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AQUARIUS PLATINUM LIMITED - Financial Results for the six months ended 31 December 2012

Release Date: 08/02/2013 10:01
Code(s): AQP     PDF:  
Wrap Text
Financial Results for the six months ended 31 December 2012

Aquarius Platinum Limited   
(Incorporated in Bermuda) 
Registration Number: EC26290 
Share Code JSE: AQP 
ISIN Code: BMG0440M1284 
 
Aquarius Platinum Limited 
Financial Results for the six months ended 31 December 2012 
 
Key Points: Financial       
   Revenue decreased by 29% to $179 million (H1 2012: $252 million)  
   Mine operating net cash flow decreased by $63 million to a $38 million outflow (H1 2012: inflow of $25 
    million)  
   Mine EBITDA decreased  by 24% to $22 million (H1 2012: $29 million)  
   Group cash balance at period end of $83 million  
 
Key Points: Operational  
   Group attributable production decreased by 27% to 156,787 PGM ounces (H1 2012: 215,453 PGM ounces) 
   Attributable production from operating mines increased by 8% compared to the previous corresponding 
    period (pcp) 
   The average US Dollar PGM Basket Price was 10% lower compared to the pcp  
   The average Rand Basket Price increased by 1% compared to the pcp due to a weaker Rand 
   The Rand weakened by 12% on average against the US Dollar 
   On-mine unit cash costs in South Africa increased by 3% in Rand terms 
   Mimosa performed strongly again, continuing to produce at capacity 
   Operations at Blue Ridge, Marikana, Everest and CTRP remained suspended  
                   
Key Points: Strategic  
   Transition to owner operator completed during the period, on time and below budget 
   Rollout of revised hanging wall system completed during the period, on time and below budget 
   Mimosa and Government of Zimbabwe agreed commercial terms on indigenisation and signed a term 
    sheet  
                 
Commenting on the results, Jean Nel, CEO of Aquarius Platinum said: 

The period under review was one of the most challenging in the history of the company. Industrial relations in 
the southern African mining industry, and in particular the platinum sector, were volatile and strained 
throughout the entire period, whilst at the same time, platinum group metal prices remained low.  

In South Africa, the Aquarius management team persisted with its focus on restoring operational credibility at 
the Kroondal mine.  In this regard I am pleased to report that both of the significant processes we committed to, 
being the migration to owner operator and the implementation of the revised hanging wall support regime, 
were completed on time and below budget. The implementation of these two initiatives, combined with a 
focussed and motivated work force at Kroondal contributed to Kroondals production improving by 11% relative 
to the pcp whilst unit costs only increased by 3%.  Given the macro environment this was a pleasing performance 
which would not have been possible without a motivated effort by the entire Kroondal work force. 

At Mimosa the solid production performance continued, with the conclusion of the indigenisation term sheet 
between Mimosa and the Government of Zimbabwe, particularly pleasing.  The Mimosa management team is 
currently focused on addressing the high cost inflation being experienced at Mimosa. 
The satisfactory operational improvements notwithstanding, Aquarius remains acutely aware that despite the 
improvements, the company continued to consume cash during the period.  The metal price improvements and 
weakened Rand/Dollar exchange rate in January 2013 combined with the fact that the once-off costs associated 
with the two aforementioned processes and the closure of the Marikana and Everest mines are now completed, 
is expected to substantially reduce cash consumption and enable the 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 European auto producers and the substantial above ground inventories renders 
significant further short term price increases unlikely.  

In summary, despite the significant operational improvements delivered during the period, cash generation at 
current spot prices remains constrained. It is against this backdrop that Aquarius will continue to focus on 
operational improvements and cash preservation whilst remaining committed to improving the quality of life of 
the communities surrounding its operations. 

Aquarius Group attributable production (PGM ounces)  twelve months to 31 December 2012 
 
Please refer to www.aquariusplatinum.com for the graph.
 
Production 
Total production from all Aquarius operations for the six months to December 2012 was 308,954 PGM ounces, 
representing a 20% decrease compared to the period ended December 2011 (the previous corresponding period 
or pcp).  Production attributable to Aquarius fell by 27% to 156,787 PGM ounces for the period under review 
when compared to the pcp following the Everest and Marikana mines being placed on care and maintenance in 
May/June 2012.  Significantly, continuing operating mines Kroondal and Mimosa recorded increased production 
compared to the pcp of 11% and 5% respectively.  Gains recorded at Kroondal were attributable to the move 
from contractor to owner operator and also the successful implementation of a revised support system, both 
completed in the December 2012 quarter.  
 
Production by Mine and Attributable to Aquarius 
                                                Mine                                Attributable to Aquarius 
  PGMs (4E)                  Half-Year ended        Half-Year ended        Half-Year ended        Half-Year ended 
                                    Dec 2012               Dec 2011               Dec 2012               Dec 2011 
  Kroondal                           194,598                175,704                 97,299                 87,852
  Marikana                                 -                 54,802                      -                 27,400
  Everest                                  -                 41,787                      -                 41,787
  Mimosa                             109,093                104,254                 54,547                 52,127
  CTRP                                   644                  1,769                    322                    885
  Platinum Mile                        4,619                  6,415                  4,619                  5,402
  Total                              308,954                384,731                156,787                215,453
 
The chart below illustrates the impact on production of each of the operations demonstrating the lower 
production caused by the placing of Everest and Marikana on care and maintenance and also the improved 
production recorded by continuing mines Kroondal and Mimosa. The most significant factor is the increased 
production recorded at Kroondal during what has been regretfully, one of the most disrupted and hostile 
periods in the sector. AQPSA who manage the Kroondal operations engaged extensively with its workforce, the 
local communities and regulators to build a workable solution to the ongoing regional industrial unrest.      
 
 
Please refer to www.aquariusplatinum.com for the graph. 
 
Rand Dollar Exchange Rate  
The average Rand-Dollar exchange rate weakened during the half-year, falling by 14% from R7.60 in the pcp to 
R8.65 to the US dollar.  Since then, it has averaged 8.78 in the month of January.   
 
The average Rand basket price achieved for the half-year was marginally up at R10,262 compared to R10,185 in 
the pcp. Rand weakness contributed to the Rand basket price remaining stable compared to US Dollar prices 
which had decreased 10% from the corresponding period, December 2011, to $1,211.  Subsequent to the end of 
the half-year, the PGM basket price has consolidated to average R11,347 per PGM ounce in January 2013.  

Please refer to www.aquariusplatinum.com for the graph. 
 
 
Market Summary  
The price of the PGM basket recovered strongly in the first half of the period under review triggered by supply 
disruptions at South African platinum mines from illegal strike action.  Market sentiment for the PGM basket in 
dollar terms had improved because of deteriorating supply expectations, a consequence of the ongoing and 
severe labour disruptions in SA which led to rising expectations of shaft closures, project deferrals and increased 
costs.  At the beginning of the second 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. PGM prices were 
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 six months. 
 
The average platinum price decreased by 6.1%, while palladium decreased by 8.5% and rhodium decreased by 
34.2% compared to the pcp. Gold reduced by 0.4% on average. Platinum closed the half-year down 3.8% at 
$1,589 per ounce, while palladium remained stable at $691 per ounce and rhodium fell by 38% to $1,040 over 
the same period. Gold fell 0.3% to $1,688 per ounce.  Subsequent to the end of the current half-year under 
review, platinum has averaged $1,637 in January, while palladium rose 2.75% to $711 and rhodium rose by 10% 
to $1,157 in the same period.  Gold fell 1% to $1,670 per ounce. 
 
Individual PGM Prices - 12 Months to December 2012
Please refer to www.aquariusplatinum.com for the graph. 
 
PGM Basket Prices - 12 Months to December 2012
Please refer to www.aquariusplatinum.com for the graph. 
 
Financial results: Half-Year to 31 December 2012  
Aquarius consolidated result for the half-year ended 31 December 2012 was a loss of $184 million (38.57 cents 
per share).  The result includes an impairment charge of $127 million arising substantially from a review of the 
carrying value of non-operating assets, namely Marikana, Ridge Mining, Platmile and several mining rights. 
 
Profitability at mine level (on-mine EBITDA) was $22 million compared to $29 million in the previous 
corresponding period (pcp) due to challenging operating conditions experienced at the Groups South African 
operations, increased mining costs and lower PGM metal prices.  Decreasing metal prices caused a negative sales 
adjustment to be incurred.  
 
Group attributable mine production for the half-year was 156,787 PGM ounces.  This was 58,666 PGM ounces 
(27%) lower compared to the pcp due to the closure of the Everest and Marikana mines.  
 
Revenue (PGM sales and interest) for the half-year to December 2011 was $179 million, 29% lower compared to 
the pcp due to lower production and lower PGM metal prices.  The revenue received per PGM ounce for the 
half-year was $1,211, down 10% from the pcp.  
 
 
Group Financials by Operation 
                                                                          
                                              Kroondal Marikana    Everest        Mimosa   Plat Mile     CTRP    Blue Ridge               Total 

PGM ounces (4E) (attributable)                 97,299      -                -     54,547     4,619       322          -                  156,787 

                                                                                                                                              
                                               Kroondal Marikana    Everest        Mimosa   Plat Mile     CTRP    Blue Ridge Corporate     Total 
 
                                                  $m      $m          $m             $m        $m          $m        $m         $m          $m 
Revenue                                        106.5      0.5             0.6      63.6       5.0         0.3         -          2.6      179.3 
Cost of sales  mining, processing &  
                                                (99.7)    (2.3)            (1.5)   (47.5)     (3.8)       (0.4)      (0.7)       (0.1)    (156.1) 
Admin 
Cost of sales  depreciation & 
                                                (16.5)    (0.3)            (1.4)    (6.2)     (2.0)       (0.1)      (0.1)         -       (26.5) 
Amortisation 
Gross profit/(loss)                             (9.6)    (2.0)            (2.3)     9.9      (0.8)       (0.2)     (0.8)         2.5      (3.3) 

Other income                                      -        -                -        -          -          -          -          0.1       0.1 

Administrative costs                              -        -                -        -          -          -          -         (7.2)     (7.2) 

Foreign exchange gain/(loss)                    1.4        -              0.1      (0.1)      0.4          -          -         (22.1)    (20.3) 

Finance costs                                     -        -                -        -          -          -          -         (15.9)    (15.9) 

Impairment losses                                 -     (18.8)              -        -       (10.0)                (13.6)       (85.1)   (127.5) 

Closure and transition costs                    (3.3)    (2.7)        (11.0)         -          -          -          -           -       (17.0) 

Community share ownership trust                   -        -                -      (1.5)        -          -          -           -       (1.5) 

Profit/(loss) before  income tax               (11.6)   (23.4)        (13.2)        8.3      (10.4)      (0.2)     (14.4)      (127.7)   (192.6) 

Income tax benefit                                -        -                -        -          -          -          -          8.3       8.3 

Net profit/(loss) from ordinary activities     (11.6)   (23.4)        (13.2)        8.3      (10.4)      (0.2)     (14.4)      (119.4)   (184.3) 

                                                                
Group gross cash margin increased to 13% from 6% in the pcp due to the closure of loss operating mines 
Marikana and Everest.   
 
Total cash cost of production was $156 million, down $80 million due to lower production following the closure 
of high costs mines Marikana and Everest.  On a per PGM ounce basis this represented a 9% decrease per ounce.  
Finance costs of $16 million included $9 million interest on convertible bonds and bank borrowings, $5 million of 
non-cash interest arising from the unwinding of the equity portion of the convertible bond and $2 million of non-
cash interest arising from the unwinding of the net present value of the rehabilitation provisions of AQPSA. 
 
During the half-year Aquarius recorded net foreign exchange losses of $20 million.   
 
The income tax benefit of $8 million includes $11 million movement in the deferred tax credit offset by $2 
million normal tax and $1 million withholding tax. 
 
The consolidated cash balance at period end was $83 million, a net decrease of $97 million for the 6 months. Net 
cash of $38 million was used in operations during the half-year.  The group paid $27 million to fund its capital 
expenditure program, $24 million for closure of currency contracts and $9 million in interest. 
 
Financials 
                                                     Aquarius Platinum Limited 
                                                  Consolidated Income Statement 
                                                 Half-Year ended 31 December 2012 
                                                               $000 
                                                                                      Half-Year Ended                    Year Ended 

                                                                   Note              31/12/12            31/12/11            30/06/12 

    Attributable Production (PGM Ounces)                                              156,787           215,453               411,398
    Revenue                                                          (i)              179,262            252,381              485,736
    Cost of sales (including D&A)                                   (ii)            (182,578)          (272,952)            (531,169)
    Gross loss                                                                        (3,316)           (20,571)             (45,433)
    Other income                                                                          106              1,108                2,076
    Administrative costs                                            (iii)             (7,218)            (7,394)             (11,950)
    Foreign exchange loss                                            (iv)            (20,309)           (91,289)             (95,001)
    Finance costs                                                     (v)            (15,887)           (17,583)             (34,674)
    Impairment losses                                                               (127,496)                  -              (3,983)
    Closure and transition costs                                                     (17,004)                  -                   - 
    Community share ownership trust                                                   (1,500)                  -                   - 
    Loss before income tax                                                          (192,624)          (135,729)            (188,965)
    Income tax benefit                                               (vi)               8,332             22,237              30,678
    Net loss for the period                                                          (184,292)         (113,492)            (158,287)
    Non-controlling interests                                                            (456)                 1                   - 
    Loss attributable to equity holders of                                                                          
    Aquarius Platinum Limited                                                        (183,836)         (113,493)            (158,287)
    Loss per share (basic - cents)                                                     (38.57)           (24.31)              (33.77) 
 
Notes on the Consolidated Income Statement 
    (i)     Revenue decreased as a result of lower production and a 3% decrease in the US Dollar PGM basket price compared 
            to the pcp. 
    (ii)    The 9% decrease in cost of sales on a unit cost basis reflects the closure of high costs mines Marikana and Everest. 
    (iii)   Relates to administration costs of the Aquarius Group inclusive of costs associated with business development 
            activities, legal and financial advisory expenses. 
    (iv)    Net foreign exchange (FX) loss includes a $24 million loss on currency contracts, as well as gains/losses on cash, 
            intercompany loans, pipeline debtors and sales adjustments due to the movement of the Dollar against other 
            currencies. 
    (v)     Finance costs include $9 million interest on convertible bonds and bank borrowings, $5 million of non-cash interest 
            arising from the unwinding of the equity portion of the convertible bond and $2 million in non-cash interest arising 
            from the unwinding of the net present value of the rehabilitation provisions of AQPSA. 
    (vi)    Income tax benefit includes an $11 million deferred tax credit offset by $2 million normal tax and $1 million 
            withholding tax. 
                                                                   
                                                     Aquarius Platinum Limited 
                                                 Consolidated Cash Flow Statement 
                                                 Half-year ended 31 December 2012 
                                                               $000 
 
 
                                                                                   Half-year ended                Year ended 
                                                              Note               31/12/12          31/12/11          30/06/12 

            Net operating cash (outflow)/inflow                 (i)                (38,465)          24,948            26,356
            Net investing cash outflow                         (ii)                (26,752)        (69,221)          (120,079)
            Net financing cash outflow                        (iii)                (36,275)        (34,350)           (34,525)
              Net decrease in cash held                                           (101,492)        (78,623)          (128,248)
              Opening cash balance                                                  180,088         328,083            328,083
              Exchange rate movement on cash                   (iv)                   4,734        (19,333)            (19,747)
              Closing cash balance                                                   83,330         230,127            180,088

  
Notes on the Consolidated Cash Flow Statement 
    (i)   Net operating cash flow includes a $182 million inflow from sales, closure and transition costs of $21 million, $199 
          million paid to suppliers, interest income of $3 million and income tax paid of $3 million. 
    (ii) Reflects payments for property, plant & equipment and mine development costs   
    (iii) Includes $24 million paid for closure of currency contract, $8 million interest paid and $4 million repayment of 
          borrowings 
    (iv) Reflects movement of other currencies against the Dollar. 
                                                                 
                                                   Aquarius Platinum Limited 
                                                   Consolidated Balance Sheet 
                                                     At 31 December 2012 
                                                             $000 
 
                                                                                  Half-year ended              Year ended 
                                                                     Note       31/12/12       31/12/11         30/06/12 
          Assets                                                                                                           
          Cash assets                                                             83,330        230,127         180,088 
          Current receivables                                         (i)         79,565         92,857           87,100 
          Other current assets                                        (ii)        51,104         47,452           44,258 
          Property, plant and equipment                              (iii)       286,134        273,635         276,195 
          Mining assets                                              (iv)        300,432        434,883         437,574 
          Other non-current assets                                    (v)         88,245         87,759           88,093 
          Intangibles                                                (vi)         73,755         90,560           87,882 

          Total assets                                                           962,565      1,257,273       1,201,190 
          Liabilities                                                                                                      
          Current liabilities                                        (vii)        91,341        105,634         113,466 
          Non-current payables                                       (viii)        4,280           5,368           4,204 
          Non-current interest-bearing liabilities                   (ix)        265,101        259,408         265,526 
          Other non-current liabilities                               (x)        128,190        177,836         141,349 

          Total liabilities                                                      488,912        548,246         524,545 
          Net assets                                                             473,653        709,027         676,645 
          Equity                                                                                                           
          Issued capital                                                          24,370         23,516           23,516 
          Unissued shares                                                                 -               -        2,436 
          Treasury shares                                                       (27,433)       (18,169)         (18,128) 
          Reserves                                                               714,937        712,797         722,734 
             Accumulated losses                                             (244,031)           (15,461)         (60,195) 
             Total equity attributable to equity holders                                                                  
                                                                       
             of Aquarius Platinum Limited                                      467,843            702,683         670,363 
             Non-controlling interests                             (xi)          5,810              6,344           6,282 

             Total equity                                                     473,653            709,027         676,645 
 
Notes on the Consolidated Balance Sheet 
     (i)    Reflects debtors receivable on PGM concentrate sales. 
     (ii)   Reflects PGM concentrate inventory, reef stockpiles and consumables stores. 
     (iii)  Represents plant and equipment within the Group. 
     (iv)   Mining assets relate to Kroondal, Marikana, Everest and Mimosa mine properties and mine development. 
     (v)    Includes the recoverable portion of rehabilitation provision from Anglo Platinum of $11 million, receivable from the 
            Reserve Bank of Zimbabwe (RBZ) of $28 million, receivable from outside shareholders of Blue Ridge and Shebas 
            Ridge of $25 million, investments in rehabilitation trusts of $18 million and investments held for resale of $3 
            million. 
     (vi) Includes intangibles relating to contract value acquired on the acquisition of equity interest in Platinum Mile 
            Resources (Pty) Ltd. 
     (vii) Includes creditors and other payables of $46 million, DBSA and IDC loans at Blue Ridge of $28 million, AQPSA 
            equipment leases of $6 million, Mimosa bank loans of $4 million and provisions of $6 million. 
     (viii) Includes rehabilitation obligations on P&SA1 and P&SA2 structures. 
     (ix) Includes convertible notes of $262 million and AQPSA equipment leases of $3 million. 
     (x) Includes deferred tax liabilities of $85 million and provision for closure costs of $43 million. 
     (xi) Minority interests reflects 8.3% outside equity interest of Platmile Resources (Pty) Ltd.  
 
Operating Review Summary (all numbers on 100% basis) 

This section contains summarised operating reviews of each of the Companys operations. Full operating 
statistics are provided on page 15 of this report.  In addition, further detail on each of the operations can be 
obtained from the quarterly and full-year reports released by the Company throughout the financial year 
available on the Companys website, www.aquariusplatinum.com. 
 
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum - 100%) 
 
P&SA 1 at Kroondal (Aquarius Platinum  50%) 
             12-month rolling average DIIR deteriorated to 1.39 per 200,000 man hours  
             Production increased by 6% to 3,137,000 tonnes 
             Head grade increased from 2.38 g/t to 2.45 g/t 
             Recoveries improved slightly to 80% 
             Volumes processed increased by 5% to 3,099,000 tonnes 
             Stockpiles at the end of the period totalled approximately 75,000 tonnes  
             PGM production increased by 11% to 194,598 PGM ounces 
             Revenue increased by 28% to R1,804 million due to improved production and basket price 
             Mining cash costs increased by 8% to R546 per tonne, and costs per PGM ounce by 3% to R8,688 
             Kroondals cash margin for the period increased from -6% to 6% 
 
Commentary 
Safety, Health and Environment 
No fatalities occurred at Kroondal Mine during the period under review.  The Disabling Injury Incident Rate 
deteriorated to 1.39 due mainly to the uncertainty around the owner operate transition.  Currently the total 
Kroondal Operation is standing at 1.2 million fatality-free shifts. 
 
Operations 
The transition from Contract mining to Owner Operate was successfully completed during the period. The mine 
production after the introduction and the implementation of the bolters and the change in the support regime 
has increased and trending to steady state levels.  
  
Although there were visits from the inspectorate the number of section 54 stoppages reduced significantly 
during the period in review with only two section 54 stoppages issued, one each at both Simunye and Kopaneng 
shafts during this period under review prompted by accidents that operations experienced.  
 
Some of the infrastructure improvement projects completed which have positively contributed to the increase in 
production include a bunker, conveyor belt infrastructure and raisebore holes to improve ventilation at various 
shafts. 
 
From an industrial relations perspective the period under review was an extremely difficult time across the 
entire Rustenburg region with all mines experiencing labour strikes in some form and significant levels of 
intimidation occurred throughout the period. The impact on the Kroondal shafts was far less than the 
surrounding mines due to the positive attitude shown by all our employees. 
 
That being said, employees working at Kwezi went on strike at the start of the period under review and more 
than 15 production days were lost in July. These employees were dismissed and workers from Marikana 4 shaft  
were transferred to Kwezi.  
Marikana:  As disclosed previously, as a result of current low Rand PGM basket prices, the mine and processing 
plant have been placed on care and maintenance until further notice. 
 
Everest: As disclosed previously, as a result of current low Rand PGM basket prices and unstable labour 
relations, the Everest mine has been placed on care and maintenance until further notice. 
 
AQPSA Operating costs per ounce (R) 
                      4E                           6E                              6E net of by-products 
                     (Pt+Pd+Rh+Au)                (Pt+Pd+Rh+Ir+Ru+Au)              (Ni&Cu) 
    Kroondal         8,688                         7,131                           6,995 
 
Capital expenditure (100% basis) 
                                                        Kroondal 
     (R000 unless otherwise stated)               Total     Per 4E oz 
    Ongoing Infrastructure Establishment        125,954             647 
    Project Capital (K6 shaft)                    99,013            509 
    Mobile Equipment                              96,384            495 
    Total                                       321,350           1,651 
 
Kroondal mine: reconciliation of cash costs per 4E ounce 
                                                               Cost per 4E 
                                                             ounce (Rand) 
                                                                  HY1 
    Total operating expenditure                                     10,633 
    Less:                                                                   
    Ongoing capital expenditure & mobile equipment                 (1,142) 
    Project capex (K6 shaft)                                         (509) 
    Transition costs                                                 (294) 
    On mine cash costs                                               8,688 
 
 
MIMOSA INVESTMENTS (Aquarius Platinum - 50%)  
 
Mimosa Platinum Mine 
        12-month rolling average DIIR deteriorated 0.16 per 200,000 man hours 
        Production increased by 4% to 1,231,000 tonnes 
        Head grade improved by 1% to 3.67 g/t 
        Recoveries remained static at 78% 
        Volumes processed increased by 4% to 1,192,000 tonnes 
        Stockpiles at the end of the period totalled approximately 123,191 tonnes   
        PGM production increased  by 5% to 109,093 PGM ounces 
        Revenue decreased by 13% to $127 million due to depressed metal prices  
        Mining cash costs increased by 18% to $79 per tonne and costs per PGM ounce by 17% to $863 
        Stay-in-business capital expenditure was $167 per PGM ounce for the period 
        Mimosas cash margin for the period fell from 46% to 16% due to depressed metal prices and increased 
         costs. 
 
Commentary 
 
Safety, Health and Environment 
No fatalities occurred at Mimosa during the period under review. The Disabling Injury Incidence Rate remained 
low and stable. 
 
Operations 
Mimosa continued to operate at capacity during the period under review, although some production disruption 
was caused in the latter months of the half-year by power outages as well as surface electrical breakdowns.  
 
Stay-in-business capital expenditure for the period amounted to $18 million. Expenditure was mainly incurred in 
mobile equipment, Drill Rigs and LHD, Conveyor belt extension, Down dip Development and Housing project. 
 
Operating Cash Costs 
The unacceptable 17% increase in unit costs at Mimosa was primarily the result of $1.3 million in surface rentals, 
consumable inventory write-down of $2.2 million, the rebuilding of stockpiles following the fire of $1.4 million 
and the increased usage of reagents of $1.0 million.  The stockpile rebuilding was completed in December and 
the reagents will be fully depleted by the end of the financial year.  Excluding the above items unit cost still rose 
by the expected 9% in line with inflation. 
 
 
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) 
 Mimosa            863                                816                               561 
 
Indigenisation and Economic Empowerment  
Discussions on indigenisation were concluded in December 2012 and this culminated in the signing of a term 
sheet on 14 December 2012.  The term sheet sets out the key details of the indigenisation plan and paves the 
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. 
 
TAILINGS OPERATIONS  
 
Platinum Mile (Aquarius Platinum  91.7%) (consolidated - 100% attributable) 
        Material processed decreased by 40% to 1,519 tonnes 
        Head grade increased by 35% to 0.69 g/t 
        Recoveries decreased by 19% to 13% 
        Production decreased by 28% to 4,619 PGM ounces  
        Cash costs decreased by 10% to R6,305 per PGM ounce 
        Revenue was R41 million for the period 
        The cash margin for the period was 29%, up from 16% in the previous period 
  
Commentary  
  
CTRP 
The operation remains on care and maintenance since 6 August 2012. 
  
Platinum Mile 
During the half-year the results were significantly impacted by strikes at Anglo Platinum in October and 
November.  For this reason the operation lost 13 production days in September and virtually the whole of 
October and November 2012.  The strikes continued into early December 2012 when production resumed to 
normal. Whilst the results for the half-year 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.   
  
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) 
CTRP                 9,658                          9,173                             9,020
Platinum Mile        6,305                          5,460                             4,889
 
Note: CTRP reported only for Q1 FY2013 

Please refer to www.aquariusplatinum.com for the Statistical information. 
                                                            
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.  
 

The limited guarantee and pledge provided to the BEE Partners' financiers was released in January 2013.  These 
shares are currently held as Treasury and neither Aquarius' BEE partners nor their financiers have any further 
recourse to these shares.  
 

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) to indigenous parties for 
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. 
 

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 will assume the role of Chairman of AQPSA from 
acting AQPSA Chairman Mr. Zwelakhe.  Mr Zwelakhe continues to serve as a non-executive director.  
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 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 
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                               58 Mounts Bay Road,                   Limited)  
London, EC2Y 9LY                                  Perth WA 6000                         1 Merchant Place  
Telephone: +44 (0) 20 3100 2000                   Telephone: +61 (0) 8 9488 1400        Cnr  Fredman Drive & Rivonia Road 
Bank of America Merrill Lynch                                                           Sandton 2196  
2 King Edward St                                                                        South Africa 
London, EC1A 1HQ                                                                         
   l h      44 (0)20 628 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)12 001 2001 
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 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                        
Jean Nel 
+ 27 (0)12 001 2001 
 
In Australia 
Willi Boehm 
+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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