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Disposal of non-core assets
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
JSE Code: AQP
ISIN: BMG0440M1284
30 January 2014
Disposal of non-core assets
Aquarius Platinum Limited (“Aquarius” or the “Company”) advises that it has agreed to dispose of two non-
core assets that do not form part of the Group's planned production profile. The sales are subject to
completion of specific conditions precedent as outlined in the summary below.
Sale of Kruidfontein prospecting rights
Aquarius has agreed terms to dispose of 100% of the shares held in its indirect subsidiary, C&L Mining and
Resources (Pty) Limited (“C&L”) to Pilanesberg Platinum Mines (Pty) Ltd, a subsidiary of Sedibelo Platinum
Mines Limited (previously Platmin Limited) for a total sale consideration of US$30 million in cash. The
material asset of C&L is a prospecting right known as Kruidfontein in which C&L has a 90% economic benefit.
The sale is conditional on renewal of the prospecting right and the approval in terms of Section 11 of the
Mineral and Petroleum Resources Development Act 28 of 2002. These approvals are respectively required by
no later (i) than the second anniversary of the signature date and (ii) the earlier of the third anniversary of the
signature date and the date falling 2 years after the date of grant of the renewal.
Upon completion of the sale, Aquarius will receive $16.2 million (before tax) in consideration for its economic
interest in the prospecting right with the remaining $10.8 million (before tax) due to the original vendors of
the right. In terms of an agreement with the original vendors of the Kruidfontein prospecting right, Aquarius
may elect to retain the remaining $10.8 million (less any tax payable), in return for an issue of shares in
Aquarius, of same value, at the time the sale becomes unconditional, resulting in net cash inflows of $27
million (before tax) for Aquarius.
Sale of Blue Ridge & Sheba's Ridge
Aquarius has agreed terms to dispose of all its indirect interests in Blue Ridge Platinum (Pty) Ltd and Sheba’s
Ridge Platinum (Pty) Ltd to a consortium led by the China National Arts & Crafts (Group) Corporation for a total
consideration of $37 million in cash, of which $4.3 million will be lent and advanced by Ridge Mining (Pty) Ltd
to Blue Ridge for a period of 2 years from the closing date, being the date on which the last condition
precedent to the sale agreement will be fulfilled.
The sale agreement is subject to a number of conditions precedent, primarily: Chinese Government approvals,
South Africa Competition Commission approval and a number of DMR regulatory approvals. The outside date
for the fulfilment of the conditions precedent has been fixed at 30 June 2014, but may be extended if required,
by agreement between the parties.
For further information please contact:
Jean Nel - CEO
+270100012848
Willi Boehm – Company Secretary
+61893675211
or visit: www.aquariusplatinum.com
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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