26 Jul 2011 07:14
AQUARIUS PLATINUM LIMITED
Aquarius Platinum Limited - Production Results to 30 June 2011 Highlights
Attributable production for the fourth quarter increased by 3% year-on-year to 114,260 PGM ounces
Average PGM Dollar prices deteriorated in the quarter - platinum flat, palladium down 4% and rhodium down 11%
The Rand strengthened against the US Dollar by 3% on average quarter-on-quarter
Mimosa delivered a record production result for the quarter
Afarak, Booysendal South and Platinum Mile transactions signed during the quarter, increasing resource base by c.50%
Q4 2011 Operating Results Summary Kroondal Marikana Everest Blue Ridge Mimosa CTRP Plat. * + Mile 4E PGM Production Total (100% basis) 89,196 21,411 26,954 3,021 55,605 685 4,694 Attributable 44,598 10,705 26,954 1,510 27,803 343 2,347 4E Basket Price R/oz 10,324 10,354 10,088 10,272 9,346 11,125 10,100 $/oz 1,519 1,523 1,484 1,511 1,392 1,636 1,487 Cash Costs (4E basis) R/oz 7,277 9,355 8,128 - 5,371 12,572 5,521 $/oz 1,070 1,376 1,195 - 800 1,849 813 Cash Margin (%) 15 (6) 10 - 54 (173) 31 Stay-in-Business Capex R/oz 1,275 1,196 1,436 - 875 2,784 - $/oz 188 176 211 - 130 409 - * Everest is in ramp-up phase + Operations
have ceased at Blue Ridge
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said:
"The final quarter of the financial year has been exceptionally busy forAquarius. On the corporate activity front, we successfully negotiated andsigned three significant transactions during the period, two of which have theeffect of increasing the Aquarius resource base by approximately 50%, and whichwe expect to help extend the mine lives of all of Aquarius' South Africanoperations. The company is now uniquely well placed to benefit from growth intoan improving medium term PGM price environment.
In the short term, however, Rand prices remain low and the operating environment is challenging. In the face of continuing global economic uncertainty, rising costs and slower than anticipated growth in demand for PGMs, we decided not to continue with mining operations and the capital development of the Blue Ridge mine during the quarter. Fortunately the acquisition of Booysendal South has provided us with the flexibility to re-allocate that capital to a more economically and operationally robust project.
Operationally, although we were able to expand attributable quarterlyproduction compared to the same period a year ago, volumes from our SouthAfrican operations fell short of our expectations. At Kroondal and Marikana,delays and long lead times for the required new drilling rigs meant that wewere required to install our new hangingwall support manually at those mines tomeet our unwavering commitment to safety. This delayed blasts and negativelyimpacted production and costs. At Everest, bad ground resulting from a largerthan expected area of oxidised material on the fringes of the ore body had thesame effect. At all three mines, these problems have been dealt with and we areonce more moving towards normal production levels. On a more positive note,Mimosa delivered record production, and in general Aquarius remains wellpositioned to weather the current economic uncertainty and, more importantly,to benefit from the inevitable medium-term PGM supply shortage and associatedprice improvements."Production by mine Quarter ended PGMs(4E) June 2011 Mar 2011 % Change June 2010 % Change Kroondal 89,196 95,731 (7) 108,438 (18) Marikana 21,411 23,927 (11) 31,889 (33) Everest 26,954 27,737 (3) 8,496 217 Blue Ridge 3,021 6,671 (55) 10,202 (70) Mimosa 55,605 51,255 8 49,709 12 CTRP 685 1,270 (46) 1,303 (47) Platinum Mile 4,694 10,095 (54) 2,411 95 Total 201,566 216,686 (7) 212,448 (5)
Production by mine attributable to Aquarius
Quarter ended PGMs(4E) June 2011 Mar 2011 % Change June 2010 % Change Kroondal 44,598 47,866 (7) 54,219 (18) Marikana 10,705 11,963 (11) 15,945 (33) Everest 26,954 27,737 (3) 8,496 217 Blue Ridge 1,510 3,336 (55) 5,101 (70) Mimosa 27,803 25,628 8 24,855 12 CTRP 343 635 (46) 652 (47) Platinum Mile 2,347 5,048 (54) 1,206 95 Total 114,260 122,213 (7) 110,474 3
Aquarius Group attributable production (PGM ounces) to 30 June 2011
For graph see www.aquariusplatinum.com
Market Summary Metals pricesThe fourth quarter of the financial year saw both platinum and palladium tradeessentially flat, as the after-effects of the Japanese earthquake and tsunamiin March continued to dampen global auto manufacturing in April and early May,deferring the recovery in fundamental demand for PGMs. This also had a markednegative effect on the price of rhodium, which is used almost exclusively inautomotive applications. The broadening European debt crisis and a generalslowing of the global economic recovery have also taken their toll on investorsentiment and investment demand, with outflows evident from both the platinumand palladium physically-backed ETFs. While consensus remains that the outlookfor PGM prices in the medium term is exceptionally good, short-termmacroeconomic concerns outweighed this in the quarter under review. The averageplatinum price fell by just under 1% and that of palladium fell by 4%. Theaverage rhodium price fell by 11% despite some support from the launch of thefirst physically-backed rhodium ETF during the quarter, and gold rose by 9%,reflecting the uncertainty in world markets. Platinum closed the quarter down3% at $1,722 per ounce, while palladium fell by 1% to $761 per ounce over thesame period. The rhodium price fell 16% to $2,000 per ounce over the quarterand gold rose 5% to $1,510 per ounce.
Rand-Dollar exchange rate
The average Rand-Dollar exchange rate for the quarter strengthened by 3% fromR7.01 to R6.80 to the US dollar, exhibiting relatively volatile tradingfluctuations within a R7.00 to R6.60 range. The strengthening of the Rand isconsistent with its now well-established inverse relationship to globalmacroeconomic health. The Rand closed the quarter up 1% at R6.80 to the Dollar. Rand basket prices weakened over the quarter in response to lower US Dollar PGMprices and a stronger Rand. Average PGM basket prices over the quarter weakenedslightly at all operations in US Dollar terms and more markedly in Rand terms.The US Dollar weighted average group basket price decreased by 2% to $1,480 per4E PGM ounce compared to the previous quarter, while the weighted averagebasket price at the South African operations was $1,508 per PGM ounce. Theaverage South African basket price was R10,255 per PGM ounce for the period, a5% decrease compared to the prior quarter. 12-month individual PGM prices to June 12-month PGM basket prices to June 2011 2011 (US$/oz) (US$ and ZAR per PGM basket ounce)
For graph see www.aquariusplatinum.com For graph see www.aquarius
platinum.com 12-month Rand-Dollar exchange rate to June 2011 (ZAR/US$) For graph see www.aquariusplatinum.com
Average PGM basket prices achieved at Aquarius operations
Quarter ended US$ per PGM ounce (4E) Jun-11 Mar-11 % Change Jun-10 % Change Kroondal 1,519 1,559 (3) 1,402 8 Marikana 1,523 1,549 (2) 1,407 8 Everest 1,484 1,526 (3) 1,321 12 Blue Ridge 1,511 1,548 (2) 1,399 8 Mimosa 1,392 1,365 2 1,184 18 CTRP 1,636 1,674 (2) 1,510 8 Platinum Mile 1,487 1,493 (0) 1,300 14 Weighted Avg. 1,480 1,507 (2) 1,347 10
Operating Review Summary (all numbers on 100% basis)
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum - 100%)
P&SA 1 at Kroondal (Aquarius Platinum - 50%)
12-month rolling average DIIR remained stable at 0.77 per 200,000 man hours from the previous quarter
Production increased by 2% to 1,425,000 tonnes
Head grade deteriorated from 2.64 g/t to 2.46 g/t
Recoveries deteriorated by 2%
Volumes processed increased by 2% to 1,436,000 tonnes
Stockpiles at the end of the quarter totalled approximately 14,000 tonnes
PGM production decreased by 7% to 89,196 PGM ounces
Revenue decreased by 17% to R764 million compared to the previous quarter due to the reduction in PGM ounces, basket price and Rand strength
Mining cash costs increased by 1% to R452 per tonne, and costs per PGM ounce by 11% to R7,277
Kroondal's cash margin for the period decreased from 31% to 15%
P&SA2 at Marikana (Aquarius Platinum - 50%)
12-month rolling average DIIR improved to 0.48 per 200,000 man hours from 0.50 in the previous quarter
Production decreased by 2% to 403,000 tonnes, all from underground operations as the open pit has now been depleted
Head grade decreased by 3% to 2.24 g/t
Recoveries deteriorated by 3% to 74%
Volumes processed decreased by 4% to 402,000 tonnes
PGM production decreased by 11% to 21,411 ounces
Revenue decreased by 21% to R189 million compared to the previous quarter due to the reduction in PGM ounces, basket price and Rand strength
Mining cash costs increased by 3% to R498 per tonne, and costs per PGM ounce by 11% to R9,355
Marikana's cash margin deteriorated from 15% to (6%)
Everest Mine (Aquarius Platinum - 100%)
12 month rolling DIIR increased to 0.41 per 200,000 man hours from 0.35 in the previous quarter
Production increased by 1% to 365,000 tonnes
Head grade deteriorated from 2.86 g/t to 2.62 g/t
Recoveries increased from 84% to 85%
Volumes processed increased by 5% to 378,000 tonnes
PGM production decreased by 3% to 26,954 PGM ounces
Revenue decreased by 17% compared to the previous quarter to R245 million
Mining cash costs increased by 9% to R580 per tonne, and costs per PGM ounce increased by 18% to R8,128
Everest's cash margin decreased from 35% to 10%
Commentary
Kroondaland Marikana: Mine production was negatively impacted by theimplementation of the new hangingwall support systems, as long lead times anddelayed delivery of new support drilling rigs required manual drilling ofsupport holes during the quarter. Installation of support was thereforesignificantly slower than plan, and interfered with the blasting cycle. At thesame time the mining orientation was shifted to run obliquely to the naturalfracturing in the rock, which reduced the available mining face length as newfaces had to be established, and temporarily impacted head grade. These factorsreduced production and had a commensurate negative effect on unit costs due tothe high fixed cost base. Adjustments have now been made to accommodate slowersupport installation until the ordered equipment arrives, and manual drillingof support will be phased out concurrent with the roll out of mechanisedsupport rigs. Production is improving in the first quarter of the 2012financial year, and management anticipate that production levels will return tonormal in the second quarter. Everest: Mining during the quarter was scheduled to take place on the shallowerfringes of the Everest orebody, where an oxidised zone of approximately 50m indepth was anticipated. The actual oxidised layer was significantly thicker(approximately 75m), and the resulting friable rock and bad ground conditionsnegatively impacted mine production, head grade and consequently unit costsduring the quarter. Despite this, good plant stability enabled Everest toincrease recoveries slightly, despite the oxidised material being treated.Adjustments have been made to the mining method in the area of oxidisation andmanagement anticipate that production levels will return to normal in the nextquarter.
AQPSA Operating costs per ounce
4E 6E 6E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu) Kroondal 7,277 5,941 5,798 Marikana 9,355 7,649 7,425 Everest 8,128 6,791 6,563 Capital expenditureOngoing capital expenditure has returned to normal operating levels but projectcapital increased this quarter with the start of sinking operations at K6shaft. Kroondal Marikana Everest
(R'000 unless otherwise stated) Total Per 4E oz Total Per 4E oz Total Per 4E oz
Ongoing Infrastructure Establishment 56,414 632 22,380 1,045 38,714 1,436 Project Capital 57,337 643 3,224 151 3,588 133 Mobile Equipment 18,552 208 6,042 282 21,948 814 Total 132,304 1,483 31,646 1,478 64,250 2,384
RIDGE MINING LIMITED (Aquarius Platinum - 50%)
Blue Ridge Platinum Mine
12-month rolling average DIIR improved to 1.91 per 200,000 man hours
Mine ceased operations during the quarter
Commentary
Blue Ridge: As disclosed separately during the quarter, the Blue Ridge mine ceased mining operations and further mine development as a result of the continuing low Rand PGM price environment. Discussions continue with the lenders to the mine on a suitable resolution to its debt situation. Aquarius is a significant creditor of the Blue Ridge mine and has extended no corporate guarantees to the other providers of third party debt to the mine.
MIMOSA INVESTMENTS (Aquarius Platinum - 50%)
Mimosa Platinum Mine
12-month rolling average DIIR was static at 0.03 per 200,000 man hours from the previous quarter achievement, with zero lost-time injuries recorded
Production increased by 3% to 595,967 tonnes
Head grade improved by 1% to 3.63g/t
Recoveries increased slightly
Volumes processed increased by 7% to 606,815 tonnes
Stockpiles at the end of the quarter totalled approximately 147,631 tonnes
PGM production increased by 8% to 55,605 PGM ounces
Revenue increased by 4% to $99.4 million due to high sales volumes achieved during the quarter under review.
Mining cash costs increased by 12% to $73 per tonne, and costs per PGM ounce by 10% to $800
Stay-in-business capital expenditure was $130 per PGM ounce for the quarter
Mimosa's cash margin for the period fell from 58% to 55%
Commentary
Mimosa: The mine achieved record production levels during the quarter underreview, through higher production and improved head grade and recoveries. Costincreases during the quarter were attributable to deteriorating groundconditions which necessitated the deployment of additional LHDs and drillingrigs in order to maintain production levels, making it a challenge to maintainmining costs within budgeted levels. This also put further pressure on mobileequipment costs. Sales-related costs such as royalties, commission andtechnical fees were also above budget, in line with higher sales revenue.
Operating cash costs per ounce
4E 6E 4E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu & Co) Mimosa 800 757 332
Indigenisation and Economic Empowerment
In line with the requirements of General Notice number 114 of 2011, theIndigenization Plan for Mimosa was submitted on 9 May 2011. There have been nofurther developments to date, and discussions on this issue remain in progressin an effort to find a suitable way forward.
TAILINGS OPERATIONS
ChromiteTailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%)
Material processed increased 19% to 31,000 tonnes
Head grade decreased to 2.90 g/t
Recoveries decreased by 51% to 24%
Production decreased to 685 PGM ounces
Cash costs increased by 62% to R12,572 per PGM ounce
Revenue was R3 million for the quarter
The cash margin for the period was (173%), a decrease from 9% in the previous quarter
Platinum Mile (Aquarius Platinum - 50%)
Material processed decreased 9% to 991 million tonnes
Head grade fell to 0.65 g/t
Recoveries decreased by 35% to 22%
Production decreased to 4,694 PGM ounces
Cash costs increased by 47% to R5,521 per PGM ounce
Revenue was R38 million for the quarter
The cash margin for the period was 31%, an decrease from 60% in the previous quarter
CommentaryCTRP: Dump material was secured during the quarter because of diminishingtailings supply from external providers. It was necessary to modify the plantto accept this type of material. A scrubber was consequently installed andcommissioning will be completed at the end of July 2011. As a result throughputvolumes were low and erratic for the period, resulting in poor recoveries.
Platinum Mile: Production volumes and recoveries at PlatMile are highly sensitive to the grade of feed material treated at the plant. The current quarter saw a 20% decrease in the plant feed grade, resulting in the ounces produced declining by 46%.
Operating cash costs per ounce
4E 6E 4E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu& Co) CTRP 12,572 10,372 10,165 Platinum Mile 5,521 4,760 4,018
Statistical Information: Kroondal P&SA1
For information see www.aquariusplatinum.com
Statistical Information: Marikana P&SA2
For information see www.aquariusplatinum.com
Statistical Information: Everest
For information see www.aquariusplatinum.com
Statistical Information: Blue Ridge
For information see www.aquariusplatinum.com
Statistical Information: Mimosa
For information see www.aquariusplatinum.com
Statistical Information: Chrome Tailings Retreatment Plant
For information see www.aquariusplatinum.com
Statistical Information: Platinum Mile
For information see www.aquariusplatinum.com
CORPORATE MATTERS
Acquisition of Afarak Platinum (Pty) Ltd
Aquarius announced the acquisition of Afarak Platinum on 13 April 2011.Aquarius and Watervale (Pty) Ltd, a BEE entity in which Aquarius has a minorityinterest, together paid US$109.7 million for Afarak Platinum, which owns 100%of the Hoedspruit PGM property near Rustenburg in South Africa, close toAquarius' Kroondal and Marikana operations. Through this transaction, Aquariusalso has the right to spend US$15 million on exploration at the KruidfonteinPGM property in the northern part of the Western Limb, in order to earn a 50%stake in that property. The purchase price was settled by means of US$70.2million of cash and the remainder in Aquarius shares. This transaction hasclosed.
Acquisition of Booysendal South
Aquarius announced the acquisition of Booysendal South from Northam PlatinumLimited on 4 May 2011. Aquarius will pay Northam R1,200 million (c.US$180million) in cash for the Booysendal South PGM property, which is contiguouswith Aquarius' Everest mine and will be exploited using the existing Everestinfrastructure. Aquarius plans to spend capital of approximately R850 million(c.US$120 million) to integrate Booysendal South into its Everest operation,expanding production there by 25% by 2017 and increasing its mine life byapproximately 30 years. This transaction is subject to a lengthy regulatoryapprovals process and is expected to close in the second half of 2012.
Acquisition of a further stake in Platinum Mile Resources (Pty) Ltd
Aquarius announced the acquisition of a further 41.7% stake in PlatMile fromMvelaphanda Holdings Limited and PlatMile management on 1 June 2011, bringingAquarius' holding in PlatMile to 91.7%. Aquarius will pay the vendors R115.5million (c.US$17 million) in cash. Aquarius will use PlatMile as an importantpart of an expanded tailings retreatment arm which could become an importantsource of low cost PGM ounces in an environment of increasing mining costs.This transaction is subject to certain conditions precedent, and is expected toclose in the next quarter.
Blue Ridge mine ceases operations
As announced on 1 June 2011 and stated earlier in this report, the Blue Ridgemine ceased mining operations and further mine development during the quarter,largely as a result of the continuing low Rand PGM price environment.Discussions continue with the lenders to the mine on a suitable resolution toits debt situation. Aquarius is a significant creditor of the Blue Ridge mineand has extended no corporate guarantees to the other providers of third partydebt to the mine. Zimbabwean IndigenisationAs stated elsewhere in this report, the Mimosa mine submitted itsIndigenization Plan on 9 May 2011, inline with the requirements of theZimbabwean government's General Notice number 114 of 2011. There has been noformal acknowledgement of this submission, and no further developments to date.The market will be kept informed if this changes. More information on all corporate matters can be found at www.aquariusplatinum.com Aquarius Platinum LimitedIncorporated in BermudaExempt company number 26290 Board of DirectorsNicholas Sibley Non-executive ChairmanStuart Murray Chief Executive OfficerDavid Dix Non-executiveTim Freshwater Non-executiveEdward Haslam Non-executiveSir William Purves Non-executive (SeniorIndependent Director)Kofi Morna Non-executiveZwelakhe Mankazana Non-executive Audit/Risk CommitteeSir William Purves (Chairman)David DixEdward HaslamKofi MornaNicholas Sibley
Remuneration/Succession Planning Committee
Edward Haslam (Chairman)David DixZwelakhe MankazanaNicholas Sibley Nomination Committee
The full Board comprises the Nomination Committee
Company SecretaryWilli Boehm Investor RelationsGavin Mackay Business Development & Communications Executive AQPSA ManagementStuart Murray Executive ChairmanAnton Lubbe Managing DirectorH©l¨ne Nolte Director: FinanceMkhululi Duka Director: Human CapitalAbraham van Ghent Senior General Manager: OperationsGraham Ferreira General Manager: Group Admin & Company SecretaryWessel Phumo General Manager: KroondalJenkins Kroon Acting General Manager:MarikanaAugustine Simbanegavi General Manager: EverestAnthony Joubert General Manager: Blue RidgeJan Hattingh General Manager: EngineeringRadesh Sukhdeo General Manager: Process & EnvironmentalDave Starley General Manager: ProjectsMimosa Mine ManagementWinston Chitando Managing DirectorHerbert Mashanyare Technical DirectorPeter Chimboza Resident DirectorFungai Makoni General Manager Finance & Company Secretary Platinum Mile ManagementRichard Atkinson Managing DirectorPaul Swart Financial Director Issued Capital
At 30 June 2011, the Company had in issue: 470,167,206 fully paid common shares and 265,372 unlisted options.
Substantial Shareholders 30 June 2011 Number of Shares Percentage Savannah Consortium 63,254,371 13.45 JP Morgan Nominees Australia Limited 43,452,853 9.24 HSBC Custody Nominees (Australia) Limited 40,774,456 8.67 National Nominees Limited 33,487,706 7.12 Savannah Consortium 63,254,371 13.45 Main Listing: Australian Securities Exchange Trading Information (AQP.AX) Secondary London Stock Exchange (AQP.L) ISIN number BMG0440M1284 Listing: Secondary JSE Limited (AQP.ZA) ADR ISIN number US03840M2089 Listing: Convertible Bond ISIN number XS0470482067
Broker (LSE) (Joint) Broker (ASX) Sponsor (JSE) LiberumCapital Limited City Point, 1 Ropemaker EurozSecurities Street, London, EC2Y 9HT Level 18 Alluvion Rand Merchant Bank Telephone: +44 (0) 20 3100 58 Mounts Bay (A division of FirstRand 2000 Road, Bank Limited) Perth WA 6000 1 Merchant Place Bank of America Merrill Telephone: +61 Cnr of Rivonia Rd and Lynch (0) 8 9488 1400 Fredman Drive, Sandton 2146 2 King Edward St Johannesburg South Africa London, EC1A 1HQ Telephone: +44 (0)20 7628 1000
Aquarius Platinum (South Africa) (Proprietary) Ltd
100% Owned(Incorporated in the Republic of South Africa)
Registration Number 2000/000341/07
1st Floor, Building 5, Harrowdene Office Park, Western Service Road, Woodmead2191, South AfricaPostal Address: PO Box 76575, Wendywood, 2144, South Africa.Telephone: +27 (0)11 656 1140Facsimile: +27 (0)11 802 0990
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,AustraliaPostal Address: PO Box 485, South Perth, WA 6151, AustraliaTelephone: +61 (0)8 9367 5211Facsimile: +61 (0)8 9367 5233Email: info@aquariusplatinum.com
For further information please visit www.aquariusplatinum.com or contact:
In AustraliaWilli Boehm+61 (0) 8 9367 5211
In the United Kingdom and South Africa
Gavin Mackay
gavin.mackay@aquariusplatinum.com
+ 44 7909 547 042 GlossaryA$ Australian DollarAquarius or AQP Aquarius Platinum LimitedAPS Aquarius Platinum Corporate Services Pty LtdAQPSA Aquarius Platinum (South Africa(Pty) LtdACS(SA) Aquarius Platinum (SA) Corporate Services (Pty) LtdBEE Black Economic EmpowermentBRPM Blue Ridge Platinum MineCTRP Chrome Tailings
RetreatmentOperation. Consortium comprising
Aquarius Platinum (SA)
(Corporate services)(Pty) Limited (ASACS),
Ivanhoe Nickel and Platinum Limited and Sylvania South frica (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 workedDIIR Disabling injury incidence
rate -being the number of lost-time
injuries expressed as a rate per 200,000 man-hours workedDME formerly South African
Government Department of Minerals and Energy
DMR South African Government
Department of Mineral Resources, formerly the DME
Dollar or $ United States DollarEverest Everest Platinum MineGreat Dyke Reef A PGE bearing layer within the
Great Dyke Complex in Zimbabwe
g/t Grams per tonne, measurement
unit of grade (1g/t = 1 part per million)
JORC code Australasian code for reporting
of Mineral Resources and Ore Reserves
JSE JSE LimitedKroondal Kroondal Platinum Mine or P&SA1 at KroondalLHD Load haul dump machineMarikana Marikana Platinum Mine or P&SA2 at MarikanaMimosa Mimosa Mining Company (Private)Limitednm Not measuredPGE(s) (6E) Platinum group elements plus gold.
Fivemetallic elements commonly found together which constitute the platinoids (excluding Os (osmium)). These are Pt (platinum), Pd (palladium), Rh (rhodium), Ru (ruthenium), Ir (iridium) plus Au (gold)
PGM(s) (4E) Platinum group metals plus gold.
Aquarius reports the
PGMs as comprising Pt+Pd+Rh plus
Au (gold) with the Pt, Pd
and Rh being the most economic
platinoids in the UG2 Reef
PlatMile Platinum Mile Resources (Pty) LtdP&SA1 Pooling & Sharing Agreement
between AQPSA and RPM Ltd on Kroondal
P&SA2 Pooling & Sharing Agreement
between AQPSA and RPM Ltd on Marikana
R South African RandRidge Ridge Mining LimitedROM Run of mine. The ore from mining
which is fed to the concentrator plant. This
is usually a mixture of UG2 ore and waste.Tonne 1 Metric tonne (1,000kg)UG2 Reef A PGE-bearing chromite layer
within the Critical Zone of the Bushveld Complex
PINX