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AQUARIUS PLATINUM LIMITED - Preliminary full year results to 30 June 2013

Release Date: 08/08/2013 08:00
Code(s): AQP     PDF:  
Wrap Text
Preliminary full year results to 30 June 2013

Aquarius Platinum Limited  
(Incorporated in Bermuda)  
Registration Number: EC26290  
Share Code JSE: AQP  
ISIN Code: BMG0440M1284  

PRELIMINARY FULL YEAR RESULTS TO 30 JUNE 2013 

Key Points: Financial     
-      Mine EBITDA increased by 145% to $70 million (FY2012: $29 million) 
-      Revenue decreased by 24% to $371 million (FY2012: $486 million)  
-      Headline loss (before exceptional charges) of $61 million (FY2012: headline loss $154 million) 
-      Reported net loss of $288 million (61.13 cents loss per share) after impairment losses of $226 million 
-      Group cash balance at FY close of $103 million 
-      No dividend declared 

Key Points: Operational 
-      Group attributable production, excluding operations on care and maintenance, increased by 13% to 
       325,103 PGM ounces for the full year 
-      US Dollar PGM price weakened by 6%, offset in South Africa by weaker Rand-US Dollar exchange rate 
-      Average Rand Basket Price up 7% year-on-year at just over R10,940 per PGM ounce due to Rand 
       weakness. 
-      Weighted average on-mine unit cash costs in South Africa decreased by 15% in Rand terms 

Key Points: Strategic 
-      Implementation of revised support system at Kroondal completed  
-      Move to Owner Operator model at Kroondal completed 
-      Focus on turnaround at Kroondal evidenced by improved operating results - Kroondal EBITDA up 12 fold 
       compared to pcp  
-      Kroondal mine life increased a further 3.5 years to 9.5 years following agreement with PSA1 partner 
       Amplats. 
-      All unprofitable operations have been placed on care and maintenance for the duration of the current 
       downturn 
    
Commenting on the results, Jean Nel, CEO of Aquarius Platinum said: 
The year under review was exceptionally challenging for Aquarius, a year in which we had to close loss-making 
mines, face disruptive industrial action, implement an owner-operator model at Kroondal and revise the hanging 
wall support regime. Further, we had to contend with on-going regulatory uncertainty in an environment in which 
metal prices continued to materially underperform consensus forecast.  
That said, we have learnt much during these difficult times and have emerged as a leaner and more focussed 
business, fully intent on continuing the positive momentum into the new year. As we expect the difficult operating 
conditions and low metal prices to continue in the new financial year, our focus will remain on improving 
operational performance and cash generation. 

Financial results: Year to 30 June 2013  
Aquarius consolidated result for the financial year ended 30 June 2013 was a loss of $288 million (61.13 cents 
per share) after an impairment charge of $226 million. On Mine EBITDA was $70 million, a 145% increase 
compared to the pcp. 

Headline Earnings, Profit & Production Comparison by Half Year & Full Year (FY 2013 & 2012) 
 

                                                     1st half   2nd half
                                                                              FY2013       FY2012     Movement 
                                                      FY 2013    FY 2013 
Headline earnings/(loss)                             ($56M)     ($5M)      ($61M)      ($154M)        $93M 
EBITDA                                                $22M       $48M       $70M         $29M         $41M 
Foreign exchange gain/(loss)                         ($20M)      $1M       ($19M)       ($95M)        $76M 
reliminary Full Year Results to 30 June 2013
Net loss after tax, before impairment                 ($57M)      ($5M)     ($62M)       ($154M)        $92M 
Impairment                                            ($127M)    ($99M)     ($226M)       ($4M)       ($222M) 
Net loss after impairment and tax                     ($184M)   ($104M)      ($288M)      ($158M)      ($130M) 
PGM ozs production  (mines in operation)              156,787    168,316    325,103      287,035       38,068 
Production  (mines on care & maintenance)                 -         -           -        124,363      (124,363) 
Total production                                      156,787    168,316    325,103      411,398      (86,295) 
 
Profitability at mine level (on-mine EBITDA) was $70 million, up 145% compared to $29 million in the pcp.  The 
financial year's result was one of two contrasting half years. The first six months saw an EBITDA of $22 million 
recorded in spite of significant challenges encountered including the closure of Marikana and Everest, the 
transition to owner operated mining at Kroondal and the implementation of the revised support system. These 
factors not only required Management time but also consumed cash. This resulted in a net operating cash 
outflow for the half year to December 2012 of $38 million. In contrast, the second half of the financial year was 
one of consolidation of the gains achieved in the first half. The second half returned an EBITDA of $48 million, a 
125% increase over the first six months due to higher production, lower operating costs and the conclusion of 
the issues referred to above. Net operating cash for the second six months was a net operating inflow of $60 
million, a $98 million turnaround. 
 
Revenue (PGM sales, interest) for the year was $371 million, down 24% from $486 million in the pcp. The 
decreased revenue was a result of lower production, down 86,295 PGM ounces from the pcp due to the closure 
of Everest and Marikana. Measured on a PGM ounce basis, revenue decreased to $1,230 per PGM ounce from 
$1,310 per PGM ounce in the pcp.   
 
Total cash cost of sales was $307 million, down $158 million due to lower production following the closure of 
high costs mines Everest and Marikana. On a per PGM ounce basis this represented a 19% decrease in Dollar 
terms (and 15% in Rand terms) as a result of the closure of high costs mines, increased efficiencies gained from 
the successful implementation of the revised support system and the change to owner operated mine at 
Kroondal. 
 
Group attributable production for the year was 325,103 PGM ounces, 21% lower compared to the pcp due to 
the closure of Everest and Marikana mines. Significantly, Aquarius continuing mines exceeded last years 
production. Kroondal recorded a 21% increase, Mimosa recorded a 3% increase and Platmile recorded a 1% 
decrease on a 100% basis. These were significant, particularly for Kroondal which was faced with a number of 
challenging issues and structural changes. 
 
Please refer to www.aquariusplatinum.com for the graph. 
           
Gross profit increased to $13 million from a gross loss of $45 million in the pcp, a $58 million turnaround due 
largely to the closure of high cost mines Everest and Marikana and improved operating performances across the 
group. 
 
Average unit cash costs were significantly lower compared to the pcp due to the closure of high cost mines 
Everest and Marikana and improved production from on-going mines. In Dollar terms, average unit cash costs 
were $912 per 4E ounce, down 19% compared to pcp. The average cash cost per PGM ounce at the South 
African operations decreased by 15% to R8,242, equivalent to $936 per PGM ounce at the average Rand 
exchange rate for the year. The decrease in US dollar terms was 25%, as a result of a weaker Rand relative to the 
Dollar during the year. A 13% increase in PGM production in South Africa from operational mines also 
contributed to lower unit costs as the ability to spread fix production costs increased. In Zimbabwe the cash cost 
per PGM ounce was $867, a 13% increase. Increases in cash costs were driven by inflationary factors affecting 
inputs such as labour, steel, diesel, surface lease fees and certain once-off expenses including an inventory write 
off and stockpile build up costs following the May 2012 fire. 
  reliminary Full Year Results to 30 June 2013
   
  Exchange rate movements continued to have a volatile effect on earnings.  The Rand weakened significantly over 
  the 2013 financial year, starting the year at R8.15 to the US Dollar and ending it at R10.00, a 23% fall. The 
  weakness in the Rand can be attributed in part to the expected tapering of Quantitative Easing that has been 
  proposed by Federal Reserve Chairman, Ben Bernanke. This saw an outflow of capital from emerging markets 
  and investors increasingly  looking towards the US economy as a possible investment destination. The other part 
  of the Rand weakness can be attributed to the structural problems in the South African economy. The labour 
  issues in the mining sector also added to negative investor sentiment. The Rand averaged R8.80 to the US Dollar 
  during the year, 14% weaker than the average of R7.74 recorded in the prior financial year.  
   
  During the year Aquarius recorded net foreign exchange losses of $19 million.  This comprised gains of $15 
  million on sales adjustments at EBITDA level offset by a FX loss of $24 million arising on the closure of a currency 
  contract taken out to fix the exchange rate covering the potential R1.2 billion purchase of Booysendal, and a FX 
  loss of $10 million on pipeline advances.   
   
  Financial Year 2013: Rand US Dollar Exchange Rate 
   
  Please refer to www.aquariusplatinum.com for the graph. 
   
  Corporate administration expenses of $13 million were comparable to the prior period. Finance costs for the 
  year of $31 million comprised $29 million on convertible notes and bank borrowings, and $2 million of non-cash 
  interest arising from the unwinding of the net present value of the rehabilitation provisions of AQPSA. 
  Amortisation and depreciation of $51 million was under budget in line with lower production.  
   
  Income tax benefit of $44 million comprises a $51 million deferred tax credit, offset by $4 million normal tax, $2 
  million withholding tax and $1 million royalties.  
       
  Group Financials by Operation  
   

                      Kroondal    Marikana       Everest       Mimosa        PMR        CTRP        Blue Ridge    Corporate       Total 

PGM ounces (4E) 
                        203,249             -            -       108,936      12,596        322                -            -      325,103 
(attributable) 
                                                                                                                       
          $M                                                                                                                                 

Revenue                    217             1            1           133          13             -             -            5          371 
Cost of Sales - 
mining, processing       (193)           (2)          (4)          (96)         (9)             -           (2)            -        (307) 
& admin 
Cost of Sales - 
depreciation &             (32)          (1)          (3)          (12)         (3)             -             -            -         (51) 
amortisation 
Gross profit/(loss)         (8)          (2)          (5)            25             -           -           (2)            5           13 
Corporate 
                               -            -            -                -          -           -             -         (13)         (13) 
administration 
Foreign exchange 
                             12             -            -                -          1           -             -         (32)         (19) 
gain/(loss) 
Finance costs                 -            -            -                -          -           -             -         (31)         (31) 

Impairment losses             -         (19)         (86)                -     (12)             -         (14)          (95)        (226) 
Closure and 
                             (3)         (41)         (10)                -          -           -             -            -         (55) 
transition costs 
Community share 
                               -            -            -           (1)             -           -             -            -          (1) 
ownership trust 
Profit before 
                               1         (62)        (101)            24        (11)             -         (16)         (166)        (332) 
income tax 
   
reliminary Full Year Results to 30 June 2013
Cash Balances 
Net operating cash flows for the year generated by the groups mining operations of $22 million were 
comparable to the pcp.  Other cash flows included $54 million for mine development, $15 million refund of 
deposit paid on the Booysendal acquisition, $14 million interest paid, $24 million foreign exchange loss on 
currency contract and $10 million repayment of borrowings. 
Group cash balance at 30 June 2013 was $103 million representing a decrease of $77 million over the pcp, but a 
significant increase from the $83 million at half year end on 31 December 2012.  

Group Debt 
Group interest bearing debt (excluding pipeline advances) at 30 June 2013 of $300 million comprised $268 
million convertible notes, $5 million AQPSA equipment leases and $27 million bank loans at subsidiary level.  

Impairment assessment of mines 
 
An impairment charge of $226 million against the carrying value of the Group's mining assets was charged to the 
income statement. This comprised $127 million that was written off in the half-year to December 2012 and a 
further $99 million written off in the half-year to June 2013. Of the $99 million written off in the second half, $86 
million relates to the Everest mine, $2 million to Platmile and $11 million to other mineral rights. 

A summary of the impairment charges is set out below: 
 
                                                                                
                                    1st half   2nd half 
     Asset                                                    FY2013          
                                    FY 2013    FY 2013 
     Afarak                         $84M             -       $84M           
     Everest                          -            $86M      $86M 
                                                                                                        
     Marikana                       $19M             -       $19M 
     Platmile                      $10M            $2M       $12M 
                                                                                                        
     Blue Ridge                    $13M              -       $13M 
     Other mineral rights           $1M            $11M      $12M                                   
     Total                         $127M           $99M      $226M 
                                                                                                        

                                                                 

                                               Aquarius Platinum Limited 
                                             Consolidated Income Statement 
                                                Year ended 30 June 2013 
                                                         $000 
                                                             
                                                                    Half year ended                Year ended 
                                                     Note 
                                                                30/06/13        31/12/12     30/06/13      30/06/12 
         Attributable Production (4E PGM ounces)                 168,316         156,787      325,103       411,398
                                         Revenue       (i)       191,286         179,262      370,548       485,736
                   Cost of Sales (including D&A)       (ii)    (175,232)       (182,578)    (357,810)     (531,169)
                             Gross profit/(loss)                  16,054         (3,316)       12,738      (45,433)
                                    Other income                     172             106          278         2,076
                            Administrative costs      (iii)      (5,706)         (7,218)     (12,924)      (11,950)
                           Foreign exchange loss       (iv)          863        (20,309)     (19,446)      (95,001)
                                   Finance costs       (v)      (14,930)        (15,887)     (30,817)      (34,674)

                               Impairment losses      (vi)       (98,470)      (127,496)    (225,966)       (3,983)
    Closure, transition and rehabilitation  costs    (vii)       (37,534)       (17,004)     (54,538)            -
     Community share ownership trust                                   -         (1,500)      (1,500)            -
                         Profit/(loss) before tax               (139,551)      (192,624)    (332,175)     (188,965)
                               Income tax benefit   (viii)         35,930          8,332       44,262        30,678
                                Net profit/(loss)               (103,621)      (184,292)    (287,913)      (158,287)
                   Loss per share (basic  cents)                 (22.56)        (38.57)      (61.13)        (33.77)

       Notes on the June 2013 Consolidated Income Statement 
       (i)         Sales revenue decrease reflects closure of Everest and Marikana mines and a low PGM basket price.  
       (ii)        Aggregate cost of sales was lower due to the closure of Everest and Marikana mines. Group cash costs in unit costs per PGM 
                   ounce decreased by 19% in Dollar terms. In South Africa unit costs per PGM ounce decreased 25% in Dollar terms and 15% in 
                   Rand terms due to a 14% average decrease in the value of the Rand compared to the Dollar. Decreased unit costs reflected 
                   the closure of high costs mines Everest and Marikana. 
       (iii)       Corporate administration costs are comparable to the prior period. 
       (iv)        Foreign exchange loss of $19 million includes a $24 million loss arising on the closure of a currency contract taken out to fix 
                   the exchange rate covering the potential R1.2 billion purchase of Booysendal, a $15 million gain on adjusting revenue 
                   recorded at time of production at Kroondal, Marikana and CTRP to realised receipts received at the end of the four month 
                   pipeline and a $10 million loss on pipeline advances. 
       (v)         Finance costs of $31 million comprised interest of $29 million on convertible notes and bank borrowings and $2 million of 
                   non-cash interest arising from the unwinding of the net present value of the rehabilitation provisions of AQPSA. 
       (vi)        Includes impairment charges for Everest, Marikana, Blue Ridge, Plat Mile and other mining rights. 
       (vii)       Includes $14 million Everest and Marikana closure costs, $4 million Kroondal transition costs from contractor to owner
                   operator and $37 million Marikana rehabilitation costs following a re-estimate of the rehabilitation liability. 
       (viii)      Income tax benefit of $44 million comprises $51 million deferred tax credit, offset by $4 million normal tax, $2 million 
                   withholding tax and $1 million royalties. 

 
                                                           Aquarius Platinum Limited 
                                                        Consolidated Cash flow Statement 
                                                            Year ended 30 June 2013 
                                                                      $000 
                                                                          

                                                                               Half year ended                 Financial year ended 
                                   
                                                             Note:           30/06/13      31/12/12          30/06/13          30/06/12 

    Net operating cash flow                                    (i)             60,384         (38,465)           21,919            22,270 
    Net investing cash flow                                   (ii)            (11,817)        (26,752)         (38,569)         (120,079) 
    Net financing cash flow                                   (iii)           (11,627)        (36,275)         (47,902)          (30,439) 

    Net increase/(decrease) in cash held                                       36,940        (101,492)         (64,552)         (128,248) 
    Opening cash balance                                                       83,330         180,088          180,088           328,083 
    Exchange rate movement on cash                            (iv)            (17,338)          4,734          (12,604)          (19,747) 
    Closing cash balance                                                      102,932          83,330          102,932           180,088 
 
    Notes on the June 2013 Consolidated Cash flow Statement 
     (i)       Net operating cash flow includes net inflow from operations $51 million, closure and transition costs $28 million, interest received 
               $6 million and income tax paid $8 million. 
     (ii)      Net investing cash flow includes payments for mine development and development costs $54 million and refund of deposit on 
               Booysendal acquisition $15 million. 
     (iii)     Net financing cash flow includes interest paid $14 million, foreign exchange loss on currency contract $24 million and repayment 
               of borrowings $10 million. 
     (iv)      Exchange rate movement reflects movement of other currencies against the US Dollar. 

 
                                             Aquarius Platinum Limited 
                                             Consolidated Balance Sheet 
                                                  At 30 June 2013 
                                                       $000 

                                                                                      Financial year ended 
                                     
                                                                                    30/06/13            30/06/12 
                                                                      Note: 
     Assets                                                               
     Cash assets                                                                       102,932             180,088 
     Current receivables                                               (i)               58,424             87,100 
     Other current assets                                              (ii)              41,254             44,258 
     Property, plant and equipment                                     (iii)           261,222             276,195 
     Mining assets                                                     (iv)            160,795             437,574 
     Other non-current assets                                          (v)               80,845             88,093 
     Intangibles                                                       (vi)              59,449             87,882 
     Total assets                                                                      764,921           1,201,190 
     Liabilities                                                                                                     
     Current liabilities                                              (vii)              78,037            113,466 
     Non-current payables                                             (viii)              7,121               4,204 
     Non-current interest-bearing liabilities                          (ix)            268,788             265,526 
     Other non-current liabilities                                     (x)             115,033             141,349 
     Total liabilities                                                                 468,979             524,545 
     Net assets                                                                        295,942             676,645 
     Equity                                                                                                          
     Issued capital                                                                      24,370             23,516 
     Unissued shares                                                                            -             2,436 
     Treasury shares                                                                   (26,526)            (18,128) 
     Reserves                                                                          639,854             722,734 
     Accumulated losses                                                              (347,402)             (60,195) 
     Non-controlling interests                                                            5,646               6,282 
     Total equity                                                                      295,942             676,645 
 
       Notes on the June 2013 Consolidated Balance Sheet 
       (i)          Reflects debtors receivable on PGM concentrate sales. 
       (ii)         Reflects PGM concentrate inventory, consumables, stores and critical spares. 
       (iii)        Represents fixed assets within the Group. 
       (iv)         Includes groups mining assets at Kroondal, Marikana, Mimosa, Everest, Blue Ridge, CTRP and Platmile. 
       (v)          Includes recoverable portion of rehabilitation provision at P&SA sites of $10 million, cash contributed to Rehabilitation 
                    Trusts of $17 million, listed investments of $3 million and $29 million owed by the RBZ to Mimosa relating to the 
                    previous requirements to repatriate US Dollar proceeds on metals sales to the RBZ. 
       (vi)         Includes intangibles relating to acquisition of Platmile Resources. 
       (vii)        Includes trade creditors $46 million and Blue Ridge bank loans $25 million, which is not guaranteed by Aquarius . 
       (viii)       Reflects P&SA partners right of recovery of rehabilitation provisions. 
       (ix)         Includes convertible notes of $268 million and AQPSA vehicle leases of $1 million.  
       (x)          Reflects deferred tax liabilities of $38 million and provision for closure costs of $77 million. 


OPERATING REVIEW 
This section contains summarised operating reviews of each of the Companys operations. Full operating 
statistics are provided on page 15 of this report, and other updates relevant to all operations can be found under 
Corporate Matters on page 14. In addition, further detail on each of the operations can be obtained from the 
reliminary Full Year Results to 30 June 2013
quarterly and half-yearly reports released by the Company throughout the 2013 financial year which are 
available on the Companys website, www.aquariusplatinum.com. 
 
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (AQPSA) (Aquarius Platinum - 100%) 
 
P&SA 1 at Kroondal (Aquarius Platinum  50%)  
-        12-month rolling average DIIR improved to 1.14  per 200,000 man hours from 1.20 the previous year 
-        Production improved by 17% to 6.6m tonnes 
-        Volumes processed increased to 6.6m tonnes 
-        Head grade increased to 2.41 g/t 
-        Recoveries increased by 1% to 79% due to improved quality and improve plant stability  
-        PGM production increased by 21% to 406,497 PGM ounces 
-        Revenue increased by 39% to R3.8 billion compared to the previous financial year due improved 
         production coupled with 6% improvement in the Rand basket price 
-        Mining cash costs decreased by 2% to R513 per tonne, and costs per PGM ounce by 5% to R8,343 
-        Kroondals cash margin for the period rose from -6% to 12% 
 
Commentary  Kroondal  
 
Safety, Health and Environment 
The Kroondal operations ended the year with slightly better DIIR compared to last year. The main contributor on 
safety has been low energy incidents that were encountered and were generally behaviour based. Another 
potential contributor was that employees mind set were affected by the recurring industrial actions in the 
surrounding area.  
 
Regrettably, one fatality occurred at Kroondal during the year when a Rock Drill Operator Mr. Raohang 
Ramakhetha  employed by Precrete, was struck by a fall of ground during the drilling operations of long anchor 
support. 
 
Operations 
Kroondal operations started the financial year being disrupted by the industrial action at Kwezi shaft which was 
an extension of labour unrest in the area. Subsequently industrial relations at Kroondal have improved 
significantly and Kroondal continues to improve quarter by quarter after this unfortunate incident. 
 
During the year Kroondal operations completed the roll out of the revised support regime on all shafts with the 
exception of Bambanani shaft. This shaft will be completed during the 2014 financial year once equipment 
deliveries are completed.  
 
The transition from contractor to owner operator was also completed this year on time and below budget. 
Encouragingly, employees have accepted the transition which is evidenced by the positive labour relations 
environment that prevailed at Kroondal during the time where the Rustenburg region underwent some of the 
worst industrial unrest the region has ever seen.  
 
In June 2013 AQPSA also concluded one year wage agreements with its work force at Kroondal agreeing an 
increase slightly above inflation (6%) without the loss of a single production shift, a result which the Kroondal 
work force and the company is rightfully proud.  
 
Operating Cash Costs 
Cash costs at Kroondal improved by 5% to R8,343 per 4E ounce mainly as a result of the increased volumes. 
 
AQPSA Operating costs per ounce (R/oz) 
                                 4E                              6E                     6E net of by-products 
                         (Pt+Pd+Rh+Au)               (Pt+Pd+Rh+Ir+Ru+Au)                      (Ni&Cu) 
 Kroondal                     8,343                           6,851                            6,700 
 
AQPSA Capital expenditure 

Stay-in-business capital expenditure was in line with the mine plan and mobile equipment replacement 
schedule. The K6 Shaft project cost was approximately R172m for FY2013 and will require a further R88 million 
to complete the whole project in FY2014. 
 
                                                 Kroondal (100% basis) 
  (R000 unless otherwise stated)                 Total    Per 4E oz 
 Ongoing Infrastructure Establishment            227,861            561 
 Project Capital (K6 shaft)                      172,579            425 
 Mobile Equipment                                142,295            350 
 Total                                           542,735          1,336 
 
P&SA2 at Marikana (Aquarius Platinum  50%)  
Given the continuing low Rand PGM basket prices, Marikana 4 shaft (the remaining operating shaft) and the 
processing plant at Marikana continue on care and maintenance until further notice. 
 
Everest Mine 
Similarly the Everest mine remains on care and maintenance until further notice.  
 
 
MIMOSA INVESTMENTS (Aquarius Platinum - 50%) 
 
Mimosa Platinum Mine 
-        12-month rolling average DIIR improved to 0.05 per 200,000 man hours from 0.24 in the previous year 
-        Production increased by 7% to 2.412m tonnes 
-        Volumes processed increased by 2% to 2.381m tonnes 
-        Head grade improved slightly to 3.66g/t 
-        Recoveries increased slightly to 78% 
-        PGM production increased by 3% to 217,871 PGM ounces 
-        Revenue decreased by 7% to $266 million due to depressed metal prices 
-        Mining cash costs increased by 13% to $79 per tonne, PGM ounce cost increased by 13% to $867 
-        Mimosas cash margin for the period decreased to 26% from 46% 
 
Commentary 
 
Safety, Health and Environment 
No fatalities occurred at Mimosa during the year. Two lost-time injuries were reported with a commensurate 
improvement in the DIIR. 
 
Operations 
The Mimosa mine operated very well during the year, meeting most of its production targets. However, the 
Zimbabwean political and regulatory environment remained challenging for all mining companies operating in 
the country.  
 
Discussions covering the draft minerals policy at Chamber of Mines level are ongoing. 
 
Indigenisation  
A non-binding Indigenisation term sheet was signed on 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. No progress has been made beyond the term sheet signed and discussions on the 
way forward  are still in progress. 
 
Taxation 
The proposed new Income Tax Bill was gazetted in November 2012. The bill was presented to Parliament for the 
first reading in May 2013. It passed the second and third reading in Parliament on 25 June 2013 after 
amendments from all relevant stakeholders. The new bill is expected to become law effective 1 January 2014 
once signed by the President.  

 
The income tax rate has remained at 25% of taxable income, and withholding tax on technical fees and dividends 
at 15% and 10% respectively. 
 
Operating Cash Costs 
Operating costs increased by 13% from the pcp as a result of: 
     - increased labour costs 
     - increased surface rental fees of $1.3 million 
     - stockpile build up costs following the fire that occurred in May 2012 of $1.4 million 
     - above budget consumption of chemicals and reagents due to variability challenges in the quality of the 
         fine depressant, $1.2 million 
     - certain one off costs, including inventory write-off ($2.2 million) 
 
Cash costs increased by 1% in the second half of the year to $870 per PGM ounce from $864 per PGM ounce in 
the first half despite the annual wage increase of 7.5% becoming effective in January 2013. 
 
Operating cash costs per ounce ($/oz) 
                                  4E                              6E                   4E net of by-products 
   
                            (Pt+Pd+Rh+Au)               (Pt+Pd+Rh+Ir+Ru+Au)                 (Ni, Cu & Co) 
    Mimosa                   867                            819                            537 
 
Capital expenditure 
Stay In Business Capital expenditure at Mimosa was $32 million ($148 per PGM ounce), spent mainly on mobile 
equipment, drill rigs and LHDs, the conveyor belt extension, down dip development and housing projects. 
 
TAILINGS OPERATIONS  
Platinum Mile (Aquarius Platinum  91.7%) 
-        Material processed decreased by 28% to 3.446m tonnes 
-        Recoveries decreased by 13% to 14% 
-        Production decreased by 1% to 12,596 PGM ounces  
-        Cash costs increased by 2% to R6,606 per PGM ounce. 
-        Revenue increased by 18% to R118 million for the financial year 
-        The cash margin for the period was 25%, an increase from 13% the previous year 
 
Commentary 
 
Platinum Mile:  
The improved cash margin for the year was as a result of improved Rand basket prices and continuous focus and 
improvement of the fine grinding circuits at the operation. 
 
The coarse grinding expansion at the operation is progressing within budget and should come into operation in 
the first quarter of 2014. The grinding expansion should yield an additional approximately 480 PGM ounces per 
month and the total capital cost for this expansion is expected to be around R20 million.  

Operating cash costs per ounce (R/oz) 
                              4E                         6E                    4E net of by-products 
 
                        (Pt+Pd+Rh+Au)            (Pt+Pd+Rh+Ir+Ru+Au)               (Ni, Cu& Co) 
PMR                        6,606                        5,716                          5,145 
 
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%) 
This operation remains on care and maintenance. 
 
CORPORATE MATTERS 
Issue of Shares to Support Black Economic Empowerment (BEE) Partners 

On 4 October 2012 the Company provided a limited guarantee and pledge to assist in preserving the black 
economic empowerment (BEE) credentials of Aquarius. This limited guarantee and pledge was released in 
January 2013. Following the decrease in the Aquarius share price during the second half of the financial year, 
Aquarius agreed to reinstate the limited guarantee and pledge provided to the BEE Partners' financiers for 10.2 
million shares on identical terms and conditions. The Board of Aquarius considers that it is 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. 

Booysendal Sale of Rights Agreement Lapses 
The Company advised that the Sale Agreement concerning rights at Booysendal South entered into with 
Northam Platinum Limited and its subsidiaries lapsed. The condition precedent that Section 102 approval be 
granted by the Department of Mineral Resources prior to close of business on 30 April 2013 had not been 
fulfilled. 
 
Extension of the Kroondal PSA 
The Company reached agreement with a wholly owned subsidiary of Anglo American Platinum (Amplats) to 
extend the Kroondal PSA arrangement.  The agreement increases Kroondal's life-of-mine by 3 years from 6.5 
years to 9.5 years. 
 
Wage agreements reached at Kroondal 
Aquarius' wholly owned subsidiary, Aquarius Platinum (South Africa) (Proprietary) Limited concluded a wage 
agreement with the National Union of Mineworkers in relation to its members employed at the Kroondal mine. 
AQPSA also reached a wage agreement with Solidarity representing Kroondal's Cat A, skilled workforce.  Both 
agreements came into effect from 1 July 2013 and will remain in place for one year.  
 
The successful conclusion of the wage agreement is a significant positive development for the company, 
particularly in the difficult environment the platinum sector is currently experiencing. AQPSA is extremely proud 
of its workforce which continued to work uninterruptedly to maintain its operating performance throughout the 
negotiation process. 
 
Mimosa Equity accounting FY2014 
Following a change to the International Financial Reporting Standards 11 (IFRS11) governing the accounting for 
jointly controlled investments, Aquarius has commenced accounting for its investment in Mimosa and Ridge as 
an investment in an associate under the equity accounting method from 1 July 2013. This differs from the 
present approach whereby Aquarius proportionately consolidates its investment in Mimosa and Ridge. The 
equity method recognises the Groups share of net assets and contribution to profit and loss as single line items 
in the statement of financial position and statement of comprehensive income. This differs from the previous 
approach which included each line item such as revenue, cost of sales, expenses etc as part of the consolidated 
results.  This change will not result in a change to the net assets of the Group.  
 
Whilst Aquarius after tax result remains identical under both reporting formats, it is important to note that 
Aquarius reported cash position from July 2013 will now only reflect cash from controlled entities and will no 
longer include cash held in associate companies such as Mimosa and Ridge. Aquarius net investment in Mimosa 
and Ridge will be disclosed in the balance sheet as Investment in associates.  
 
More information on all the corporate matters can be found at www.aquariusplatinum.com 
 
Please refer to www.aquariusplatinum.com for the Statistical information. 


                                                  Aquarius Platinum Limited 
                                                   Incorporated in Bermuda 
Exempt company number 26290 
 
Board of Directors 
Nicholas Sibley                        Non-executive Chairman 

Jean Nel                               Chief Executive Officer 
David Dix                              Non-executive 
Tim Freshwater                         Non-executive (Senior Independent Director) 
Edward Haslam                          Non-executive 
Kofi Morna                             Non-executive 
Zwelakhe Mankazana                     Non-executive 
Sonja de Bruin Sebotsa                 Non-executive       
 
Audit/Risk Committee 
David Dix (Chairman) 
Edward Haslam 
Tim Freshwater 
Kofi Morna 
Nicholas Sibley 
 
Remuneration/Succession Planning Committee 
Edward Haslam (Chairman) 
David Dix 
Zwelakhe Mankazana 
Nicholas Sibley 
 
Nomination Committee 
Sonja de Bruin Sebotsa (Chairman) 
Edward Haslam 
Tim Freshwater 
Kofi Morna 
Willi Boehm 
 
Company Secretary 
Willi Boehm 
 
AQPSA Management 
Sonja de Bruin Sebotsa             Non-executive Chairman 
Robert Schroder                   Managing Director 
Jean Nel                         Executive Director 
Graham Ferreira                   Finance Director 
Wessel Phumo                      General Manager: Kroondal 
 
Mimosa Mine Management 
Winston Chitando                  Chairman 
Herbert Mashanyare                 Technical Director 
Peter Chimboza                    Resident Director 
Fungai Makoni                     General Manager Finance & Company Secretary 
 
Platinum Mile Management 
Richard Atkinson                  Managing Director 
Paul Swart                        Financial Director 
 
Issued Capital  
At 30 June 2013, the Company had on issue: 486,851,336 fully paid common shares and 120,000 unlisted options.    
 
Substantial Shareholders 30 June 2013                              Number of Shares           Percentage 
HSBC Custody Nominees (Australia) Limited                            30,192,061                   6.20 
Chase Nominees Limited                                                  29,419,456                  6.04 
JP Morgan Nominees Australia Limited                                    25,631,711                  5.26 
 
 
Main Listing:          Australian Securities Exchange (AQP.AX)   Trading Information 
Secondary 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 Limited) 
25 Ropemaker Street,                        58 Mounts Bay Road,                   1 Merchant Place  
London, EC2Y 9LY                            Perth WA 6000                         Cnr of Rivonia Rd & Fredman Drive, 
Telephone: +44 (0) 20 3100 2000             Telephone: +61 (0) 8 9488 1400        Sandton 2196  
Barclays                                                                          Johannesburg South Africa 
5 The North Colonnade                                                              
Canary Wharf                                                                       
London E14 4BB                                                                     
 

Aquarius Platinum (South Africa) (Proprietary) Ltd 
100% owned  
(Incorporated in the Republic of South Africa) 
Registration Number 2000/000341/07 
 
1st Floor, Block C, Rosebank Office Park, 181 Jan Smuts Avenue, Rosebank, South Africa 
Postal Address:        PO Box 7840, Centurion, 0046, South Africa 
Telephone:             +27 (0) 10 001 2848 
Facsimile:             +27 (0) 12 001 2070 
 
Aquarius Platinum Corporate Services Pty Ltd 
100% Owned 
(Incorporated in Australia) 
ACN 094 425 555 
 
Level 4, Suite 5, South Shore Centre, 85 The Esplanade, South Perth WA 6151, Australia 
Postal Address:        PO Box 485, South Perth WA 6951, Australia 
Telephone:             +61 (0) 8 9367 5211 
Facsimile:             +61 (0) 8 9367 5233 
Email:                 info@aquariusplatinum.com 
 
For further information please visit www.aquariusplatinum.com or contact: 
 
In the United Kingdom and South Africa:                            In Australia: 
Jean Nel                                                           Willi Boehm 
+27 (0) 10 001 2848                                                +61 (0) 8 9367 5211 
                                                                     
 
Glossary 
 A$                       Australian Dollar 
Aquarius or AQP           Aquarius Platinum Limited 
APS                       Aquarius Platinum Corporate Services Pty Ltd 
AQPSA                     Aquarius Platinum (South Africa) (Pty) Ltd 
ACS(SA)                   Aquarius Platinum (SA) Corporate Services (Pty) Ltd 
BEE                       Black Economic Empowerment 
BRPM                      Blue Ridge Platinum Mine 
CTRP                      Chrome Tailings Retreatment Operation. Consortium comprising Aquarius Platinum (SA) 
                          (Corporate Services) (Pty) Limited (ASACS), Ivanhoe Nickel and Platinum Limited and Sylvania 
                          South Africa (Pty) Ltd (SLVSA). 
DIFR                      Disabling injury frequency rate, being the number of lost-time injuries expressed as a rate per 
                          1,000,000 man-hours worked 
DIIR                      Disabling injury incidence rate, being the number of lost-time injuries expressed as a rate per 
                          200,000 man-hours worked 
DME                       formerly South African Government Department of Minerals and Energy  
DMR                       South African Government Department of Mineral Resources, formerly the DME 
Dollar or $               United States Dollar 
Everest                   Everest Platinum Mine 
Great Dyke Reef           A PGE-bearing layer within the Great Dyke Complex in Zimbabwe 
GoZ                       Government of Zimbabwe 
g/t                       Grams per tonne, measurement unit of grade (1g/t = 1 part per million) 
JORC code                 Australasian code for reporting of Mineral Resources and Ore Reserves 
JSE                       Johannesburg Stock Exchange 
Kroondal                  Kroondal Platinum Mine or P&SA1 at Kroondal 
LHD                       Load haul dump machine 
LTIFR                     Lost Time Injury Frequency Rate 
Marikana                  Marikana Platinum Mine or P&SA2 at Marikana 
Mimosa                    Mimosa Mining Company (Private) Limited 
NUM                       National Union of Mineworkers 
nm                        Not measured 
pcp                       previous corresponding period 
PGE(s) (6E)               Platinum group elements plus gold. Five metallic elements commonly found together which 
                         constitute the platinoids (excluding Os (osmium)). These are Pt (platinum), Pd (palladium), Rh 
                         (rhodium), Ru (ruthenium), Ir (iridium) plus Au (gold) 
PGM(s) (4E)               Platinum group metals plus gold. Aquarius reports PGMs as comprising Pt+Pd+Rh plus Au (gold) 
                         with Pt, Pd and Rh being the most economic platinoids in the UG2 Reef 
PlatMile                 Platinum Mile Resources (Pty) Ltd 
PSA1                     Pooling & Sharing Agreement between AQPSA and RPM Ltd on Kroondal 
PSA2                     Pooling & Sharing Agreement between AQPSA and RPM Ltd on Marikana 
R or Rand                South African Rand 
Ridge                    Ridge Mining Limited 
ROM                      Run of mine. The ore from mining which is fed to the concentrator plant. This is usually a 
                         mixture of UG2 ore and waste. 
RPM Limited              Rustenburg Platinum Mines Limited, a subsidiary of Anglo Platinum Limited 
Tonne                    1 metric tonne (1,000kg) 
TARP                     Trigger Action Response Procedure 
UG2 Reef                 A PGE-bearing chromite layer within the Critical Zone of the Bushveld Complex  
 
8 August 2013 

Date: 08/08/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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