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
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