To view the PDF file, sign up for a MySharenet subscription.

AQUARIUS PLATINUM LIMITED - Production Results to 31 December 2012

Release Date: 29/01/2013 09:00
Code(s): AQP     PDF:  
Wrap Text
Production Results to 31 December 2012

Aquarius Platinum Limited   
(Incorporated in Bermuda) 
Registration Number: EC26290 
Share Code JSE: AQP 
ISIN Code: BMG0440M1284 
                                                                    
Aquarius Platinum Limited 
Production Results to 31 December 2012 
                                                                    
Highlights                                                                                                                             
-  Attributable production from operating mines increased by 2% quarter-on-quarter to 78,987 4E ounces 
-  Average PGM basket price increased 5% for the quarter in Dollar terms 
-  The Rand weakened against the US Dollar by 4% on average quarter-on-quarter 
-  Transition to owner operator completed during the quarter and below budget 
-  Rollout of revised hanging wall system completed during the quarter 
-  Cash costs at Kroondal decreased 7% to R8,403 per PGM ounce quarter-on-quarter 
-  Cash costs at Mimosa increased 8% to $897 per PGM ounce quarter-on-quarter 
-  Mimosa and Government of Zimbabwe agreed commercial terms on Indigenisation and signed a term sheet 
    
   


                                                               Q2 2013 Operating Results Summary 
                                                             Kroondal           Mimosa      Platinum Mile 
                         4E PGM Production                                                                
                                  Total (100% basis)         102,525            52,752             1,349 
                                        Attributable           51,262           26,376             1,349 
                         4E Basket Price                                                                 
                                                  R/oz         10,901                 -           10,939 
                                                  $/oz          1,261             1,213            1,269 
                         Cash Costs (4E basis)                                                            
                                                  R/oz          8,403                 -            7,688 
                                                  $/oz           972               897               892 

                         Cash Margin (%)                           10                16               13 

                         Stay-in-Business Capex                                                           
                                                  R/oz          1,520                 -                 - 
                                                  $/oz           130               171                  - 


Commenting on the results, Jean Nel, CEO Aquarius Platinum said: 

The quarter under review was yet another challenging quarter during which industrial relations in South Africa remained 
strained and metal prices remained low. The Aquarius management team persisted with its focus on restoring operational 
credibility at its Kroondal mine. In this regard I am very pleased to report that both of the significant processes we committed 
to were completed in time and below budget, being the migration to owner operator and the implementation of the revised 
hanging wall support regime. The implementation of these two initiatives, combined with a focussed and motivated work 
force at Kroondal contributed to Kroondals production exceeding 100 000 4E ounces for the quarter for the first time since 
the Dec 2010 quarter, notably at reduced on mine unit costs, down 7% for the quarter. Given the macro environment in the 
industry this was a pleasing performance. A special mention should go to Rob Schroder (MD: AQPSA) and Wessel Phumo (GM: 
Kroondal) who lead the AQPSA team. 

At Mimosa the solid production performance continued, but Mimosas costs during the quarter disappointed. Mimosa 
management team is focussed on addressing costs having implemented a number of initiatives. The conclusion of the 
indigenisation agreement between Mimosa and the Government of Zimbabwe was particularly pleasing and Winston 
Chitando (MD: Mimosa) played a pivotal role in this regard. 
  
  The satisfactory operational improvements notwithstanding, Aquarius remains acutely aware that despite the improvements, 
  the company continued to consume cash during the quarter. The price improvements and the weakened R/$ exchange rate in 
  January 2013 combined with the fact that the once-off costs associated with the two aforementioned processes have been 
  completed, is expected to substantially reduce cash consumption and enable to company to start producing cash at mine 
  level.  

  From a PGM supply and demand perspective there seems to be consensus that both platinum and palladium will move into 
  primary supply deficit during 2013. Whilst encouraging the increase in recycling, the continued depressed demand from the 
  auto producers and the substantial above ground inventories renders significant further price increases unlikely.  

  Fact remains that despite the significant operational improvements, cash generation at current spot prices remains 
  constrained. It is against this backdrop that management continues to focus on cash preservation and operational stability 
  and improvements. The Company is also focused on playing a positive role in terms of improving relations with the South 
  African and Zimbabwean regulators. Ensuring all stakeholders appreciate what is required for a sustainable industry in future 
  is critical and work in this regard continues.  


  Production by mine 
                                                                      Quarter ended 
PGMs (4E) 
                            Dec 2012                 Sept 2012             % Change              Dec 2011             % Change 
Kroondal                           102,525                   92,073                 11                 86,796                  18 
Mimosa                              52,752                   56,341                (6)                 50,456                   5 
Platinum Mile                        1,349                    3,270               (59)                   3,328               (59) 
Marikana                                   -                       -                  -                28,809                   - 
Everest                                    -                       -                  -                18,712                    - 
CTRP                                       -                    644              (100)                   1,117                   - 
Total                              156,626                 152,328                   3                189,218                (17) 

   

  Production by mine attributable to Aquarius (Operating mines) 
                                                                      Quarter ended 
PGMs (4E) 
                            Dec 2012                 Sept 2012             % Change              Dec 2011             % Change 
Kroondal                            51,262                   46,037                 11                 43,398                  18 
Mimosa                              26,376                   28,171                (6)                 25,228                   5 
Platinum Mile                        1,349                    3,270               (59)                   3,328               (59) 
             Total                  78,987                   77,478                  2                 71,954                  10 
                                                                                                                                             

  Aquarius Group quarterly attributable production (PGM ounces) to 31 December 2012 
                                                                        
  Please refer to www.aquariusplatinum.com for the graph. 
                                                                  
  Market Summary 
  At the beginning of the quarter the PGM Rand basket price continued to rise as persistent illegal strikes triggered 
  concerns for both future supply of PGMs and how it will impact the overall South African economy. The 
  pessimism on supply did not last long as the basket price peaked at R12,398 per oz in mid-October (from a 
  trough R9,525 per oz in mid-August) at which point the US$ dollar metal prices began to retreat; by the end of 
  October, platinum and palladium were both trading at two-month lows. In November, following the conclusion 
  of the US Presidential elections and the anticipation of a continued expansionary monetary policy, commodity 
  prices strengthened. PGM prices were further supported by the publication of Johnson Mattheys Platinum 2012 
  Interim Review highlighting a global deficit in platinum as a result of reduced supply from South Africa and a 
  decline in open-loop recycling. However, resolutions to illegal strike activity in the region, together with negative 
  news surrounding the euro zone economy and investor nervousness over the US fiscal cliff at the end of the 
  period weighed on PGM prices and resulted in a disappointing end to a difficult quarter.  
   
  The average platinum price increased by 6.6%, while palladium increased by 6.7% and rhodium decreased by 
  3.1% quarter on quarter. Gold rallied by 3.9% on average. Platinum closed the quarter down 8.5% at $1,539 per 
  ounce, while palladium rose by 9.1% to $703 per ounce and rhodium fell by 1.8% to $1,080 over the same 
  period. Gold fell 5.9% to $1,675 per ounce. 

  Rand-Dollar exchange rate  
  The average Rand-Dollar exchange rate weakened during the quarter, falling by 4% from R8.28 to R8.65 to the 
  US dollar.  Since then, it has traded in a narrow range to average 8.62 in the first two weeks of January.  
   
  The average Rand basket price for the quarter increased by 10% quarter-on-quarter, and the spot price by 2% 
  over the period. The US Dollar weighted average group basket price increased by 5% to $1,245 per 4E PGM 
  ounce compared to the previous quarter. due to Rand weakness. The average South African basket price at 
  AQPSAs operations was R10,769 per PGM ounce for the period. Subsequent to the end of the quarter, the PGM 
  basket price has consolidated to average R10,788 per PGM ounce for the first two weeks of January. 
   
   
 12-month individual PGM prices to December 2012                  12-month PGM basket prices to December 2012 
 (US$/oz)                                                         (US$ and ZAR per PGM basket ounce) 
 Please refer to www.aquariusplatinum.com                         Please refer to www.aquariusplatinum.com for 
 for the graph.                                                   the graph. 
                                                                   
                                                                    
  12-month Rand-Dollar exchange rate to December 2012 
  (ZAR/US$) 
  Please refer to www.aquariusplatinum.com for the graph. 
                                                                    
    
  Average PGM basket prices achieved at Aquarius operations 
   
US$ per PGM                                                       Quarter ended 
ounce (4E)                  Dec 2012               Sept 2012          % Change               Dec 11          % Change 
Kroondal                      1,261                  1,195                6                        1,262        (0) 
Marikana                        -                       -                  -                       1,277       (100) 
Everest                         -                       -                  -                       1,259       (100) 
Mimosa                        1,213                  1,148                6                        1,303        (7) 
CTRP                            -                    1,338              (100)                      1,296       (100) 
Platinum Mile                 1,269                  1,272                 -                       1,208         5 
Weighted Avg.                 1,245                  1,182                5                        1,272        (2) 
   
   
  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 1.39 per 200,000 man hours from 1.41 in the previous quarter 
  -  Production increased to 1,727,000 tonnes from 1,410,000 tonnes 
  -  Head grade deteriorated from 2.51 g/t to 2.41 g/t 
  -  Recoveries deteriorated by 1% to 79% 
  -  Volumes processed increased to 1,669,000 tonnes 
  -  Stockpiles at the end of the quarter totalled approximately 75,000 tonnes  
  -  PGM production increased by 11% to 102,525 PGM ounces 
-  Revenue increased by 13% to R956 million quarter-on-quarter due to improved production and an increase in  
the 4E Basket Price 
-  Mining cash costs decreased by 11% to R516 per tonne, due to improved production 
-  Unit cost per PGM ounce reduced 7% to R8,403 per PGM ounce due to improved production 
-  Kroondals cash margin for the period improved from 2% to 10% 
 
               
Please refer to www.aquariusplatinum.com for the graph. 
                                                           
              
Commentary   
Kroondal: Production at Kroondal was 1.72 million tonnes, up 22% compared to the previous quarter
 
The migration from contractor to owner operator, which was first announced as part of the year-end results, has 
been successfully completed and substantially all costs in relation to this initiative incurred. The migration has 
been positively received by organised labour, employees and suppliers and is one of the main reasons 
contributing to the increased morale amongst the workforce and contributed to the completion of a strike free 
quarter. Regretfully, two of Kroondal's employees were killed in separate incidents on their way to work during 
the quarter. The Board and Management of Aquarius express their sincere condolences to the families of the 
deceased. 
 
All mining sections, on all shafts, have completed training on the implementation of the revised support regime.   

While the Department of Mineral Resources (DMR) continued with visits to the operations, there were no 
Section 54 notices issued during the quarter.   The number of Section 54 notices issued has reduced significantly 
during the course of the year due to improved communication and relationships between the Company and the 
DMR as well as continued focus on its policies and procedures. 
 
P&SA2 at Marikana (Aquarius Platinum  50%) 
As disclosed previously, as a result of current low Rand PGM basket prices, the remaining shaft (Marikana 4 
shaft) and the processing plant at Marikana have been placed on care and maintenance until further notice. 
 
Everest Mine 
As disclosed previously, as a result of current low Rand PGM basket prices, temporary geological problems and 
unstable labour relations, the Everest mine has been 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                   8,403                              6,895                            6,756 
 
Capital expenditure 
                                                          Kroondal 
   (R000 unless otherwise stated)                      Total     Per 4E oz 
  Ongoing establishment of infrastructure              65,099         635 
  Project capital (K6 shaft)                           50,358         491 
  Mobile equipment                                     40,382         394 
  Total                                               155,839         1,520 
 
 
Kroondal mine: reconciliation of cash costs per 4E ounce 
 
                                                          Cost per 4E ounce 
                                                                (Rand) 
                                                                Q2       HY1 
  Total operating expenditure                               10,296     10,633 
    Less:                                                                     
    Ongoing capital expenditure & mobile equipment          (1,029)   (1,142) 
    Project capex (K6 shaft)                                  (491)     (509) 
    Transition costs                                          (373)     (294) 
    On mine cash costs                                       8,403      8,688 
 
The Company continues to develop the K6 shaft at Kroondal and conduct 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 (R45 million attributable to Aquarius) during H2 on this project, in line with budget. Work on this shaft is 
currently performed by a mining contractor and Aquarius is currently doing the planning to take over 
operational responsibility, in line with its decision to move to 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. The capital expenditure on mobile equipment is financed through a lease agreement over the 
life of the equipment. 
 
 
MIMOSA INVESTMENTS (Aquarius Platinum - 50%) 
 
Mimosa Platinum Mine 
-  12-month rolling average DIIR improved to 0.16 per 200,000 man hours worked 
-  Production decreased by 5% to 600,066 tonnes, in line with forecast 
-  Head grade improved slightly to 3.67g/t 
-  Recoveries improved slightly to 77.8% 
-  Volumes processed decreased by 7% to 575,638 tonnes 
-  Stockpiles at the end of the quarter totalled approximately 123,191 tonnes   
-  PGM production decreased by 6% to 52,752PGM ounces in line with forecast 
-  Revenue increased by 16% to US$68 million due to improved metal prices 
-  Mining cash costs increased by 8% to US$82 per tonne, and costs per PGM ounce by 8% to $897 
-  Stay-in-business capital expenditure was $171 per PGM ounce for the quarter 
-  Mimosas cash margin for the period decreased from 20% to 16% due to increased cost. 
 
 
Please refer to www.aquariusplatinum.com for the graph. 
                                                               
 
Commentary 
The Mimosa mine continues to operate well, despite growing cost pressures which led to above expectation 
increases in cost. Discussions on indigenisation were concluded during the month and this culminated in the 
signing of a term sheet on the 14 December 2012.  The term sheet sets out the key details of the indigenisation 
plan and paves way for the drafting of detailed agreements that will facilitate the implementation of the plan.  It 
is envisaged that all agreements will be finalised by the end of March 2013. 
 
Operating cash costs per ounce  
Unit cash costs per PGM ounce (before by-product credits) were 5% higher than those achieved in the previous 
quarter. The higher costs were mainly due to decreased PGM production relative to Q1, the temporary increase 
in reagent usage, as well as costs incurred in building the ore stock pile following the fire incident in May 2012. 
Metal recoveries, though marginally improved from the previous quarter, are still below expected levels. The 
consumption of chemicals and reagents was increased, and exceeded budget, in an effort to improve recoveries 
and to counter lower-than-anticipated process efficiencies. Reagents will be changed as soon as existing 
inventory levels have been depleted by June 2013. A dedicated team has been put in place to work on an 
initiative to improve recoveries and other plant efficiencies by about 3% within the next 12 months. 
 
                                    4E                              6E                       4E net of by-products 
   
                             (Pt+Pd+Rh+Au)                 (Pt+Pd+Rh+Ir+Ru+Au)                    (Ni, Cu & Co) 
    Mimosa                       897                                848                                586 
 
Capital expenditure 
The total capital expenditure for the second quarter amounted to $9 million. Expenditure was mainly incurred in 
mobile equipment, Drill Rigs and LHD; Conveyor belt extension, Down dip Development, and Housing project.
 
TAILINGS OPERATION 
 
Platinum Mile (Aquarius Platinum  91.7%) 
-  Material processed decreased 66% to 389 million tonnes 
-  Head grade increased to 0.78 g/t 
-  Recoveries decreased to 10% 
-  Production decreased to 1,349 PGM ounces 
-  Cash costs increased to R7,688 per PGM ounce 
-  Revenue was R12 million for the quarter 
-  The cash margin for the period was 13%, an decrease from 35% in the previous quarter 
 
Commentary  
Platinum Mile:  
The results for the quarter were significantly impacted by strikes at Anglo Platinum during the months of 
October and November.  For this reason the operation lost 13 production days in September and virtually the 
whole of October and November 2012. These strikes continued into early December 2012 when production 
commenced as per normal. Whilst the results for the quarter were impacted by these strikes, encouragingly a 
positive cash margin was achieved despite these trying circumstances. The recently announced restructure at 
Anglo Platinum is not expected to materially impact the operations of Platinum Mile as it continues to treat only 
tails from the Merensky concentrator whilst it is expected that Anglo Platinum will reduce UG2 production as 
part of its restructure. 
 
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%) 
The operation remains on care and maintenance since 6 August 2012. 
 

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                  7,688                         6,730                              6,133 
 
CORPORATE MATTERS   
 
Issue of Shares to Support Black Economic Empowerment (BEE) Partners 
As previously announced, in October 2012 the Company issued and allotted 14,000,000 fully paid common 
shares of US$0.05 at a price per share of 41.75 pence (A$0.64) as part of a transaction intended to preserve the 
black economic empowerment (BEE) credentials of Aquarius. The Board of Aquarius resolved that it was in the 
interests of Aquarius, and in line with its ongoing commitment to comply with the BEE and regulatory framework 
in South Africa, to assist the BEE Partners to preserve their remaining shareholding in Aquarius.  
 
Subsequent to the end of the quarter these shares which formed a limited guarantee and pledge provided to the 
BEE Partners' financiers has been released. These shares are currently held as Treasury.  
 
Aquarius' full announcement released to the market on 4 October 2012 outlining details of the transaction is 
available on Aquarius' website.   
 
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.  The term sheet provides for the 
key terms, subject to certain conditions precedent, of the sale by Mimosa Investments of an aggregate 51% 
equity ownership of Mimosa Holdings (Private) Limited (Mimosa Holdings), the wholly owned operating 
subsidiary of Mimosa Investments which owns and manages the Mimosa mine.  The sale consideration for the 
51% of Mimosa Holdings to the indigenous parties is US$550 million (50% attributable to Aquarius), based on an 
agreed fair market value for Mimosa Holdings of US$1.078 billion.   
 
Mimosa Investments will provide a vendor loan funding mechanism to facilitate the transaction which has a 
term of ten years. This loan will bear interest at a rate of 9% annually and will be settled through the waiver of 
the right to receive 90% of dividends due to the indigenous entities in favour of Mimosa Investments. Any loan 
balance outstanding at the end of the ten-year period will be payable in cash. 
 
Aquarius' full announcement of 14 December 2012 outlines details of the indigenisation plan and is available on 
Aquarius' website.  
 
Potential acquisition of the Booysendal reserve 
 
The Company remains in communication with the Department of Mining and Resources (DMR) in South Africa 
in relation to the outstanding approval from the DMR required to implement this transaction. In the event of the 
approval being granted before the end of  April 2013 by which date the agreement lapses the Company will 
advise shareholders accordingly. 
 
Aquarius' full announcement of 4 May 2011, outlines details of this transaction and is available on Aquarius' 
website.  
 
 
Board Changes 
Mr Stuart Murray resigned as director and CEO of Aquarius and executive chairman of AQPSA in October 2012. 
Mr Jean Nel was appointed Chief Executive Officer of the Group on 5 November 2012 and Mr Zwelakhe 
Mankazana, Non-executive Chairman of AQPSA.  Sir William Purves retired from the AQP Board on 5 November 
2012. 
 
 
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 
 
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 
Edward Haslam (Chairman) 
Tim Freshwater 
Kofi Morna 
Willi Boehm 
 
Company Secretary 
Willi Boehm 
 
AQPSA Management 
Zwelakhe Mankazana                Non-executive Chairman  
Jean Nel                        Chief Executive Officer 
Robert Schroder                  Managing Director 
Graham Ferreira                  Finance Director 
Wessel Phumo                     General Manager: Kroondal 
 
Mimosa Mine Management 
Winston Chitando                 Managing Director 
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 December 2012, the Company had on issue: 486,851,336 fully paid common shares and 120,000 unlisted options.   
 
Substantial Shareholders 31 December 2012                                 Number of Shares           Percentage 
Chase Nominees Limited                                                      31,756,135                     6.52 
JP Morgan Nominees Australia Limited                                        29,109,414                     5.98 
HSBC Custody Nominees (Australia) Limited                                   26,873,642                     5.52 
 
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 
Bank of America Merrill Lynch                                                       Drive, Sandton 2196 
2 King Edward St                                                                    Johannesburg South Africa 
London, EC1A 1HQ                                                                     
T l h         44 (0)20 7628 1000
Aquarius Platinum (South Africa) (Proprietary) Ltd 
100% Owned  
(Incorporated in the Republic of South Africa) 
Registration Number 2000/000341/07 
 
Unit 16, Berkley Office Park, 8 Bauhinia Street, Highveld Techno Park, Centurion, Pretoria, South Africa. 
Postal Address:      PO Box 76575, Wendywood, 2144, South Africa 
Telephone:           +27 (0)120012001 
Facsimile:           +27 (0)120012070 
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, 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 12 001 2001                                                     +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 
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                         JSE Limited 
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 the PGMs as comprising Pt+Pd+Rh plus Au 
                            (gold) with the 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. 
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: 29/01/2013 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story