Wrap Text
Financial and Production Results to 31 March 2013
Aquarius Platinum Limited
Quarter 2013: Financial and Production Results
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284
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
Stay-in-business capex
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
Please refer to www.aquariusplatinum.com for the graph.
Market Summary
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 $1,295 per 4E
ounce compared to the previous quarter. The average South African basket price at AQPSAs operations was
R11,665 per PGM ounce for the period. Subsequent to the end of the quarter, the PGM basket price
consolidated to average R11,240 per PGM ounce for the first two weeks of April, recording a low of R10,300
during April.
12-month individual PGM prices to 31 March 2013
Please refer to www.aquariusplatinum.com for the graph.
12-month PGM basket prices to 31 March 2013
Please refer to www.aquariusplatinum.com for the graph.
12-month ZAR price to 31 March 2013
Please refer to www.aquariusplatinum.com for the graph.
Average PGM basket prices achieved at Aquarius operations
US$ per PGM Quarter ended
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
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
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)
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.
Third Quarter 2013: Financial and Production Results
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.
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
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
pcp.
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.
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
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 trust - (1,500) -
Profit/(loss) before income tax 257 (192,366) (188,965)
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 Platinum Limited (1,625) (185,460) (158,227)
Non-controlling interests (viii) 29 (427) (60)
(1,596) (185,887) (158,287)
Earnings per share
Basic loss per share (cents per share) (0.34) (38.73) (33.77)
* Unaudited
Notes on the March 2013 Consolidated Income Statement
(i) Revenue decrease reflects lower production and lower prices compared to the pcp.
(ii) 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.
(iii) Administrative costs of $2 million are in line with previous periods.
(iv) 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.
(v) 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.
(vi) 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.
(vii) Income tax expense includes a $1 million deferred tax credit and $1 million withholding tax.
(viii) 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 Ended 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 14,956 (86,535) (128,248)
held
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
* Unaudited
Notes on the March 2013 Consolidated Statement of Cash Flows
(i) 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.
(ii) Includes development and plant and equipment expenditure on AQPSA and Mimosa.
(iii) Includes interest paid of $4 million.
Aquarius Platinum Limited
Consolidated Balance Sheet
At 31 March 2013
$000
As at As at
Note
31/03/13* 30/06/12
Assets
Third Quarter 2013: Financial and Production Results
Cash assets 92,556 180,088
Current receivables (i) 77,872 87,100
Other current assets (ii) 44,710 44,258
Property, plant and equipment (iii) 270,718 276,195
Mining assets (iv) 270,094 437,574
Intangibles (v) 67,331 87,882
Other non-current assets (vi) 86,970 88,093
Total assets 910,251 1,201,190
Liabilities
Current liabilities (vii) 88,064 113,466
Non-current payables (viii) 4,023 4,204
Non-current interest-bearing liabilities (ix) 266,723 265,526
Other non-current liabilities (x) 122,671 141,349
Total liabilities 481,481 524,545
Net assets 428,770 676,645
Equity
Issued capital 24,370 23,516
Unissued shares - 2,436
Treasury shares (26,527) (18,128)
Reserves 670,703 722,734
Accumulated losses (245,655) (60,195)
Total equity attributable to equity
holders of Aquarius Platinum Limited 422,891 670,363
Non-controlling interests (xi) 5,879 6,282
Total equity 428,770 676,645
* Unaudited
Notes on the March 2013 Consolidated Balance Sheet
(i) Reflects debtors receivable on PGM concentrate sales.
(ii) Reflects PGM concentrate inventory, consumables, stores and critical spares.
(iii) Represents plant and equipment within the Group.
(iv) Includes groups mining assets at Kroondal, Marikana, Mimosa, Everest, Blue Ridge, CTRP and Platmile.
(v) Includes intangibles relating to contract value acquired on the acquisition of equity interest in Platinum Mile
Resources (Pty) Ltd.
(vi) 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
Shebas Ridge of $24 million, investments in rehabilitation trusts of $17 million and investments held for resale
of $4 million.
(vii) Includes trade creditors of $46 million, DBSA and IDC bank loans in Blue Ridge of $36 million and leave
provisions of $6 million.
(viii) Includes rehabilitation obligations on P&SA1 and P&SA2 structures.
(ix) Includes convertible bonds of $265 million and AQPSA lease facilities of $2 million.
(x) Includes deferred tax liabilities $82 million and provision for closure costs $41 million.
(xi) 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
- Kroondals cash margin for the period improved from 10% to 20%
Please refer to www.aquariusplatinum.com for the graph.
Commentary
Kroondal:
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
(R000 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
Third Quarter 2013: Financial and Production Results
Kroondal mine: reconciliation of cash costs per 4E ounce
Cost per 4E ounce
(Rand)
Q3 HY1
Total operating expenditure 9,358 10,633
Less:
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
- Mimosas cash margin for the period increased from 24% to 34% due to lower operating costs and the
higher basket price.
Please refer to www.aquariusplatinum.com for the 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.
CORPORATE MATTERS
Board Changes
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.
Mimosa Indigenisation
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.
Third Quarter 2013: Financial and Production Results
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
Please refer to www.aquariusplatinum.com for the statistical information.
Statistical information: Mimosa
Please refer to www.aquariusplatinum.com for the statistical information.
Statistical information: Platinum Mile
Please refer to www.aquariusplatinum.com for the 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
Audit/Risk Committee
David Dix (Chairman)
Edward Haslam
Kofi Morna
Nicholas Sibley
Remuneration/Succession Planning Committee
Edward Haslam (Chairman)
David Dix
Zwelakhe Mankazana
Nicholas Sibley
Nomination Committee
Sonja Sebotsa (Chairman)
Edward Haslam
Tim Freshwater
Kofi Morna
Willi Boehm
Company Secretary
Willi Boehm
AQPSA Management
Sonja Sebotsa Non-executive Chairman
Robert Schroder Managing Director
Jean Nel Executive Director
Third Quarter 2013: Financial and Production Results
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
Issued capital
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 Listing: Australian Securities Exchange (AQP.AX) Trading Information
Premium Listing: London Stock Exchange (AQP.L) ISIN number BMG0440M1284
Secondary Listing: JSE Limited (AQP.ZA) ADR ISIN number US03840M2089
Convertible Bond ISIN number XS0470482067
Broker (LSE) (Joint) Broker (ASX) Sponsor (JSE)
Liberum Capital Limited Euroz Securities Rand Merchant Bank
Ropemaker Place, Level 12 Level 18 Alluvion (A division of FirstRand Bank
25 Ropemaker Street, London 58 Mounts Bay Road, Limited)
EC2Y 9LY Perth WA 6000 1 Merchant Place
Telephone: +44 (0) 20 3100 2000 Telephone: +61 (0) 8 9488 1400 Cnr of Rivonia Rd and Fredman
Drive, Sandton 2196
Johannesburg South Africa
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: info@aquariusplatinum.com
For further information please visit www.aquariusplatinum.com or contact:
In the United Kingdom and South Africa: In Australia:
Jean Nel Willi Boehm
+27 (0)10 001 2848 +61 (0) 8 9367 5211
Glossary
A$ Australian Dollar
Aquarius or AQP Aquarius Platinum Limited
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 DME
Dollar or $ United States Dollar
Everest Everest Platinum Mine
Great Dyke Reef A PGE-bearing layer within the Great Dyke Complex in Zimbabwe
GoZ Government of Zimbabwe
g/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 Reserves
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) (6E) Platinum group elements plus gold. Five metallic elements commonly 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) (4E) Platinum group metals plus gold. Aquarius reports PGMs as comprising 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 Limited Rustenburg Platinum Mines Limited, a subsidiary of Anglo Platinum 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 Complex
Date: 30/04/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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