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AQUARIUS PLATINUM LIMITED - Preliminary full year results to 30 June 2014

Release Date: 07/08/2014 08:04
Code(s): AQP     PDF:  
Wrap Text
Preliminary full year results to 30 June 2014

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

Preliminary Full Year Results to 30 June 2014 

Key Points: Financial            
 -       Significantly strengthened balance sheet following conclusion of rights issue and repurchase of bonds, leaving AQP in a 
         net cash position 
 -       $62 million improvement in headline earnings performance 
 -       Revenue marginally down by 2% to $233 million on lower prices (FY2013: $237 million) 
 -       Group mine EBITDA marginally down to $30 million (FY2013: $35 million) due to lower prices and lower production at 
         PlatMile tailings retreatment 
 -       Share of profit from JV entities: EBITDA $33 million, contributing net profit $5 million 
 -       Headline loss (before exceptional charges) of $11 million at 1.13 cents per share (FY2013: loss of $73 million at 8.80 
         cents per share) 
 -       Profit on repurchase of bonds $11 million  
 -       Accounting net loss after tax (to IFRS) of $13 million (1.38 cents per share) (FY2013: loss of $288 million at 34.55 cents 
         per share) 
 -       Mine operating net cash flow increased by $42 million to a $21 million inflow (FY2013: outflow of $20 million)  
 -       Group cash balance at 30 June 2014 of $137 million, with a further $8 million attributable to Aquarius held in JV entities 

Key Points: Operational 
 -       Significant improvement in Kroondal’s safety performance with LTIFR improving from 1.14 in FY2013 to 0.73 in FY2014 
 -       Mimosa’s LTIFR of 0.08 makes it the safest underground Platinum mine in Southern Africa  
 -       Group attributable production increased by 2% to 331,642 PGM ounces (FY2013: 325,103 PGM ounces) 
              -    Kroondal consistently producing at capacity levels with 6 consecutive quarters above guidance 
              -    Kroondal annual production at highest level since 2008 at in excess of 430,000 PGM ounces  
              -    Mimosa performed strongly again, continuing to produce at capacity but impacted by a low PGM Dollar price, 
                   with cash costs up 1% compared to the previous corresponding period (pcp) 
              -    Mimosa Q4 production of >60,000 PGM ounces represents the highest ever quarterly production by Mimosa 
              -    Mimosa voluntary retrenchment process completed, costs reduced by 5%  
 -       The average US Dollar PGM basket price of $1,164 was 5% lower compared to the pcp 
 -       The average Rand basket price increased by 11% compared to the pcp due to a weaker Rand 
 -       The Rand weakened by 18% on average against the US Dollar compared to the pcp 
 -       On-mine unit cash costs at Kroondal from mature shafts increased by 3% in Rand terms compared to the pcp and by 9% 
         if the development shaft K6 is included in FY2014 costs 

Key Points: Strategic 
 -       Kroondal concluded 3 year wage agreements with representing unions at a cost slightly above inflation measured by 
         CPI 
 -       Mimosa wage costs increased by 2%  
 -       The implementation of the disposal of non-core assets announced in January 2014 is on track 
 -       Agreed another extension of the Kroondal PSA by a further 4.8 million tonnes. 
      
      
Commenting on the results, Jean Nel, CEO of Aquarius Platinum, said: 

"The 2014 financial year was a year in which Aquarius delivered on its objectives.  

Safety, production and cost performance at both Kroondal and Mimosa improved substantially. Kroondal produced in excess 
of 430,000 PGM ounces for the first time since 2008, whilst at the same time improving its safety performance substantially. 
Also of significance is the 3 year wage agreement concluded after year-end, once again, without any operational 
interruptions. Credit for Kroondal’s exceptional performance goes to the operational management team lead by Rob Schroder 
and Wessel Phumo. 
 
Mimosa continues to deliver safety, production and cost performances ahead of guidance and is well positioned to continue 
delivery in 2015.  Following the implementation of the voluntary retrenchment program at Mimosa unit cost performance is 
set to continue to improve sustainably. Again credit for an excellent performance is due to the Mimosa operational team lead 
by Winston Chitando and Peter Chamboza. 
 
At corporate level, with overwhelming support from shareholders, AQP completed the rights offer and bond tender offer 
resulting in a substantially strengthened balance sheet, with net cash, even before the potential cash inflow from the sale of 
non-core assets. 
 
Whilst the year under review was a difficult year with the Platinum mining sectors’ challenges well published, Aquarius is 
proudly of a view that significant progress was made in improving the quality of its operations and its balance sheet. These 
improvements, combined with the recently increased metal prices positions the company to generate free cash for 
shareholders, which as we have noted in the past, has been a neglected stakeholder. Against this backdrop Aquarius’ focus 
will remain resolutely on continuing to improve safety, production and cost performances across the Group, whilst carefully 
assessing selected growth opportunities." 
 
Financial results: Year to 30 June 2014 
Aquarius has commenced accounting for its investments in Mimosa and Blue Ridge using the equity accounting 
method from 1 July 2013 
 
Aquarius’ consolidated result for the year ended 30 June 2014 was a loss of $13 million (1.38 cents per share).  
Profitability at mine level (on-mine EBITDA) was $30 million, down 14% compared to $35 million in the pcp due 
to the impact of strikes on PlatMile's operations as well as the inclusion of the development shaft at Kroondal, 
K6, in operations for the first time in 2014.  The result reflects continued improvement of operational 
performance at all operating mines, be it in a difficult and lower PGM price environment. Total production from 
all Aquarius operations was 331,642 PGM ounces, representing a 2% increase compared to pcp, despite the 
effect of the strike action at Anglo Platinum on PlatMile’s production.      
 
Profit & Production Summary 
                               Aquarius     JV entities   Total    Consolidation     Aquarius 
                               operations                          adjustment        Group 
Mine EBITDA                    $30M         $33M          $63M     ($33M)            $30M 
Revenue                        $233M        $131M         $364M    ($131M)           $233M 
Cost of sales                 ($231M)      ($110M)       ($341M)    $110M            ($231M) 
Net profit/(loss) after tax   ($18M)        $5M          ($13M)     -                ($13M) 
PGM ozs production            220,961       110,681      331,642    -                331,642 

Revenue (PGM sales, interest) for the year was $233 million, 2% lower compared to the pcp due to lower PGM 
metal prices and the effect that the Anglo Platinum strike action had on PlatMile. The PGM basket price 
achieved for the year was $1,164 per PGM ounce, down 5% from the pcp.  Gross margins improved at Kroondal 
on higher production and a weaker Rand but margins were lower at Mimosa due to lower Dollar PGM basket 
prices.  
 
Total cash cost of production was $202 million, down $7 million despite a 2% increase in production at Kroondal 
and PlatMile. Significantly, Kroondal recorded its seventh consecutive +100,000 PGM ounce production quarter, 
a record for the mine. This is particularly pleasing given the ongoing difficulties prevailing in the sector. 
 
On a per PGM ounce basis Dollar unit costs in South Africa decreased 7% to $870 but increased 9% in Rand 
terms due to the inclusion of Kroondal’s K6 development shaft in operations for the first time. The unit cost for 
the mature Kroondal shafts increased by only 3%. In Zimbabwe the cash cost per PGM ounce was $878, a 1% 
increase inclusive of completing a voluntary labour rationalisation program at a once off cost of $5.5 million. 
Operating costs were well within inflationary targets and will continue to be a point of focus particularly in the 
ongoing low metal price environment. 
 
Exchange rate movements continued to have a volatile effect on earnings. The Rand weakened significantly to 
average R10.37 to the US Dollar compared to R8.80 in the pcp. During the year Aquarius recorded net foreign 
exchange gains of $2 million comprising gains on sales adjustments and revaluation of cash, intercompany loans 
and pipeline debtors. 
 
Administration costs of $7 million were substantially lower following cost reduction initiatives implemented.  
Depreciation and amortisation for the year of $29 million was lower despite increased production due to an 
increased resource base resulting from the extension of mine life of PSA1 at Kroondal.  
        
Finance costs included $22 million on convertible bonds (of which $10 million was non cash representing the 
accretion of interest on the convertible bond), $5 million of non-cash interest arising from the unwinding of the 
net present value of the rehabilitation provisions of AQPSA and $1 million of other costs. 
         
Income tax expense of $0.5 million includes normal tax, deferred tax and royalties. 
                    
Group Financials by Operation    
                                                                                                              Reconciliation 
                                                                                                              to 
                           Kroondal   Marikana   Everest   Mimosa     PMR    Blue     Corporate   Total       Consolidated      Consolidated
                                                                             Ridge                            Information 
                                                                                                                          
PGM ounces (4E)
(attributable)             215,371    -          -         110,681    5,590   -        -          331,642      -                  - 

$M                                                                                                                                  
Revenue                    222        1          1         131        5       -        4          364         (131)              233 
Cost of Sales - 
mining, processing        (189)      (2)        (6)        (96)      (5)     (1)       -          (299)        97               (202) 
& admin 
Cost of Sales - 
depreciation &            (24)        -         (2)        (13)      (2)      -        -          (42)         13               (29) 
amortisation 
Gross profit/(loss)       9          (2)        (7)         22       (2)     (1)       4           23         (21)               2 
Administrative costs      -           -          -          -         -       -       (7)         (7)          -                (7) 
Foreign exchange          4           -          -          -         -       -       (2)          2           -                 2 
gain/(loss) 
Finance costs             -           -          -          -         -       -       (32)        (32)         4                (28) 
Impairment losses         -           -          -          -         -       -       (3)         (3)          -                (3) 
Profit on repurchase      -           -          -          -         -       -        11          11          -                11 
of bonds 
Profit on sale of         -           -          -          -         -       -        1           1           -                1 
assets 
Closure, transition 
and rehabilitation       (3)          9        (1)           -        -       -        -           5           -                5 
costs 
Community share           -           -         -          (0.5)      -       -        -          (0.5)       0.5               - 
ownership trust 
Indigenisation costs      -           -         -          (2)        -       -        -          (2)         2                 - 
Share of profit from 
joint venture             -           -         -          -          -       -        -          -           5                 5 
entities 
Profit before             10          7        (7)         19        (2)     (1)       (29)       (3)         (9)             (13) 
income tax 
                      
* In the consolidated financial statements the Mimosa and Blue Ridge operating segments are accounted
for using the equity method. The column titled "Reconciliation to Consolidated Information" provides a
reconciliation of the segment information used by the CEO to the consolidated financial information.
        
         
Cash balances 
Group cash at 30 June 2014 was $137 million, up $59 million from June 2013. The increase in cash was mainly 
attributable to $226 million proceeds from the rights issue to fund the repurchase of convertible bonds with a 
nominal value of $173 million at a cost of $162 million.  In addition to this, the group paid $28 million to fund its 
capital expenditure program, paid $13 million in interest and received $22 million of dividends from Mimosa.  
        
A key indicator to the improved performance of Aquarius' South African assets is the $41 million turnaround in 
net cash flows from operating activities from a deficit of $20 million in the pcp to a surplus of $21 million in 
FY2014.   
 
Cash held at Mimosa and Blue Ridge which is no longer classified as group cash due to the adoption of equity 
accounting was $16 million (100% basis).  
 
Joint venture entities 
Mimosa Investments Limited 
Mimosa recorded an EBITDA profit attributable to Aquarius of $34 million and a net profit before tax of $10 
million. The result was achieved on production of 110,681 PGM ounces attributable to Aquarius. Despite 
consistent production, EBITDA was lower than expected due to lower Dollar metal prices as well as labour 
retrenchment costs of $5.5 million. Unlike Kroondal which benefits when the Rand weakens against the Dollar, 
Mimosa has no such relief. Mimosa's PGM basket price for the year was $1,133 per PGM ounce, 6% lower 
compared to the pcp. Unit cash costs for the year were 1% higher at $878 per PGM ounce, inclusive of labour 
retrenchment costs of $5.5 million. 
 
Cash held in Mimosa at 30 June 2014 was $14 million (100%).  
 
Mimosa's financial result is provided in the Group Financials table on page 4 and its operational performance is 
discussed under the Operating Review section of this announcement. 
 
Blue Ridge Platinum (Pty) Ltd  
Blue Ridge recorded a net loss after tax of $5 million. The result reflects care and maintenance and interest costs 
for the year.  
 
Adoption of IFRS 11 Joint Arrangements 
Following a change to International Financial Reporting Standard 11 (IFRS11) governing the accounting for jointly 
controlled investments, Aquarius has commenced accounting for its investments in Mimosa and Blue Ridge 
using the equity accounting method from 1 July 2013. This differs from the previous approach whereby Aquarius 
proportionately consolidated its investments in Mimosa and Ridge. The equity method recognises the Group’s 
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 has not resulted in a 
change to the net assets of the Group.  

                                                  Aquarius Platinum Limited 
                                               Consolidated Income Statement 
                                                  Year ended 30 June 2014 
                                                           $’000 
                                                               
                                                                             Half year ended                   Year ended 
                                                               Note 
                                                                          30/06/14        31/12/13       30/06/14       30/06/13 
                 Attributable Production (4E PGM ounces)                   163,628         168,014        331,642        325,103
                                                Revenue       (i)          119,883         113,173        233,056        237,115
                           Cost of Sales (including D&A)     (ii)        (110,407)       (120,751)       (231,158)      (248,726)
                                     Gross profit/(loss)                     9,476         (7,578)          1,898        (11,611)
                                            Other income                       102              72            174            278
                                    Administrative costs    (iii)          (3,017)         (4,336)         (7,353)       (12,368)
                            Foreign exchange gain/(loss)     (iv)            (888)           2,731          1,843        (19,323)
                                           Finance costs      (v)         (12,796)        (15,295)        (28,091)       (26,669)
                                       Impairment losses     (vi)            (597)         (2,487)         (3,084)      (214,111)
                           Profit on repurchase of bonds                    10,925               -          10,925             -
                               Profit on sale of assets                        684            (31)             653             -
  Closure, transition and rehabilitation reversal/(cost)    (vii)            5,342               -           5,342       (54,538)
      Share of profit/(loss) from joint venture entities   (viii)            4,889             166           5,055        (2,698)
                                Profit/(loss) before tax                    14,120        (26,758)        (12,638)      (341,040)
                            Income tax (expense)/benefit     (ix)          (3,274)          2,730            (544)         53,127
                                       Net profit/(loss)                    10,846        (24,028)        (13,182)      (287,913)
                          Loss per share (basic – cents)                      3.73          (5.11)          (1.38)        (34.55)

      Notes on the June 2014 Consolidated Income Statement 
      (i)        Sales revenue was marginally lower despite increased production due to lower PGM prices compared to the 
                 pcp.   
      (ii)       Aggregate cost of sales were $17 million lower. In South Africa unit costs per PGM ounce decreased 7% in Dollar 
                 terms but increased by 9% in Rand terms due to the inclusion of the Kroondal development shaft, K6, for the 
                 first time in FY2014. 
      (iii)      Corporate administration costs are lower due to cost reduction initiatives. 
      (iv)       Foreign exchange gains of $2 million were recorded on sales adjustments and revaluation of cash, 
                 intercompany loans and pipeline debtors. 
      (v)        Finance costs of $28 million comprises interest and non-cash accretion of the convertible bond of $22 million, 
                 non-cash interest arising from the unwinding of the net present value of the rehabilitation provisions of AQPSA 
                 of $5 million and other costs of $1 million. 
      (vi)       Includes impairment charges relating to TKO and Investments in JV Entities. 
      (vii)      A downwards revision of the rehabilitation provision was made following the annual reassessment of the cost 
                 of performing rehabilitation work. 
      (viii)     Contribution from JV entities represents a $10 million Mimosa net profit offset by a $5 million loss incurred at 
                 Blue Ridge.  
      (ix)       Income tax expense of $0.5 million comprises normal tax, deferred tax and royalties. 
 
                                                    Aquarius Platinum Limited 
                                                Consolidated Cash Flow Statement 
                                                    Year ended 30 June 2014 
                                                              $’000 
                                                                  

                                                                  Half year ended             Financial year ended 
                              
                                                     Note       30/06/14       31/12/13      30/06/14       30/06/13 

    Net operating cash flow                          (i)          16,536         4,706         21,242        (20,392) 
    Net investing cash flow                          (ii)        (16,235)     (10,989)        (27,224)       (20,630) 
    Net financing cash flow                          (iii)        52,209         9,912         62,121        (35,419) 

    Net increase/(decrease) in cash held                          52,510         3,629         56,139        (76,441) 
    Opening cash balance                                          82,998        77,773         77,773        166,652 
    Exchange rate movement on cash                   (iv)          1,312         1,596          2,908        (12,438) 
    Closing cash balance                             (v)         136,820        82,998        136,820         77,773 
 
    Notes on the June 2014 Consolidated Cash Flow Statement 
    (i)  Net operating cash flow includes net inflow from operations $16 million, interest received $6 million and income 
         tax paid $1 million. 
    (ii) Net investing cash flow includes payments for mine development and development costs $28 million and proceeds 
         from sale of property, plant and equipment $1 million. 
    (iii)Net financing cash flow includes interest paid $13 million, net proceeds from rights issue and repurchase of bonds 
         $55 million, proceeds from borrowings $3 million, repayment of borrowings $4 million and dividends from joint 
         venture entities $22 million.  
    (iv) Exchange rate movement reflects movement of other currencies against the US Dollar. 
    (v)  Excludes $8 million attributable cash held at Mimosa and Blue Ridge. 

 
                                          Aquarius Platinum Limited 
                                          Consolidated Balance Sheet 
                                               At 30 June 2014 
                                                    $’000 

                                                                                 Financial year ended 
                                   
                                                                  Note           30/06/14           30/06/13 

     Assets                                                           
     Cash assets                                                                  136,820             77,773 
     Current receivables                                          (i)              30,104             34,622 
     Other current assets                                         (ii)             15,246             15,237 
     Property, plant and equipment                                (iii)           100,122            105,030 
     Mining assets                                                (iv)            109,089            125,816 
     Intangibles                                                  (v)              54,499             59,449 
     Investments in joint venture entities                        (vi)            230,410            242,079 
     Other non-current assets                                     (vii)            41,185             43,668 
     Total assets                                                                 717,475            703,674 
     Liabilities                                                                                              
     Current liabilities                                          (viii)           41,338             42,845 
     Non-current payables                                         (ix)              2,065              2,665 
     Non-current interest-bearing liabilities                     (x)             117,704            268,788 
     Other non-current liabilities                                (xi)             82,600             93,434 
     Total liabilities                                                            243,707            407,732 
     Net assets                                                                   473,768            295,942 
     Equity                                                                                                   
     Issued capital                                                                73,216             24,343 
     Treasury shares                                                              (26,239)          (26,526) 
     Reserves                                                                     781,692            639,881 
     Accumulated losses                                                          (360,450)          (347,402) 
     Non-controlling interests                                                      5,549              5,646 
     Total equity                                                                 473,768            295,942 
 
     Notes on the June 2014 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 group’s mining assets at Kroondal, Marikana, Everest, CTRP and Platmile. 
     (v)    Includes intangibles relating to acquisition of Platmile Resources. 
     (vi)   Represents investments in joint venture entities Mimosa and Blue Ridge. 
     (vii)  Includes recoverable portion of rehabilitation provision at P&SA sites of $9 million, cash contributed to 
            rehabilitation trusts $17 million and deferred tax asset $15 million. 
     (viii) Includes trade creditors $34 million, AQPSA finance leases $3 million and leave provisions $4 million.  
     (ix)   Reflects P&SA partners’ right of recovery of rehabilitation provisions. 
     (x)    Reflects convertible bond of $118 million. 
     (xi)   Includes deferred tax liabilities $17 million and provision for closure costs $66 million. 

OPERATING REVIEW  
This section contains summarised operating reviews of each of the Company’s operations. Full operating 
statistics are provided on page 16 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 
quarterly and half-year reports released by the Company throughout the 2014 financial year which are available 
on the Company’s website at www.aquariusplatinum.com. 
 
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD ("AQPSA") (Aquarius Platinum - 100%) 
 
P&SA 1 at Kroondal (AQPSA – 50%)  
-     12-month rolling average DIIR improved by 36% to 0.73 per 200,000 man hours from 1.14 the previous year 
-     Production improved by 9% to 7.2m tonnes 
-     Volumes processed increased to 7.2m tonnes 
-     Head grade deteriorated slightly to 2.39 g/t 
-     Recoveries decreased by 1% to 78% due to reduced head grade  
-     PGM production increased by 6% to 430,743 PGM ounces 
-     Revenue increased by 20% to R4.6 billion compared to the previous financial year due improved production 
      coupled with 12% improvement in the Rand basket price 
-     Mining cash costs increased by 7% to R547 per tonne (making Kroondal the most efficient underground 
      platinum mine in South Africa on a R/t basis), and costs per PGM ounce from mature shafts increased by 3% 
      and inclusive of K6 development shaft by 9% to R9,115 
-     Kroondal’s cash margin for the period rose from 12% to 15% 
 
Commentary – Kroondal  
 
Safety, Health and Environment 
The Kroondal operations ended the year with a much improved DIIR compared to last year. The 36% 
improvement in safety is attributable to the embracement of the My Life, My Responsibility, I will Comply Safety 
campaign launched in late September 2013 by all employees. The focus remains on low energy incidents and 
general behaviour. 
 
Operations 
Kroondal operations were stable throughout the five month strike that gripped the rest of the industry in the 
Rustenburg area.  This was in itself a significant achievement and credit to our employees, organised labour 
representatives and management. 
 
In July 2014 AQPSA concluded three year wage agreements with its work force at Kroondal agreeing an increase 
slightly above inflation (CPI) without the loss of a single production shift, a result on which the Kroondal work 
force and the company is rightfully proud.  
 
Operating Cash Costs 
Cash costs at Kroondal increased by 9% to R9,115 per 4E ounce following the inclusion of the Kroondal 
development shaft K6 in operations for the first time. 
 
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                    9,115                          7,486                    7,277 
  
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 R89 million for FY2014 and is complete with the 
exception of the final power reticulation from the local authority. 
 
                                              Kroondal (100% basis) 
(R’000 unless otherwise stated)                  Total    Per 4E oz 
Ongoing Infrastructure Establishment           314,472          730 
Project Capital (K6 shaft)                      89,530          208 
Mobile Equipment                               129,008          300 
Total                                          533,011        1,237 
 
P&SA2 at Marikana (Aquarius Platinum – 50%)  
Given the continuing low Rand PGM basket prices, Marikana continues 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 deteriorated to 0.08 per 200,000 man hours from 0.05 in the previous year 
-        Production increased by 4% to 2.512m tonnes 
-        Volumes processed increased by 3% to 2.453m tonnes 
-        Head grade deteriorated slightly to 3.65g/t 
-        Recoveries deteriorated slightly to 77% 
-        PGM production increased by 2% to 221,358 PGM ounces 
-        Revenue decreased by 4% to $260 million due to lower metal prices 
-        Mining cash costs decreased 3% to $77 per tonne, and PGM ounce cost decreased by 2% to $849 before 
         retrenchment costs. 
-        Mining cash costs constant at $79 per tonne, PGM ounce cost increased by 1% to $878 after retrenchment 
         costs. 
-        Mimosa’s cash margin for the period decreased to 24% from 26% 
 
Commentary 
 
Safety, Health and Environment 
No fatalities occurred at Mimosa during the year. Three lost-time injuries were reported with a commensurate 
deterioration in the DIIR. 
 
Operations 
The Mimosa mine operated very well during the year, enjoying cordial industrial relations and meeting most of 
its production targets.  
 
Regulatory and fiscal environment 
During the year, the Zimbabwean political and regulatory environment remained challenging for all mining 
companies operating in the country.  
 
Indigenisation  
During the course of the year in question Mimosa had frequent interaction with the Ministry of Indigenisation 
and continues to work pro-actively towards a sustainable solution but to date no agreements or definitive terms 
have been agreed between Mimosa and the Ministry of Indigenisation. 
 
Taxation 
New Income Tax Act  
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. However, the President raised reservations which Parliament is still 
considering.   
 
Meanwhile, the income tax rate has remained at 25% of taxable income, and withholding tax on technical fees 
and dividends at 15% and 10% respectively. 
 
Finance Act, 2014 
The Finance Act which gives legal effect to the proposals made through the Budget Statement for 2014 was 
gazetted on the 4 April 2014. The new requirements legislated in the Finance Act include: 
    - Contributions or donations to Community Ownership Trust are now allowable for tax deduction subject 
         to approval of the Trust by the Minister. 
    - Proposed payment of VAT on un-beneficiated Platinum (15%) effective 1 January 2015.  
    - Disallowing of royalties as a deductible expense against taxable income with effect from 1 January 2014 
 
Discussions between the mining sector and the Government of Zimbabwe in relation to the last 2 points above 
are ongoing with a view to reaching a solution that will result in these new taxes not being implemented. 
Shareholders will be updated as to any material progress as soon as is practical. 
 
Operating Cash Costs 
Operating costs increased slightly by 1% from the prior cost platform mainly as a result of retrenchment costs 
following a labour rationalisation exercise carried out during the year. 
 
Operating cash costs per ounce ($/oz) before voluntary retrenchment costs 
                       4E                                  6E                        4E net of by-products 
                  (Pt+Pd+Rh+Au)                   (Pt+Pd+Rh+Ir+Ru+Au)                    (Ni, Cu & Co) 
Mimosa                 849                                803                                 575 
 
Operating cash costs per ounce ($/oz) after voluntary retrenchment costs 
                        4E                             6E                            4E net of by-products 
                  (Pt+Pd+Rh+Au)                   (Pt+Pd+Rh+Ir+Ru+Au)                     (Ni, Cu & Co) 
Mimosa                 878                                830                                 604 
 
Capital expenditure 
Stay in business capital expenditure at Mimosa was $27 million ($123 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 29% to 2.441m tonnes
- Recoveries decreased by 50% to 7%
- Production decreased by 56% to 5,590 PGM ounces 
- Cash costs increased by 39% to R9,165 per PGM ounce.
- Revenue decreased by 56% to R52 million
- The cash margin for the period was negative 2%, a decrease from 25% the previous year
 
Commentary
 
Platinum Mile: 
The result for the year was severely impacted by strike action at Anglo Platinum’s operations in the Rustenburg 
area starting on 25 January 2014 and lasting until 24 June 2014.  No meaningful analogies can be inferred by 
comparing annual numbers.  

The coarse grinding expansion at the operation was successfully electromechanically commissioned at a capital 
cost of R26 million. The benefits of this expansion on production yields should become evident in the 2015 
financial year. 
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                             9,165                           7,919                         7,364
 
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%) 
This operation remains on care and maintenance. 
 
CORPORATE MATTERS 
Tender Offer and Rights Issue 
On 7 April 2014, Aquarius Platinum Limited announced a tender offer to purchase a maximum of $225 million in 
principal amount of convertible bonds of the current $298 million in principal amount of the convertible bonds 
outstanding at a repurchase price of $92,000 per $100,000 in principal amount of existing convertible bonds. The 
aggregate nominal amount of convertible bonds validly tendered pursuant to the tender offer was $172.6 
million.  
 
The repurchase price, which together with accrued interest totalled $165.7 million, was paid to security holders 
in May 2014. 
 
The company advised that the tender offer would be financed upon the successful completion of a rights issue to 
finance part or all of the amount payable by the company for the existing convertible bonds accepted for 
repurchase pursuant to the Tender offer. 
 
The company received valid acceptances in respect of 931,250,197 rights issue shares, representing 
approximately 95.39 per cent of the total number of rights issue shares offered to qualifying shareholders 
pursuant to the rights issue announced by the company on 7 April 2014. The company confirms that the shortfall 
for the remaining 44,956,709 rights issue shares were placed by the underwriters. The rights issue grossed 
$226.1 million through the issuance of 976,206,906 new common shares. 
 
Following completion of the rights issue, the company’s issued share capital consists of 1,464,310,359 common 
shares. The company holds 17,047,787 common shares as treasury shares in accordance with Bermudan law. 
Therefore, the total number of voting rights in the company is 1,447,262,572. This figure may be used by 
shareholders as the denominator for the calculations by which they determine if they are required to notify their 
interest in, or a change in their interest in, the company under the FCA’s Disclosure and Transparency Rules. 
 
Full details of the tender offer and Rights Issue can be found at www.aquariusplatinum.com 

Update on Sale of Assets 
The company released details of the planned sale of two non-core assets being its interest in the Blue Ridge 
Mine ("Blue Ridge Transaction") and its interest in the Kruidfontein prospecting right on 30 January 2014 
("Kruidfontein Transaction"). In the release the company confirmed its expectation that the conditions 
precedent would be fulfilled in H2 calendar 2014. The Kruidfontein Transaction was conditional only upon 
obtaining certain approvals from the DMR. Shareholders are advised that these approvals including Section 11 
approval were obtained in June 2014 and are currently awaiting registration at the Department of Mineral 
Resources titles office.  Upon completion the Purchaser is obliged to, before 1 December 2014, pay Aquarius a 
total cash consideration of $27 million. Upon receipt of the proceeds Aquarius is obliged to pay the previous 
owners of the Kruidfontein prospecting right $10.8 million in cash or Aquarius shares, at Aquarius’ sole election. 
 
The Blue Ridge Transaction is subject to the fulfilment of 34 conditions precedent. Substantial progress has been 
made in terms of fulfilling the conditions, but a number of conditions have yet to be fulfilled. Aquarius’ legal 
advice is that there appears to be no reason why the remaining conditions precedent should not be fulfilled in 
due course. This notwithstanding, shareholders are cautioned that the Blue Ridge Transaction involves many 
parties, and requires the approval of numerous regulators in South Africa as well as in the People’s Republic of 
China (PRC) and hence execution risk remains significant. 
 
This time line remains the company’s base case expectation. Work in relation to the fulfilment of the conditions 
precedent, noted in the releases, continues. Shareholders will be informed of any material developments in this 
regard as soon as is practical. 
 
Appointment of Chief Operating Officer 
Mr. Rob Schroder, Managing Director of AQPSA, has been appointed to the newly created position of Chief 
Operating Officer (COO) of the Aquarius Group. Mr. Schroder will continue with his role as MD of AQPSA and will 
have oversight over the Group’s entire mining operations. The appointment of Mr Schroder as COO reflects the 
confidence which the Board of Aquarius has in Mr Schroder and is due recognition for the key role which Mr 
Schroder continues to fulfil across the Group’s operations. 
 
 
More information on all 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 Bruyn Sebotsa                 Non-executive 
 
Audit/Risk Committee 
David Dix (Chairman) 
Tim Freshwater 
Edward Haslam 
Kofi Morna 
Nicholas Sibley 
 
Remuneration Committee 
Edward Haslam (Chairman) 
David Dix 
Zwelakhe Mankazana 
Nicholas Sibley 
 
Nomination Committee 
Sonja de Bruyn Sebotsa (Chairman) 
Edward Haslam  
Tim Freshwater 
Kofi Morna 
Willi Boehm 
 
Company Secretary 
Willi Boehm 
 
AQPSA Management 
Robert Schroder                       Managing Director 
Jean Nel                              Executive Director 
Wessel Phumo                          General Manager: Kroondal 
 
Mimosa Mine Management 
Winston Chitando                      Chairman 
Peter Chimboza                        Resident Director 
Fungai Makoni                         Managing Director 
 
Platinum Mile Management 
Richard Atkinson                      Managing Director 
Paul Swart                            Financial Director 
 
Issued capital  
At 30 June 2014, the Company had on issue 1,464,310,359 fully paid common shares.  
 
Substantial shareholders 30 June 2014                              Number of shares            Percentage 
HSBC Custody Nominees (Australia) Limited                          110,254,065                 7.53 
JP Morgan Nominees Australia Limited                               69,919,771                  4.77 
 
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)                               Broker (ASX)                              Sponsor (JSE) 
Barclays                                   Euroz Securities                          Rand Merchant Bank 
5 The North Colonnade                      Level 18 Alluvion                         (A division of FirstRand Bank Limited) 
Canary Wharf                               58 Mounts Bay Road,                       1 Merchant Place  
London E14 4BB                             Perth WA 6000                             Cnr of Rivonia Rd and Fredman Drive, 
Telephone: +44 (0) 20 7623 2323            Telephone: +61 (0) 8 9488 1400            Sandton 2196 
                                                                                     Johannesburg South Africa                                                                             
Aquarius Platinum (South Africa) (Proprietary) Ltd 
100% owned  
(Incorporated in the Republic of South Africa) 
Registration Number 2000/000341/07 
 
1st Floor, Block C, Rosebank Office Park, 181 Jan Smuts Avenue, Rosebank, South Africa 
Postal Address:      PO Box 7840, Centurion, 0046, South Africa 
Telephone:           +27 (0)10 001 2848 
Facsimile:           +27 (0)12 001 2070 
 
Aquarius Platinum Corporate Services Pty Ltd
100% Owned 
(Incorporated in Australia) 
ACN 094 425 555 
 
Level 4, Suite 5, South Shore Centre, 85 The Esplanade, South Perth WA 6151, Australia 
Postal Address:        PO Box 485, South Perth, WA 6951, Australia 
Telephone:             +61 (0)8 9367 5211 
Facsimile:             +61 (0)8 9367 5233 
Email:                 info@aquariusplatinum.com 
 
For further information please visit www.aquariusplatinum.com or contact: 
 
In the United Kingdom and South Africa:                            In Australia: 
Jean Nel                                                           Willi Boehm 
+27 (0)10 001 2848                                                 +61 (0) 8 9367 5211 
                                                                     
7 August 2014

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  

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