30 Apr 2013 07:00
AQUARIUS PLATINUM LIMITED - Financial and Production Results to 31 March 2013AQUARIUS PLATINUM LIMITED - Financial and Production Results to 31 March 2013
PR Newswire
London, April 29
Attributable production from operating mines increased by 20% to 81,471 4Eounces compared to their performance in the previous corresponding period pcp
Revenue decreased by 20% to $100 million (Q3 2012: $125 million) due to mineclosures
Mine operating net cash flow increased by $47 million to a surplus of $29million inflow (Q3 2012: outflow of $18 million)
Mine EBITDA increased 14 fold to $30 million (Q3 2012: $2 million)
Group cash balance at quarter end $93 million, up $10 million (Dec 2012: $83million)
Average PGM basket price increased 4% for the quarter in Dollar terms
The Rand weakened against the US Dollar by 3% on average quarter-on-quarter and14% compared to pcp
Cash costs at Kroondal decreased 1% to R8,312 per PGM ounce quarter-on-quarterand decreased 7% compared to pcp
Cash costs at Mimosa decreased 3% to $870 per PGM ounce quarter-on-quarter butincreased 9% compared to pcp
Q3 2013 Operating Results Summary Kroondal Mimosa Platinum Mile 4E PGM productionTotal (100% basis) 105,027 51,611 3,152
Attributable 52,514 25,805 3,152
4E basket price R/oz 11,664 n/a 11,948 $/oz 1,315 1,247 1,335 Cash costs (4Ebasis) R/oz 8,312 n/a 7,640 $/oz 937 870 854 Cash margin (%) 20 34 20 Stay-in-businesscapex R/oz 862 n/a - $/oz 97 140 -Commenting on the results, Jean Nel, CEO Aquarius Platinum said:
"During the quarter under review, Aquarius' focus remained almost exclusivelyon improving operational performance. It is therefore particularly pleasing toreport credible performances at both Kroondal and Mimosa. Kroondal productionexceeded 105,000 ounces for the first time since the quarter ended December2011, while unit costs improved and 2 million fatality-free shifts wereachieved in the quarter. There was regrettably a fatal accident on 25 March,after this milestone had been reached. Our commitment to safety remainsparamount. Mimosa in turn managed to maintain production at above budgetlevels while unit costs declined by 3%, even after the annual wage increase of7.5%. The operational teams at Kroondal led by Wessel Phumo and Rob Schroder,and at Mimosa, led by Winston Chitando, deserve credit for their performances.
While our operational performance improved, the operating environment remainedparticularly challenging across most disciplines and was exacerbated by thesignificant drop in dollar metal prices post the period end. There appearslittle cause for optimism about the sectors' immediate prospects. Against thisbackdrop, we remain focussed on maintaining operational stability, effectingincremental operational improvements and preserving our treasury to ensure thatAquarius is well positioned to respond to any uplift in PGM prices. "
Production by mine
Quarter endedPGMs (4E) Mar 2013 Dec 2012 % Change Mar 2012 % Change Kroondal 105,027 102,525 2 76,935 37 Mimosa 51,611 52,752 -2 52,053 -1 Platinum Mile 3,152 1,349 134 3,474 -9 Marikana - - - 26,405 - Everest - - - 15,926 - CTRP - - - 1,413 - Total 159,790 156,626 2 176,206 (9)Production by mine attributable to Aquarius (Operating mines)
Quarter endedPGMs (4E) Mar 2013 Dec 2012 % Change Mar 2012 % Change Kroondal 52,514 51,263 2 38,467 37 Mimosa 25,805 26,376 -2 26,026 -1 Platinum Mile 3,152 1,349 134 3,474 -9 Total 81,471 78,988 3 67,967 20Aquarius Group quarterly attributable production (PGM ounces) to 31 March 2013
See www.aquariusplatinum.com for graph
Market Summary
During the quarter, the PGM Rand basket price reached multi-year highs. The twocomponents that drove the performance were high volumes of platinum ETF buyingin January (+150,000oz) and a significant weakening of the Rand (+3% during thequarter). The ETF buying was in response to an announcement regarding proposedcapacity cuts in the sector. An extended consultation period has delayedimplementation of the redundancies and the outcome of this process remainsuncertain. Following initial optimism of the capacity cuts, $ Dollar platinumprices have fallen from a high of $1,738 per ounce on 6 February to $1,432 perounce in the third week of April, a consequence of a collapsing gold price andweak European car demand.
The average platinum price increased by 2%, while palladium increased by 13%and rhodium increased by 7% quarter-on -quarter. Gold fell by 1.3% on average.Platinum closed the quarter down 2.7% at $1,589 per ounce, while palladium roseby 4.4% to $773 per ounce and rhodium rose by 5.4% to $1,200 per ounce. Goldfell 1.7% to $1,602 per ounce.
Rand-Dollar exchange rate
The average Rand-Dollar exchange rate weakened during the quarter, falling by3% from R8.65 to R8.87 to the US Dollar. Since then, it has traded in a narrowrange to average R9.09 in the first two weeks of April.
The average Rand basket price for the quarter increased by 7%quarter-on-quarter, and since quarter end the spot price has fallen by 7%. TheUS Dollar weighted average group basket price increased by 4% to $1,295 per 4Eounce compared to the previous quarter. The average South African basket priceat AQPSA's operations was R11,665 per PGM ounce for the period. Subsequent tothe end of the quarter, the PGM basket price consolidated to average R11,240per PGM ounce for the first two weeks of April, recording a low of R10,300during April.
See www.aquariusplatinum.com for graphs
Average PGM basket prices achieved at Aquarius operations
Quarter endedUS$ per PGM ounce (4E) Mar 2013 Dec 2012 % Change Mar 2012 % Change Kroondal 1,315 1,261 4 1,321 (0.5) Mimosa 1,247 1,213 3 1,199 4 Platinum Mile 1,335 1,269 5 1,338 (0.2) Weighted Avg. 1,295 1,245 4 1,290 0.4 FinancialsAquarius continued to restore its operational credibility during the Marchquarter by recording improved production and financial results compared to theprevious corresponding period (pcp), the quarter ended March 2012. Aquariusrecorded a net loss of $1.6 million for the quarter ended March 2013 comparedto a loss of $9.4 million in the pcp.
Production from the Group's operating mines was 20% higher compared to theirperformance in the pcp.
The improved performance during a difficult time in the platinum sector comesas a direct result of the concerted effort within the Company to drive andrestore its operational performance across all operating mines. The results ofthe difficult decisions made with respect to mine closures, the transition toowner operated mines and the rollout of the revised support regime are nowstarting to be evident in the operating results.
EBITDA, profit and production comparison by corresponding quarters
Quarter ended Quarter ended Movement Mar 2013 Mar 2012 EBITDA $30.3M $2.2M $28.1M Foreign exchange gain $2.0M $1.8M $0.2M Net loss after tax ($1.6M) ($9.4M) $7.8M Revenue $100.4M $124.8M ($24.4M)PGM ozs production (in operation) 81,471 97,802 (16,331)
On-mine EBITDA improved 14 fold to $30.3 million from $2.2 million in the pcp.The increase in EBITDA despite flat PGM prices was a result of increasedproduction at Kroondal, up 37% compared to pcp, and the closure of loss-makingmines Everest and Marikana. On-mine cash costs at Kroondal for the quarter weredown 7% to R8,312 per PGM ounce compared to R8,965 in the pcp. despiteinflationary pressures. Unit costs at Mimosa, which is at steady stateproduction, were 9% higher compared to pcp due to inflationary pressures, butwere 3% lower compared to the last quarter. The decrease in costs at Mimosaoccurred despite the annual wage increase of 7.5% implemented in January 2013.Cost over runs recorded in Q2 at Mimosa have largely been resolved and as aresult the trend in costs variance is reverting down towards budget.
Revenue (PGM sales and including interest income of $2.4 million) was down 20%to $100.4 million from $124.8 million in the pcp due to lower levels ofproduction resulting from the mine closures. On a per PGM ounce basis, revenuewas flat at $1,295 compared to $1,290 in the pcp.
Quarter ended Mar 2012 June 2012 Sep 2012 Dec 2012 Mar 2013 Revenue $121.9M $118.1M $88.9M $93.9M $99.2M PGM sales adjustments $2.9M ($9.5M) ($1.5M) ($2.0M) $1.2M Total revenue $124.8M $108.6M $87.4M $91.9M $100.4MProduction from operating mines was 20% higher at 81,471 PGM ounces from 67,967PGM ounces in the pcp. The increased production came directly from Kroondalwhere production improved by 37% compared to the pcp.
Quarter ended Attributable ounces Mar 2012 June 2012 Sep 2012 Dec 2012 Mar 2013 Operating mines 67,967 71,230 77,477 78,988 81,471 Non-operating mines 29,835 26,915 322 - - 4PGE production 97,802 98,145 77,799 78,988 81,471Total cash cost of production was 34% lower at $75.1 million compared to thepcp, partly due to the closure of the loss-making mines Everest and Marikanaand also due to improved productivity especially at Kroondal.
On a unit cash cost basis (PGM ounce), costs in Rand terms at the South Africanoperations were 1% lower quarter-on-quarter and 7% lower compared to pcp. InDollar terms, overall group unit costs decreased 4% quarter-on-quarter to $922per PGM ounce and 21% compared to pcp. These reduced costs, despite the verydifficult operating environment, reflect improved production at Kroondal andimproved efficiencies achieved through the recent changes introduced at themine. The varying degrees of cost increases measured in differing currencies(Rand versus Dollars) reflect exchange rate movements over the period.
In spite of these improved results, the operating and macro environment remainsa difficult arena in which to function with continued volatility in PGM pricessince the end of the quarter placing increase pressure on operating costs.
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Administrative costs of $2.0 million were in line with quarterly trends.Finance costs for the quarter included interest paid on borrowings $4.5million, non-cash interest accretion on convertible bond of $2.5 million andunwinding of the rehabilitation provision, $1 million. Amortisation anddepreciation was $17.1 million.
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Group cash increased $10 million to $93 million at the end of the quarter.
Net operating cash inflow for the quarter of $29 million comprised $109 millioninflow from sales, $79 million paid to suppliers, $2 million tax paid and $1million interest received. Development and capital expenditure for the quarterwas $10 million with net financing cash outflows of $5 million consisting ofinterest paid.
Group cash at 31 March 2013 was held as follows:
AQP $ 38 million AQPSA $ 29 million ACS(SA) $ 1 million Mimosa $ 19 million Platmile $ 4 million Ridge Mining $ 2 million Total $ 93 million Aquarius Platinum Limited Consolidated Income Statement Quarter ended 31 March 2013 $'000 Quarter Nine Months Financial Year Ended Ended Ended Note 31/03/13* 31/03/13* 30/06/12 PGM Production 81,471 238,258 411,398 Revenue (i) 100,400 279,661 485,736 Cost of sales (including D&A) (ii) (92,286) (274,864) (531,169) Gross profit/(loss) 8,114 4,797 (45,433) Other income 67 174 2,076 Administrative costs (iii) (2,000) (9,217) (11,950) Foreign exchange gain/(loss) (iv) 1,989 (18,320) (95,001) Finance costs (v) (7,751) (23,638) (34,674) Impairment losses (vi) - (127,496) (3,983) Closure and transition costs (162) (17,166) - Community share ownership - (1,500) -trust Profit/(loss) before income 257 (192,366) (188,965)tax Income tax (expense)/benefit (vii) (1,853) 6,479 30,678 Net loss (1,596) (185,887) (158,287) Net loss is attributable to: Equity holders of Aquarius (1,625) (185,460) (158,227)Platinum Limited Non-controlling interests (viii) 29 (427) (60) (1,596) (185,887) (158,287) Earnings per share Basic loss per share (cents (0.34) (38.73) (33.77)per share) * UnauditedNotes on the March 2013 Consolidated Income Statement
Revenue decrease reflects lower production and lower prices compared to thepcp.
Cost of sales: aggregate cost of sales is lower following closure of Everestand Marikana mines; unit cash costs per PGM ounce decreased 1% in South Africain Rand quarter-on-quarter and 18% decrease compared to March 2012. Movementsin US Dollar terms differed due to exchange rates prevailing at the time. Unitcash costs decreased 4% quarter-on-quarter and 21% compared to March 2012.Major reductions in unit costs compared to March 2012 are due to the closure ofhigh cost operations Everest and Marikana and the increase in PGM production atKroondal.
Administrative costs of $2 million are in line with previous periods.
Foreign exchange gain is attributable to revaluation adjustments onintercompany loans, cash balances held in Rand, Australian Dollars and PoundStirling, and the revaluation of pipeline debtors in line with movements in theRand against the US Dollar.
Finance costs include interest paid on borrowings $4.5 million, non-cashinterest accretion on convertible bond $2.5 million and unwinding of therehabilitation provision $1 million.
Impairment losses arising from a review of the carrying value of non-operatingassets, namely Marikana, Ridge Mining, the tailings retreatment operationPlatmile, and several mining rights.
Income tax expense includes a $1 million deferred tax credit and $1 millionwithholding tax.
Reflects the 8.3% non-controlling interest of Platinum Mile Resources (Pty)Ltd. Following the acquisition of an additional 41.7% during the during the2012 financial year, the Group holds 91.7% and controls Platinum Mile Resources(Pty) Ltd. Aquarius Platinum Limited Consolidated Statement of Cash Flows Quarter ended 31 March 2013 $'000 Quarter Nine Months Financial Year Ended Ended Ended Note 31/03/13* 31/03/13* 30/06/12 Net operating cash inflow/(outflow) (i) 29,421 (9,043) 26,356 Net investing cash outflow (ii) (9,830) (36,582) (120,079) Net financing cash outflow (iii) (4,635) (40,910) (34,525) Net increase/(decrease) in cash held 14,956 (86,535) (128,248) Opening cash balance 83,330 180,088 328,083 Exchange rate movement on cash (5,730) (997) (19,747) Closing cash balance 92,556 92,556 180,088 * UnauditedNotes on the March 2013 Consolidated Statement of Cash Flows
Net operating cash flow for the March quarter includes $109 million inflow fromsales, $79 million paid to suppliers, $2 million tax paid and $1 millioninterest received.
Includes development and plant and equipment expenditure on AQPSA and Mimosa.
Includes interest paid of $4 million.
Aquarius Platinum Limited Consolidated Balance Sheet At 31 March 2013 $'000 $'000 As at As at Note 31/03/13* 30/06/12 Assets Cash assets 92,556 180,088 Current receivables (i) 77,872 87,100 Other current assets (ii) 44,710 44,258 Property, plant and equipment (iii) 270,718 276,195 Mining assets (iv) 270,094 437,574 Intangibles (v) 67,331 87,882 Other non-current assets (vi) 86,970 88,093 Total assets 910,251 1,201,190 Liabilities Current liabilities (vii) 88,064 113,466 Non-current payables (viii) 4,023 4,204 Non-current interest-bearing liabilities (ix) 266,723 265,526 Other non-current liabilities (x) 122,671 141,349 Total liabilities 481,481 524,545 Net assets 428,770 676,645 Equity Issued capital 24,370 23,516 Unissued shares - 2,436 Treasury shares (26,527) (18,128) Reserves 670,703 722,734 Accumulated losses (245,655) (60,195) Total equity attributable to equity holders of Aquarius Platinum Limited 422,891 670,363 Non-controlling interests (xi) 5,879 6,282 Total equity 428,770 676,645 * UnauditedNotes on the March 2013 Consolidated Balance Sheet
Reflects debtors receivable on PGM concentrate sales.
Reflects PGM concentrate inventory, consumables, stores and critical spares.
Represents plant and equipment within the Group.
Includes group's mining assets at Kroondal, Marikana, Mimosa, Everest, BlueRidge, CTRP and Platmile.
Includes intangibles relating to contract value acquired on the acquisition ofequity interest in Platinum Mile Resources (Pty) Ltd.
Includes the recoverable portion of rehabilitation provision from AngloPlatinum of $10 million, receivable from the Reserve Bank of Zimbabwe (RBZ) of$28 million, receivable from outside shareholders of Blue Ridge and Sheba'sRidge of $24 million, investments in rehabilitation trusts of $17 million andinvestments held for resale of $4 million.
Includes trade creditors of $46 million, DBSA and IDC bank loans in Blue Ridgeof $36 million and leave provisions of $6 million.
Includes rehabilitation obligations on P&SA1 and P&SA2 structures.
Includes convertible bonds of $265 million and AQPSA lease facilities of $2million.
Includes deferred tax liabilities $82 million and provision for closure costs$41 million.
Reflects the 8.3% non-controlling interest of Platinum Mile Resources (Pty)Ltd. Following the acquisition of an additional 41.7% during the 2012 financialyear end, the Group now holds 91.7% and controls Platinum Mile Resources (Pty)Ltd.
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 improved to 1.05 per 200,000 man hours from 1.39in the previous quarter
Production decreased to 1,686,000 tonnes from 1,727,000 tonnes,quarter-on-quarter
Head grade deteriorated from 2.41g/t to 2.36g/t
Recoveries improved by 0.3% to 80%
Volumes processed increased to 1,737,000 tonnes
Stockpiles at the end of the quarter totalled approximately 24,000 tonnes
PGM production increased by 2% to 105,027 PGM ounces, quarter-on-quarter
Revenue increased by 14% to R1,085 million, quarter-on-quarter, due to improvedproduction and a positive sales adjustment
Mining cash costs decreased by 3% to R503 per tonne, due to improved production
Unit cost per PGM ounce reduced 1% to R8,312 per PGM ounce due to improvedproduction
Kroondal's cash margin for the period improved from 10% to 20%
See www.aquariusplatinum.com for graph
Commentary
Kroondal:
Regrettably, post quarter, a fatal accident occurred on 25 March 2013 when arock drill operator of Precrete, Mr. Raohang Ramakhetha, was struck by a fallof ground during drilling operations of long anchors on Kwezi Shaft. The DMR'sinvestigation into the fatal accident is ongoing. The Board and Management ofAquarius express their sincere condolences to the family of the deceased.
Production at Kroondal for the quarter was 1.686 million tonnes, down 2%compared to the previous quarter, The decrease is attributed to vamping byoutside contractors being terminated at the beginning of the quarter underreview as well as a the planned Christmas break which cost 7 production days
At Kroondal three Section 54 stoppage instructions were issued by theDepartment of Mineral Resources (DMR) of which two were lifted immediatelyfollowing discussions with the Principal Inspector of Mines. The third section54 notice was dealt with through a comprehensive investigation and action plansthat were presented to the DMR.
P&SA2 at Marikana (Aquarius Platinum - 50%)
Given the continuing low Rand PGM basket prices, Marikana 4 shaft, theremaining operating shaft, and the processing plant at Marikana continue oncare and maintenance until further notice.
Everest MineSimilarly, given the continuing low Rand PGM basket prices, temporarygeological problems and unstable labour relations, the Everest mine remainsplaced on care and maintenance until further notice.
AQPSA Operating cash costs per ounce (Rand)
4E 6E 6E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu) Kroondal 8,312 6,826 6,657 Capital expenditure Kroondal(R'000 unless otherwise stated) Total Per 4E oz
Ongoing establishment of infrastructure 50,717 483
Project capital (K6 shaft) 39,776 379 Mobile equipment 13,597 129 Total 104,090 991Kroondal mine: reconciliation of cash costs per 4E ounce
Cost per 4E ounce (Rand) Q3 HY1 Total operating expenditure 9,358 10,633 Less:Ongoing capital expenditure & mobile equipment (612) (1,142)
Project capex (K6 shaft) (379) (509) Transition costs (27) (294) On mine cash costs 8,340 8,688Development of the K6 shaft at Kroondal continues as does design and drill workat Everest. The K6 shaft sinking project remains on budget and is ahead oftime. The Company expects to incur R90 million in capital expenditure (R45million attributable to Aquarius) on this project during H2, in line with thebudget. Work on the K6 shaft is currently being undertaken by a miningcontractor and Aquarius is currently preparing to take over operationalresponsibility from 1 May 2013, in line with its decision to be an owneroperator.
Almost all other project and growth capital expenditure has been placed onhold, pending improved market conditions. The Company is continuing with thenecessary maintenance capital expenditure required by its operating mines.Capital expenditure on mobile equipment is financed by means of a leaseagreement over the life of the equipment.
MIMOSA INVESTMENTS (Aquarius Platinum - 50%)
Mimosa Platinum Mine
12-month rolling average DIIR improved to 0.12 per 200,000 man hours worked
Production decreased by 2% to 590,620 tonnes, quarter-on-quarter
Head grade deteriorated slightly to 3.66g/t
Recoveries were 78.05%
Volumes processed decreased by 2% to 563,054 tonnes
Stockpiles at the end of the quarter totalled approximately 150,657 tonnes
PGM production decreased by 2% to 51,611 PGM ounces, quarter-on-quarter, butwas ahead of budget forecast
Revenue increased by 2% to US$69 million, due to higher PGM basket pricesrealised in the quarter
Mining cash costs decreased by 3% to US$80 per tonne, and costs per PGM ounceby 3% to $870
Stay-in-business capital expenditure was $140 per PGM ounce for the quarter
Mimosa's cash margin for the period increased from 24% to 34% due to loweroperating costs and the higher basket price.
See www.aquariusplatinum.com for graph
Operating cash costs per ounce
Unit cash costs per PGM ounce (before by-product credits) were 3% lower thanthose achieved in the previous quarter. The 3% reduction was achieved despitean annual wage increase of 7.5% implemented from January 2013, so in comparableterms the cost reduction was significantly more than 3% compared to pcp. Thelower costs were mainly due to the reduction in excess labour costs, a resultof the ongoing labour optimisation exercise, and the decommissioning of thestockpile building team in January 2013, after achieving the desired surfacestock pile level.
4E 6E 4E net of by-products (Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu & Co) Mimosa 870 820 556 Capital expenditureThe total capital expenditure for the third quarter amounted to $7 million.Expenditure was incurred mainly on mobile equipment, drill rigs and LHDs; theconveyor belt extension; down dip development; housing project; and Phase VIprefeasibility studies.
TAILINGS OPERATION
Platinum Mile (Aquarius Platinum - 91.7%)
Material processed increased 135% to 913 000 tonnes, quarter-on-quarter
Head grade decreased to 0.74 g/t
Recoveries increased to 15%
Production increased to 3,152 PGM ounces from 1,349 PGM ounces in the previousquarter
Cash costs decreased to R7,640 per PGM ounce from R7,688 per PGM ounce in theprevious quarter
Revenue was R32 million for the quarter
The cash margin for the period was 20%, an increase from 13% in the previousquarter
Commentary Platinum Mile:The results for the quarter are significantly better than those of the previousquarter which had been negatively impacted by strikes at Anglo Platinum duringOctober and November. It is not possible to draw any meaningful comparisonwith the results of the previous quarter.
The coarse grinding expansion that was placed on hold during the strike hasresumed and should result in a 40% improvement in production yields from thefirst quarter of 2014 onwards.
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) Platinum Mile 7,640 6,626 6,106Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%)
This operation remains on care and maintenance.
CORPORATE MATTERS
Board Changes
Ms Sonja Sebotsa was appointed to the Board of Aquarius on 6 February 2013.Ms. Sebotsa was also appointed to the Board of Aquarius' fully ownedsubsidiary, AQPSA, and assumed the role of Chairman of AQPSA from acting AQPSAChairman, Mr. Mankazana. Mr Mankazana continues to serve as a non-executivedirector.
Mimosa Indigenisation
On 14 December 2012, Mimosa Investment Holdings ("Mimosa Investments"), whichis held jointly in a 50:50 partnership with Impala Platinum Holdings Limited,concluded a term sheet in respect of a proposed indigenisation implementationplan ("IIP") with the Government of Zimbabwe (GoZ).
Aquarius' full announcement of 14 December 2012 outlines details of theindigenisation plan and is available on Aquarius' website.
During the quarter under review a number of discussions took place betweenMimosa, the GoZ and shareholders of Mimosa, but progress in drafting theindigenisation agreements was limited. Nevertheless, Mimosa remains engaged indiscussions with the GoZ and shareholders will continue to be advised of anyprogress made.
Potential acquisition of the Booysendal reserve
The Company remains in communication with the Department of Mining andResources (DMR) in South Africa and with Northam Platinum Limited in relationto the outstanding approval from the DMR which is required to implement thistransaction. In the absence of the necessary approval being granted on orbefore 30 April 2013, the agreement will lapse. The Company will adviseshareholders accordingly in due course.
Aquarius' full announcement dated 4 May 2011 outlines details of thistransaction and is available on Aquarius' website.
Possible extension of the Kroondal PSA
The Company has, for some time, been engaged in discussions with Anglo AmericanPlatinum in relation to the merits of extending the Kroondal PSA arrangement.The discussions are continuing and the Company will advise shareholders to theextent that agreement is reached between the parties.
More information on all corporate matters can be found atwww.aquariusplatinum.com
Statistical information: Kroondal P&SA1
See www.aquariusplatinum.com for statistical information
Statistical information: Mimosa
See www.aquariusplatinum.com for statistical information
Statistical information: Platinum Mile
See www.aquariusplatinum.com for statistical information
Aquarius Platinum LimitedIncorporated in Bermuda Exempt company number 26290 Board of Directors Nicholas Sibley Non-executive Chairman Jean Nel Chief Executive Officer David Dix Non-executive Tim Freshwater Non-executive (Senior Independent Director) Edward Haslam Non-executive Kofi Morna Non-executive Zwelakhe Mankazana Non-executive Sonja Sebotsa Non-executive Audit/Risk Committee David Dix (Chairman) Edward Haslam Kofi Morna Nicholas SibleyRemuneration/Succession Planning Committee
Edward Haslam (Chairman) David Dix Zwelakhe Mankazana Nicholas Sibley Nomination Committee Sonja Sebotsa (Chairman) Edward Haslam Tim Freshwater Kofi Morna Willi Boehm Company Secretary Willi Boehm AQPSA ManagementSonja Sebotsa Non-executive Chairman
Robert Schroder Managing Director
Jean Nel Executive Director
Graham Ferreira Finance Director
Wessel Phumo General Manager: Kroondal Mimosa Mine Management Winston Chitando Chairman Herbert Mashanyare Technical Director Peter Chimboza Resident Director Fungai Makoni General Manager Finance & Company SecretaryPlatinum Mile Management
Richard Atkinson Managing Director
Paul Swart Financial Director Issued capitalAt 31 March 2013, the Company had on issue: 486,851,336 fully paid commonshares and 120,000 unlisted options.
Substantial shareholders 31 March 2013 Number of Shares Percentage
Chase Nominees Limited 31,569,450 6.48 JP Morgan Nominees Australia Limited 30,441,079 6.25 HSBC Custody Nominees (Australia) Limited 28,201,377 5.79 Primary Australian Securities Exchange Trading InformationListing: (AQP.AX) Premium London Stock Exchange (AQP.L) ISIN number BMG0440M1284Listing: Secondary JSE Limited (AQP.ZA) ADR ISIN number US03840M2089Listing: Convertible Bond ISIN number XS0470482067 Broker (LSE) (Joint) Broker (ASX) Sponsor (JSE) Liberum CapitalLimitedRopemaker Place, Euroz Securities Rand Merchant BankLevel 12 Level 18 Alluvion (A division of FirstRand Bank 58 Mounts Bay Road, Limited)25 Ropemaker Street, Perth WA 6000 1 Merchant PlaceLondon Telephone: +61 (0) 8 Cnr of Rivonia Rd and Fredman 9488 1400 Drive, Sandton 2196EC2Y 9LY Johannesburg South AfricaTelephone: +44 (0)20 3100 2000Aquarius 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, SouthAfricaPostal Address: PO Box 7840, Centurion, 0046, South Africa Telephone: +27 (0)10 001 2848 Facsimile: +27 (0)12 001 2070Aquarius 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.comFor further information please visit www.aquariusplatinum.com or contact:
In the United Kingdom and South Africa: In Australia:Jean Nel+27 (0)10 001 2848 Willi Boehm +61 (0) 8 9367 5211 Glossary A$ Australian Dollar Aquarius Aquarius Platinum Limitedor AQP 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 United States Dollaror $ Everest Everest Platinum Mine Great A PGE-bearing layer within the Great Dyke Complex in ZimbabweDykeReef GoZ Government of Zimbabwe g/t Grams per tonne, measurement unit of grade (1g/t = 1 part per million) JORC Australasian code for reporting of Mineral Resources and Ore Reservescode JSE Johannesburg Stock Exchange Kroondal Kroondal Platinum Mine or P&SA1 at Kroondal LHD Load haul dump machine Marikana Marikana Platinum Mine or P&SA2 at Marikana Mimosa Mimosa Mining Company (Private) Limited nm Not measured PGE(s) Platinum group elements plus gold. Five metallic elements commonly(6E) 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) Platinum group metals plus gold. Aquarius reports PGMs as comprising(4E) 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 P&SA1 Pooling & Sharing Agreement between AQPSA and RPM Ltd on Kroondal P&SA2 Pooling & Sharing Agreement between AQPSA and RPM Ltd on Marikana R South African Rand Ridge Ridge Mining Limited ROM Run of mine. The ore from mining which is fed to the concentrator plant. This is usually a mixture of UG2 ore and waste.RPM Rustenburg Platinum Mines Limited, a subsidiary of Anglo PlatinumLimited Limited
Tonne 1 metric tonne (1,000kg) TARP Trigger Action Response ProcedureUG2 Reef A PGE-bearing chromite layer within the Critical Zone of the Bushveld
Complex