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AQUARIUS PLATINUM LIMITED - Half-Year Results to 31 December 2014

Release Date: 11/02/2015 09:00
Code(s): AQP     PDF:  
Wrap Text
Half-Year Results to 31 December 2014

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

Half-Year Results to 31 December 2014 

Key Points: Financial      
 - Revenue of $113 million comparable to prior corresponding period (pcp) 
 - Group mine EBITDA higher at $18 million (H1 2014: $10 million) due to higher production and improved 
   cost management 
 - Share of profit from JV entities: EBITDA $27 million 
 - JV entities contributed a net loss of $49 million after one off non-cash write downs of $55 million 
 - Headline loss (before exceptional charges) of $30 million at 2.07 cents per share (H1 2014: loss of $22 
   million at 4.58 cents per share) 
 - Accounting net loss after tax (to IFRS) of $57 million (3.93 cents per share) (H1 2014: loss of $24 million at 
   2.89 cents per share) 
 - Mine operating net cash flow increased by $5 million to a $10 million inflow (H1 2014: inflow of $5 million)  
 - Group cash balance at 31 December 2014 of $164 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 to 0.62 from 0.99 in the 
   pcp 
 - Mimosa’s LTIFR of 0.05 makes it the safest underground Platinum mine in southern Africa  
 - Group attributable production increased by 5% to 175,831 PGM ounces (H1 2014: 168,014 PGM ounces) 
        -    Kroondal consistently producing at capacity levels with 8 consecutive quarters above 105,000 PGM 
             ounces 
        -    Kroondal unit costs well controlled increasing by 1% in Rand terms and decreasing 7% in Dollar 
             terms due to a weaker Rand 
        -    Production in H1 ahead of guidance    
        -    Mimosa performed strongly again, continuing to produce at capacity with a record H1 production 
        -    Mimosa unit costs down 7% compared to the pcp reflecting benefits of the rationalisation program 
             implemented in FY2014 
        -    Mimosa PGM Dollar price remained weak with a marginal 2% increase compared to the pcp 
        -    Mimosa Q2 production of >60,000 PGM ounces (50% attributable to Aquarius) represents the 
             highest ever quarterly production by Mimosa 
        -    PlatMile operation continues to build up production following the end of the strike in August 2014 
 - The average US Dollar PGM basket price of $1,165 was in line with the pcp 
 - The average Rand basket price increased by 9% compared to the pcp due to a weaker Rand 
 - The Rand weakened by 9% on average against the US Dollar compared to the pcp 

Key Points: Strategic 
 - Disposal of the Kruidfontein prospecting rights for $27 million was concluded in the half-year 
 - A recognition agreement has been concluded with AMCU at Kroondal 
 - Disposal of Everest mine for R450 million in cash - agreement signed 10 February 2015 
    
Commenting on the results, Jean Nel, CEO of Aquarius Platinum, said: 

The Group’s stated focus on operational improvements in the face of a very difficult operating, labour, political 
and social environment continued to yield results in the six months to December 2014. The six months under 
review was characterised by continued operational progress, improved safety performance, reduced costs and 
record production for the Group.  In addition to excellent operating performances by both Kroondal and Mimosa, 
our incremental projects progressed satisfactorily during the half-year and the Group’s balance sheet was 
strengthened following the sale of non-core assets. We continue to expect a difficult operating and metal price 
environment in the short term which directs our focus on operational efficiencies and responsible capital 
stewardship.   

Financial results: Half-Year to 31 December 2014 
Aquarius recorded a consolidated accounting net loss after tax (IFRS) of $57 million (the Result) for the half-year 
(3.93 cents per share). The result included the following one off non-cash charges arising in joint venture 
entities: 
- An impairment of the carrying value of Blue Ridge/Sheba's Ridge investment of $26 million following 
  termination of the agreement to sell the Company’s indirect interests in Blue Ridge Platinum (Pty) Ltd and 
  Sheba’s Ridge Platinum (Pty) Ltd 
- Discounting of the RBZ receivable due to Mimosa by $28.5 million.  
              
EBITDA from controlled entities was $18 million, an $8 million (83%) increase from the pcp. The increase in 
EBITDA was driven by higher Rand basket prices, increased production and continued costs discipline. 
Production attributable to Aquarius increased 5% to 175,831 PGM ounces.  
 
Profit & Production Summary 
                                                                                                  
                                       Aquarius       JV entities      Total       Consolidation    Aquarius
                                       operations                                   adjustment        Group 
   Mine EBITDA                          $18M             $27M           $45M          ($27M)           $18M 
   Revenue                              $113M            $73M          $186M          ($73M)          $113M 
   Cost of sales                       ($110M)          ($55M)         ($165M)         $55M         ($110M) 
   Net profit/(loss) after tax          ($8M)          ($49M)*         ($57M)            -           ($57M) 
   PGM ozs production                  116,511         59,320        175,831             -          175,831 
  
* Includes $28 million discounting of RBZ receivable and $26 million impairment of Blue Ridge and Sheba’s Ridge 

Revenue (PGM sales, interest) for the half-year of $113 million was in line with the pcp with increased 
production offset by a $7 million negative sales adjustment. Dollar prices remained unchanged to the pcp at 
$1,165 per PGM ounce. In Rand terms, the PGM basket increased by 9% directly as a result of a weaker Rand 
which also decreased 9% to R10.94, compared to the pcp. In Zimbabwe, PGM prices were similarly subdued 
recording a 2% increase to $1,164 compared to the pcp.  
 
Total cash cost of production was $97 million, down $7 million despite a 3% increase in production at Kroondal.  
This was primarily due to good cost control and the weakening Rand which resulted in lower Dollar costs.  
Significantly, Kroondal recorded its eighth consecutive +105,000 PGM ounce production quarter, a record for the 
mine. This is particularly pleasing given the ongoing difficult operating conditions. 
 
Cost per PGM ounce in Dollar terms in South Africa decreased 7% to $870 but increased 1% in Rand terms due to 
an 8% weakening in the Rand/US Dollar exchange rate.  In Zimbabwe the cash cost per PGM ounce was $798, a 
7% reduction demonstrating the impact of the rationalisation program completed at the mine in FY2014. 
Maintaining operating unit cost increases well within inflationary targets 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 R10.94 to the US Dollar compared to R10.06 in the pcp. During the half-year, Aquarius recorded net 
foreign exchange losses of $0.4 million comprising gains on sales adjustments and revaluation of cash, 
intercompany loans and pipeline debtors. 
 
Administration costs of $3 million were down $1 million.  Depreciation and amortisation for the year of $13 
million was lower despite increased production due to an increased resource base resulting from the extension 
of the Kroondal mine life.  
 
Finance costs include $3 million interest on convertible bonds and bank borrowings, $2 million of non-cash 
interest arising from the unwinding of the debt portion of the convertible bond and $3 million in non-cash 
interest arising from the unwinding of the net present value of the rehabilitation provisions of AQPSA. 
 
Cash balances 
Group cash at 31 December 2014 was $164 million, up $27 million from June 2014. The increase in cash was 
mainly attributable to $27 million of proceeds received on the sale of Kruidfontein.  In addition to this, the 
Group paid $12 million to fund its capital expenditure program, paid $3 million in interest and received $15 
million of dividends from Mimosa.  
 
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).  
 
Sale of assets 
Kruidfontein mining rights were sold for $27 million. Aquarius retained the gross proceeds of the sale and 
satisfied settlement of the original vendors rights to 40% of the proceeds via the issue of 36,505,657 shares in 
Aquarius. An accounting profit of $1.2 million was recorded after a non-cash adjustment of $13 million resulting 
from the reversal of foreign exchange translation reserve following the sale of the entity.  
 
Reconciliation of cash proceeds to accounting profit: 
                                                                                             
                                                                              $M          
    Cash proceeds                                                           26.8       
    Tax expense                                                            (4.3)     
    Shares issued to original vendor                                       (8.0)                                                                                         
    Reversal of foreign currency translation reserve on disposal *        (13.3)     
    Accounting profit on sale                                                1.2
                                                                                        
* The Kruidfontein asset, being held by a South African subsidiary with a Rand functional currency, has been translated to 
US dollars each month end since the original date of purchase, with any exchange differences going to the foreign currency translation 
reserve (FCTR). The Rand has devalued against the USD since the acquisition of Kruidfontein.  In accordance with International 
Accounting Standards when a foreign operation is disposed of, the cumulative amount of foreign exchange 
differences contained within the Foreign Currency Translation Reserve is required to be reclassified through the 
Group’s income statement.  Accordingly the accounting profit on sale of Kruidfontein has been reduced by a 
non-cash amount of $13.3 million, reflecting the reclassification of the cumulative amount of foreign exchange 
differences relating to Kruidfontein up to the date of disposal. 
 
Everest 
Subsequent to half-year end, Aquarius announced on 10 February 2015 that it has entered into a conditional 
agreement to sell its Everest mine and related assets to Northam Platinum Limited for an amount of R450 
million subject to the fulfilment of certain conditions precedent.  A detailed release is available on the 
company’s website. 
 
Joint venture entities 
Mimosa 
Mimosa recorded an EBITDA profit attributable to Aquarius of $27 million and a net loss before tax of $12 
million. The result was achieved on production of 59,320 PGM ounces attributable to Aquarius. Despite 
consistent production, the 97% increase in EBITDA compared to the pcp was driven by higher production (up 
9%), lower unit costs (down 7%) and a marginally higher PGM basket price (up 2%).  
 
Cash held in Mimosa at 31 December 2014 was $14 million (100%).  
 
Mimosa's financial result is provided in the Group Financials table on page 5 and its operational performance is 
discussed under the Operating Review section of this announcement. 

RBZ receivable 
During the period under review the Directors have continued to assess progress of Zimbabwe's initiatives in 
relation to indigenisation and progress on the issue of Government backed securities to replace RBZ debt.  In the 
case of the latter, draft legislation has been prepared but has not yet been passed by parliament.  In addition, 
the IMF stated in November 2014 that it requires further changes to economic policy in Zimbabwe before it will 
support facilitating access to international capital markets by the Government of Zimbabwe. 
 
Having considered the above the Directors believe concluding settlement of the RBZ debt via an indigenisation 
transaction or the creation of treasury bills as contemplated by the Government of Zimbabwe is now unlikely to 
occur within twelve months of the balance sheet date, despite the progress initiatives underway. 
 
Accounting standards require that non-interest bearing receivables deemed to be long term be discounted using 
an effective interest rate to recognise the delay in receipt of funds.  The Company has attempted to determine 
an appropriate discount rate, however due to the absence of ratings and public debt issues in Zimbabwe this 
process has proven problematic.  In view of the difficulty involved in sourcing a reliable discount rate and the 
difficulty in reliably estimating the time frame to secure full settlement of the RBZ debt, Aquarius has recognised 
a non-cash expense of $28.5m in the share of loss from joint ventures, equal to its share of the full amount of 
the RBZ receivable.   
 
Blue Ridge and Sheba’s Ridge  
Blue Ridge and Sheba’s Ridge recorded a net loss after tax of $29 million. This result includes the $26 
impairment charge as well as care and maintenance and interest costs. 
 
On 14 October 2014, the agreement to sell the Company’s indirect interests in Blue Ridge Platinum (Pty) Ltd and 
Sheba’s Ridge Platinum (Pty) Ltd was terminated.  As a consequence the carrying amount of the Blue Ridge and 
Sheba’s Ridge assets has been reviewed resulting in an impairment charge of $26 million being included in the 
share of loss from joint venture entities. 
 
             
Group Financials by Operation  
                                                                                                                                                     Reconciliation 
                                                                                                                                                          to 
                                                Kroondal     Marikana    Everest     Mimosa          PMR       Ridge       Corporate     Total       Consolidated     Consolidated 
                                                                                                                                                     Information *
                                                                                                                                                           
PGM ounces (4E) (attributable)                   111,682           -          -      59,320        4,829           -          -         175,831                                    
                       $M                                                                                                                                                 
Revenue                                              106           -          -          73            4           -          3             186          (73)               113 
Cost of sales - mining, processing & admin          (91)          (1)        (1)       (46)          (3)           -          -           (143)            47              (97) 
Cost of sales - depreciation & amortisation         (10)           -         (1)        (9)          (1)           -          -            (22)             9              (13) 
Gross profit/(loss)                                    4          (1)        (2)         18          (1)           -          3              21          (17)                 4 
Administrative costs                                   -           -          -          -             -           -         (3)            (3)             -               (3) 
Foreign exchange gain/(loss)                           6           -          -          -             -           -         (6)              -             -                 - 
Finance costs                                          -           -          -          -             -           -        (10)           (10)             2               (8) 
Impairment losses                                      -           -          -          -             -          (26)       (1)           (27)            26               (1) 
Profit on sale of assets                               -           -          -          -             -           -          1               1             -                 1 
Community share ownership trust                        -           -          -        (1)             -           -          -             (1)             1                 - 
Discounting of RBZ receivable                          -           -          -        (29)            -           -          -            (29)            29                 - 
Share of loss from joint venture entities              -           -          -          -             -           -          -              -           (49)              (49) 
Profit/(loss) before income tax                       10          (1)        (2)       (12)          (1)         (26)      (14)            (47)           (9)               (56) 

* In the consolidated financial statements the Mimosa and Blue Ridge operating segments are accounted for using the equity method. The table above provides a 
  reconciliation of the segment information to the IFRS financial statements. 
   
 
Aquarius Platinum Limited 
Consolidated Income Statement 
Half-Year ended 31 December 2014 
$’000 
                                                          
                                                                        Half-Year Ended              Year Ended 

                                                             Note       31/12/14        31/12/13          30/06/14 
Attributable Production (PGM Ounces)                                     175,831         168,014           331,642
Revenue                                                      (i)         113,263         113,173           233,056
Cost of sales (including D&A)                               (ii)       (109,726)       (120,751)         (231,158)

Gross profit/(loss)                                                        3,537         (7,578)             1,898
Other income                                                                 110              72               174 
Administrative costs                                        (iii)        (3,238)         (4,336)           (7,353)
Foreign exchange (loss)/gain                                (iv)           (403)           2,731             1,843
Finance costs                                               (v)          (7,814)        (15,295)          (28,091)
Impairment losses                                                          (574)         (2,487)           (3,084)
Profit on repurchase of bonds                                                  -               -            10,925
Profit/(loss) on sale of assets                                             1,126           (31)               653 
Closure, transition and rehabilitation reversal                                -               -             5,342
Share of (loss)/profit from joint venture entities           (vi)        (49,187)            166             5,055
Loss before income tax                                                   (56,443)       (26,758)          (12,638)
Income tax (expense)/benefit                                                (293)          2,730             (544)

Net loss for the period                                                  (56,736)       (24,028)          (13,182)
Non-controlling interests                                                      95             12             (134)
Loss attributable to equity holders of  
                                                                         (56,831)       (24,040)          (13,048)
Aquarius Platinum Limited 

Loss per share (basic - cents)                                             (3.93)         (2.89)            (1.38) 


Notes on the Consolidated Income Statement 
    (i)   Revenue of $113 million is comparable to the pcp despite higher production due to $7 million of 
          negative sales adjustments.  
    (ii) Cost of sales were 9% lower due to a 9% weakening of the Rand compared to the pcp.  In Rand terms, 
          unit costs increased 1% per PGM ounce in South Africa.  
    (iii) Relates to group administration costs inclusive of costs associated with business development activities, 
          regulatory compliance, legal and financial advisory. 
    (iv) Foreign exchange includes gains/losses on cash, intercompany loans, pipeline debtors and sales 
          adjustments due to the movement of the Dollar against other currencies. 
    (v) Finance costs include $3 million interest on convertible bonds and bank borrowings, $2 million of non-
          cash interest arising from the unwinding of the debt portion of the convertible bond and $3 million in 
          non-cash interest arising from the unwinding of the net present value of the rehabilitation provisions of 
          AQPSA. 
    (vi) Share of (loss)/profit from joint venture entities comprises operating profit of $5 million offset by 
          impairment of Blue Ridge/Sheba's Ridge of $26 million and discounting of the RBZ receivable of $28.5 
          million.  
     
Aquarius Platinum Limited 
Consolidated Cash Flow Statement 
Half-year ended 31 December 2014 
$’000 
 
                                                          Half-year ended                 Year ended 
                                           Note       31/12/14          31/12/13          30/06/14 

Net operating cash inflow                    (i)           10,310            4,706                21,092
Net investing cash inflow/(outflow)         (ii)           14,754          (10,989)             (27,224)
Net financing cash inflow                   (iii)           9,329            9,912                62,271
Net increase in cash held                                  34,393            3,629                56,139
Opening cash balance                                      136,820           77,773                77,773
Exchange rate movement on cash              (iv)          (7,002)            1,596                 2,908
Closing cash balance                                      164,211           82,998              136,820

 
Notes on the Consolidated Cash Flow Statement 
     (i) Includes $108 million inflow from sales, $101 million paid to suppliers and $3 million interest received. 
     (ii) Includes $27 million proceeds from the sale of Kruidfontein and $12 million of payments for property, 
           plant & equipment and mine development costs. 
     (iii) Includes $3 million interest paid, $6 million proceeds from borrowings, $7 million repayment of 
           borrowings and $15 million dividends from Mimosa. 
     (iv) Reflects movement of other currencies against the Dollar. 
      
Aquarius Platinum Limited 
Consolidated Balance Sheet 
At 31 December 2014 
$’000 
 
                                                               Half-year ended        Year ended 
                                                   Note      31/12/14     31/12/13      30/06/14 
Assets                                                                                            
Cash assets                                                  164,211       82,998       136,820 
Current receivables                                 (i)       27,551       22,901        30,104 
Other current assets                                (ii)      16,590       16,704        15,246 
Mining assets                                      (iii)     198,870     211,024        209,211  
Intangible asset                                   (iv)       49,230       55,696        54,499 
Investments in joint venture entities               (v)      152,437     204,817        230,410 
Other non-current assets                           (vi)       41,944       67,085        41,185 
Total assets                                                 650,833     661,225        717,475 
Liabilities                                                                                      
Current liabilities                                (vii)     155,287       35,822        40,123 
Non-current interest-bearing liabilities           (viii)      2,207     274,194        118,919 
Other non-current liabilities                      (ix)       80,497       93,466        84,665 

Total liabilities                                            237,991     403,482        243,707 
Net assets                                                   412,842     257,743        473,768 
Equity                                                                                           
Issued capital                                                75,098       24,408        73,216 
Treasury shares                                              (25,871)    (27,331)      (26,239) 
Reserves                                                     775,186     626,417        781,692 
Accumulated losses                                          (417,281)   (371,442)     (360,450) 
Total equity attributable to equity holders                                                      
                                                        
of Aquarius Platinum Limited                                  407,132     252,052       468,219 
Non-controlling interests                           (x)         5,710       5,691         5,549 

Total equity                                                  412,842     257,743       473,768 
 
Notes on the Consolidated Balance Sheet 
      (i)    Reflects debtors receivable on PGM concentrate sales. 
      (ii)   Reflects PGM concentrate inventories, reef stockpiles and consumables stores. 
      (iii)  Represents mining assets, plant and equipment at Kroondal, Marikana and Everest. 
      (iv)   Includes intangibles relating to contract value acquired on the acquisition of equity interest in Platinum 
             Mile Resources (Pty) Ltd. 
      (v)    Reflects investments in joint venture entities - Mimosa, Blue Ridge and Sheba’s Ridge. 
      (vi)   Includes the recoverable portion of rehabilitation provision from Anglo Platinum of $9 million, 
             receivable of $6 million representing the net realizable value of Ridge assets, investments in 
             rehabilitation trusts of $14 million and AQPSA deferred tax asset of $13 million. 
      (vii)  Includes convertible notes due December 2015 of $120 million, creditors and other payables of $26 
             million, AQPSA equipment leases of $2 million, income tax payable of $3 million and provisions of $4 
             million. 
      (viii) Represents AQPSA equipment leases and now excludes convertible notes. 
      (ix)   Includes deferred tax liabilities of $16 million, provision for closure costs of $63 million and 
             rehabilitation obligations on P&SA1 and P&SA2 structures of $2 million. 
      (x)    Non-controlling interests reflects the 8.3% outside equity interest of Platmile Resources (Pty) Ltd.  


OPERATING REVIEW  
This section contains summarised operating reviews of each of the Company’s operations. Full operating 
statistics are provided on page 17 of this report, and other updates relevant to all operations can be found under 
Corporate Matters on page 16. 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 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 37% to 0.62 per 200,000 man hours from 0.99 the previous year 
-     Production improved by 3% to 3.8 million tonnes 
-     Volumes processed increased to 3.7m tonnes 
-     Head grade deteriorated slightly to 2.39 g/t from 2.4g/t 
-     Recoveries increased by 1% to 79%  
-     PGM production increased by 3% to 223,363 PGM ounces 
-     Revenue increased by 8% to R2.3 billion compared to the previous financial year due improved production 
      coupled with 9% weakening in the Rand Dollar exchange rate 
-     Mining cash costs increased by 1% to R542 per tonne (making Kroondal the most efficient underground 
      platinum mine in South Africa on a R/t basis), and costs per PGM ounce increased by 1% to R8,963 
-     Kroondal’s cash margin for the period rose from 10% to 13% 
 
Commentary – Kroondal  
 
Safety, Health and Environment 
As previously reported, regrettably a fatal incident occurred on 11 October 2014 when Mr Pedro Tafulane 
Nhabinde, a Team Leader at Kwezi Shaft, tragically lost his life whilst barring during safe declaration. Our 
deepest condolences go to his family and friends. 
 
The Kroondal operations ended the half-year with an improved DIIR compared to the pcp.  
 
Operations 
Production for the half-year improved by 3% to 3.8 million tonnes.   During the half-year, the Kroondal work 
force maintained a positive outlook with open communication channels on all levels.  A recognition agreement 
was concluded with AMCU in early January 2015.  Negotiations were conducted in a mature manner which 
management would like to commend AMCU for. 
 
Operating Cash Costs 
Cash costs at Kroondal increased by 1% to R8,963 per 4E ounce. 
 
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                     8,963                          7,355                            7,150 
 
 
AQPSA Capital expenditure 
Stay-in-business capital expenditure was in line with the mine plan and mobile equipment replacement 
schedule. 
 
                                                Kroondal   (100% basis) 
  (R’000 unless otherwise stated)                Total       Per 4E oz 
 Ongoing Infrastructure Establishment           202,215            905 
 Project Capital (K6 shaft)                      11,914             53 
 Mobile Equipment                                48,334            216 
 Total                                          262,463          1,175 
 
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 remained on care and maintenance during the half-year.  Everest will continue to be 
on care and maintenance until the Competition Commission approval for the sale of Everest to Northam has 
been obtained, at which time responsibility for Everest related costs will become the responsibility of Northam.  
   
MIMOSA INVESTMENTS (Aquarius Platinum - 50%)  
 
Mimosa Platinum Mine 
-     12-month rolling average DIIR improved to 0.05 per 200,000 man hours from 0.10 in the previous 
      corresponding half  year 
-     Production increased by 5% to 1.3 million tonnes 
-     Volumes processed increased by 5% to 1.3 million tonnes 
-     Head grade was constant at 3.64g/t 
-     Recoveries improved slightly to 78% 
-     PGM production increased by 9% to 118,641 PGM ounces 
-     Revenue decreased by 26% to $146 million due to lower metal prices and sales adjustments of $7 million 
-     Mining cash costs decreased 7% to $70 per tonne, and PGM ounce cost decreased by 7% to $798 
-     Mimosa’s cash margin for the period increased to 35% from 18% 
 
Commentary 
 
Safety, Health and Environment 
No fatalities occurred at Mimosa during the half-year. One lost-time injury was reported during the period in line 
with improvement in 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 half-year, the Zimbabwean political and regulatory environment remained uncertain in a number of 
respects.  Significant regulatory issues are as follows: 
 
Indigenisation  
Mimosa continued to interact with the Ministry of Indigenisation and Ministry of Mines to work towards a 
sustainable solution but to date no agreements or definitive terms have been agreed between Mimosa and the 
Ministry of Indigenisation. 
 
15% Export Levy on un-beneficiated PGMs 
In the 2015 National Budget Statement, the Minister proposed the deferment of the 15% export levy on un-
beneficiated platinum to January 2017. However, the Finance Act (No 3) of 2014 which gives legal effect to the 
budget proposals did not include the deferment of the 15% tax on un-beneficiated PGMs. This effectively meant 
that the tax was not legally suspended, and if implemented, will have a significant impact on the company. The 
company is engaging the authorities in consultation with the Chamber of Mines to seek clarity on the issue.    
 
Royalties 
The proposal to render royalties payable by Mimosa non-deductible for income tax purposes was implemented 
with effect from the year of assessment beginning on 1 January 2014, and therefore impacted Mimosa from the 
start of the 2014 financial year on 1 July 2013.  This position has remained in the 2015 national budget.  It has 
and will continue to negatively impact the company. The financial impact of the non-deductibility of royalties 
was $4.2 million for the financial year to June 2014 and $2.6 million for the half-year to December 2014, 50% of 
which is attributable to Aquarius. 
 
New Income Tax Act  
The proposed new Income Tax Bill was gazetted in November 2012. However, the President raised reservations 
which Parliament is still considering. The income tax rate has remained at 25% of taxable income. However, the 
new Finance Act (No3) 2014 introduced an Aids levy (3%) on corporate tax for mining companies. Previously, 
mining companies were exempt from the Aids Levy. This effectively increased the corporate tax rate from 25% 
to 25.75%.  
 
Operating Cash Costs 
Operating costs decreased by 7% from the pcp mainly as a result of the impact of increased production as well as 
the benefits emanating from labour cost savings following the labour rationalisation exercise carried out during 
the last half of prior year. 
 
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                          798                                 753                                540 
 
Capital expenditure 
Stay in business capital expenditure at Mimosa was $13.8 million ($117 per PGM ounce), spent mainly on mobile 
equipment, drill rigs, LHDs, the conveyor belt extension and down dip development. 
 
TAILINGS OPERATIONS  
Platinum Mile (Aquarius Platinum – 91.7%)
- Material processed was 2,374m tonnes
- Recoveries were 11%
- Production amounted to 4,829 PGM ounces 
- Cash costs were R7,985 per PGM ounce.
- Revenue was R46 million
- The cash margin for the period was 13%
 
Commentary
 
Platinum Mile: 
The operation resumed production after the devastating strikes in the platinum sector during August 2014. For 
this reason no meaningful comparison can be inferred by comparing half-year results to those of prior periods.  

It is expected that Anglo Platinum will start the commissioning of their Waterval East and West dump re-
treatment project. This project could result in some 280,000 tons of additional feed being treated at the 
operation. Current estimates are that commissioning of this project will start during the first half of 2015. The 
increase in feed volumes and efficiency improvements at the operation should result in increased production 
yields for the rest of the ensuing 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                                 7,985                                6,832                           6,323
  

Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%) 
This operation remains on care and maintenance. 
 
CORPORATE MATTERS 
Changes to Board responsibilities  
Nicholas Sibley, who has been a Director since 1999 and Chairman since 2002 retires from the Board of Aquarius 
with effect from 28 February 2015.  Sir Nigel Rudd, who was appointed to the Board with effect from 1 
November 2014 as Chairman designate, will assume the Chairmanship.  
 
The Board of Aquarius would like to extend its deepest gratitude to Mr. Sibley for his many years to service to 
the Company.  His contribution during this tenure was enormous. We wish him the very best in his retirement. 
  
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 
Sir Nigel Rudd                                        Chairman Designate 
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 
Sir Nigel Rudd 
Nicholas Sibley 
 
Remuneration Committee 
Edward Haslam (Chairman) 
David Dix 
Zwelakhe Mankazana 
Sir Nigel Rudd 
Nicholas Sibley 
 
Nomination Committee 
Sonja de Bruyn Sebotsa (Chairman) 
Edward Haslam  
Tim Freshwater 
Kofi Morna 
Sir Nigel Rudd 
Willi Boehm 
 
Chief Operating Officer 
Robert Schroder 
 
Company Secretary 
Willi Boehm 
 
AQPSA Management                                         Mimosa Mine Management 
Robert Schroder          Managing Director               Winston Chitando                Chairman 
Jean Nel                 Executive Director              Peter Chimboza                  Resident Director 
Wessel Phumo             General Manager: Kroondal       Fungai Makoni                   Managing Director 
 
Platinum Mile Management 
Richard Atkinson         Managing Director 
Paul Swart               Financial Director 
 
Issued capital  
At 31 December 2014, the Company had on issue 1,501,979,560 fully paid common shares.  
 
Substantial shareholders 31 December 2014                        Number of shares             Percentage 
HSBC Custody Nominees (Australia) Limited                           98,959,287                   6.59 
JP Morgan Nominees Australia Limited                                59,886,092                   3.99 
 
Primary Listing:    Australian Securities Exchange           Trading Information 
                    (AQP.AX) 
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 
Canary Wharf                           58 Mounts Bay Road,                Limited)  
London E14 4BB                         Perth WA 6000                      1 Merchant Place  
Telephone: +44 (0) 20 7623 2323        Telephone: +61 (0) 8 9488 1400     Cnr of Rivonia Rd and Fredman 
                                                                          Drive, 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 
 
11 February 2015 
 
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 
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 
RBZ                        Reserve Bank of Zimbabwe 
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  
Date: 11/02/2015 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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