657 tonnes PGM production decreased by 2% to 51,611 PGM ounces, quarter-on-quarter, but was ahead of budget forecast Revenue increased by 2% to US$69 million, due to higher PGM basket prices realised in the quarter Mining cash costs decreased by 3% to US$80 per tonne, and costs per PGM ounce by 3% to $870 Stay-in-business capital expenditure was $140 per PGM ounce for the quarter Mimosa's cash margin for the period increased from 24% to 34% due to lower operating costs and the higher basket price. See www.aquariusplatinum.com for graph Operating cash costs per ounce Unit cash costs per PGM ounce (before by-product credits) were 3% lower than those achieved in the previous quarter. The 3% reduction was achieved despite an annual wage increase of 7.5% implemented from January 2013, so in comparable terms the cost reduction was significantly more than 3% compared to pcp. The lower costs were mainly due to the reduction in excess labour costs, a result of the ongoing labour optimisation exercise, and the decommissioning of the stockpile building team in January 2013, after achieving the desired surface stock pile level. 4E 6E 4E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu & Co)
Mimosa 870 820 556
Capital expenditure The total capital expenditure for the third quarter amounted to $7 million. Expenditure was incurred mainly on mobile equipment, drill rigs and LHDs; the conveyor belt extension; down dip development; housing project; and Phase VI prefeasibility studies. TAILINGS OPERATION Platinum Mile (Aquarius Platinum - 91.7%) Material processed increased 135% to 913 000 tonnes, quarter-on-quarter Head grade decreased to 0.74 g/t Recoveries increased to 15% Production increased to 3,152 PGM ounces from 1,349 PGM ounces in the previous quarter Cash costs decreased to R7,640 per PGM ounce from R7,688 per PGM ounce in the previous quarter Revenue was R32 million for the quarter The cash margin for the period was 20%, an increase from 13% in the previous quarter Commentary Platinum Mile: The results for the quarter are significantly better than those of the previous quarter which had been negatively impacted by strikes at Anglo Platinum during October and November. It is not possible to draw any meaningful comparison with the results of the previous quarter. The coarse grinding expansion that was placed on hold during the strike has resumed and should result in a 40% improvement in production yields from the first quarter of 2014 onwards. 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)
Platinum Mile 7,640 6,626 6,106
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%)
This operation remains on care and maintenance.
Ms Sonja Sebotsa was appointed to the Board of Aquarius on 6 February 2013. Ms. Sebotsa was also appointed to the Board of Aquarius' fully owned subsidiary, AQPSA, and assumed the role of Chairman of AQPSA from acting AQPSA Chairman, Mr. Mankazana. Mr Mankazana continues to serve as a non-executive director.
On 14 December 2012, Mimosa Investment Holdings ("Mimosa Investments"), which is held jointly in a 50:50 partnership with Impala Platinum Holdings Limited, concluded a term sheet in respect of a proposed indigenisation implementation plan ("IIP") with the Government of Zimbabwe (GoZ).
Aquarius' full announcement of 14 December 2012 outlines details of the indigenisation plan and is available on Aquarius' website.
During the quarter under review a number of discussions took place between Mimosa, the GoZ and shareholders of Mimosa, but progress in drafting the indigenisation agreements was limited. Nevertheless, Mimosa remains engaged in discussions with the GoZ and shareholders will continue to be advised of any progress made.
Potential acquisition of the Booysendal reserve
The Company remains in communication with the Department of Mining and Resources (DMR) in South Africa and with Northam Platinum Limited in relation to the outstanding approval from the DMR which is required to implement this transaction. In the absence of the necessary approval being granted on or before 30 April 2013, the agreement will lapse. The Company will advise shareholders accordingly in due course.
Aquarius' full announcement dated 4 May 2011 outlines details of this transaction and is available on Aquarius' website.
Possible extension of the Kroondal PSA
The Company has, for some time, been engaged in discussions with Anglo American Platinum in relation to the merits of extending the Kroondal PSA arrangement. The discussions are continuing and the Company will advise shareholders to the extent that agreement is reached between the parties.
More information on all corporate matters can be found at www.aquariusplatinum.com
Statistical information: Kroondal P&SA1
See www.aquariusplatinum.com for statistical information
Statistical information: Mimosa
See www.aquariusplatinum.com for statistical information
Statistical information: Platinum Mile
See www.aquariusplatinum.com for statistical information
Aquarius Platinum Limited Incorporated in Bermuda
Exempt company number 26290
Board of Directors
Nicholas Sibley Non-executive Chairman
Jean Nel Chief Executive Officer
David Dix Non-executive
Tim Freshwater Non-executive (Senior Independent Director)
Edward Haslam Non-executive
Kofi Morna Non-executive
Zwelakhe Mankazana Non-executive
Sonja Sebotsa Non-executive
David Dix (Chairman)
Remuneration/Succession Planning Committee
Edward Haslam (Chairman)
Sonja Sebotsa (Chairman)
Sonja Sebotsa Non-executive Chairman
Robert Schroder Managing Director
Jean Nel Executive Director
Graham Ferreira Finance Director
Wessel Phumo General Manager: Kroondal
Mimosa Mine Management
Winston Chitando Chairman
Herbert Mashanyare Technical Director
Peter Chimboza Resident Director
Fungai Makoni General Manager Finance & Company Secretary
Platinum Mile Management
Richard Atkinson Managing Director
Paul Swart Financial Director
At 31 March 2013, the Company had on issue: 486,851,336 fully paid common shares and 120,000 unlisted options.
Substantial shareholders 31 March 2013 Number of Shares Percentage
Chase Nominees Limited 31,569,450 6.48
JP Morgan Nominees Australia Limited 30,441,079 6.25
HSBC Custody Nominees (Australia) Limited 28,201,377 5.79
Primary Australian Securities Exchange Trading Information Listing: (AQP.AX)
Premium London Stock Exchange (AQP.L) ISIN number BMG0440M1284 Listing:
Secondary JSE Limited (AQP.ZA) ADR ISIN number US03840M2089 Listing:
Convertible Bond ISIN number XS0470482067 Broker (LSE) (Joint) Broker (ASX) Sponsor (JSE)
Liberum Capital Limited Ropemaker Place, Euroz Securities Rand Merchant Bank Level 12 Level 18 Alluvion (A division of FirstRand Bank
58 Mounts Bay Road, Limited) 25 Ropemaker Street, Perth WA 6000 1 Merchant Place London Telephone: +61 (0) 8 Cnr of Rivonia Rd and Fredman
9488 1400 Drive, Sandton 2196 EC2Y 9LY Johannesburg South Africa Telephone: +44 (0) 20 3100 2000
Aquarius Platinum (South Africa) (Proprietary) Ltd 100% owned (Incorporated in the Republic of South Africa) Registration Number 2000/000341/07 1st Floor, Block C, Rosebank Office Park, 181 Jan Smuts Avenue, Rosebank, South Africa Postal Address: PO Box 7840, Centurion, 0046, South Africa Telephone: +27 (0)10 001 2848 Facsimile: +27 (0)12 001 2070 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 6951, Australia Telephone: +61 (0)8 9367 5211 Facsimile: +61 (0)8 9367 5233 Email: email@example.com For further information please visit www.aquariusplatinum.com or contact: In the United Kingdom and South Africa: In Australia: Jean Nel +27 (0)10 001 2848 Willi Boehm +61 (0) 8 9367 5211 Glossary A$ Australian Dollar
Aquarius Aquarius Platinum Limited or AQP
APS Aquarius Platinum Corporate Services Pty Ltd
AQPSA Aquarius Platinum (South Africa) (Pty) Ltd
ACS(SA) Aquarius Platinum (SA) Corporate Services (Pty) Ltd
BEE Black Economic Empowerment
BRPM Blue Ridge Platinum Mine
CTRP Chrome Tailings Retreatment Operation. Consortium comprising Aquarius
Platinum (SA) (Corporate Services) (Pty) Limited (ASACS), Ivanhoe Nickel and Platinum Limited and Sylvania South Africa (Pty) Ltd (SLVSA).
DIFR Disabling injury frequency 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 formerly South African Government Department of Minerals and Energy
DMR South African Government Department of Mineral Resources, formerly the
Dollar United States Dollar or $
Everest Everest Platinum Mine
Great A PGE-bearing layer within the Great Dyke Complex in Zimbabwe Dyke Reef
GoZ Government of Zimbabwe
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 Johannesburg Stock Exchange
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
nm Not measured
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 PGMs as comprising (4E) Pt+Pd+Rh plus Au (gold) with Pt, Pd and Rh being the most economic
platinoids in the UG2 Reef
PlatMile Platinum Mile Resources (Pty) Ltd
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
Ridge Ridge Mining Limited
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, a subsidiary of Anglo Platinum Limited Limited
Tonne 1 metric tonne (1,000kg)
TARP Trigger Action Response Procedure
UG2 Reef A PGE-bearing chromite layer within the Critical Zone of the Bushveld
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