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A Platinum Investment

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A Platinum Investment AQUARIUS A PLATINUM INVESTMENT ANNUAL REPORT 2011 Aquarius’ business model and strategy Aquarius has been uniquely successful in bringing into operation smaller-scale deposits with the use of highly mechanised, low-cost mining methods and operating systems that differ from those used by major players in the industry. The Aquarius strategy includes: • Identifying, acquiring and mining smaller-scale, cost-effective PGM deposits • Using capital-intensive mining methods • Using contractors to mine and run plants, thus enabling Aquarius to benefit from contractor expertise and resources. This allows for quicker build-ups, a leaner and more cost- effective structure and greater operational flexibility • Minimising overheads across the group – from exploration through to corporate financing. This includes the timely and cost-effective raising of capital • Entering into long-term contracts for the sale of concentrate, thus overcoming the significant technical barriers to establishing and operating large-scale processing facilities as well as the infrastructure necessary to market refined PGMs A SOLID INVESTMENT OPTION Production by metal – FY2011 Platinum 57% Palladium 32% Rhodium 9% Gold 2% Annual attributable revenue ($m) FY2009 310 FY2010 472 FY2011 683 Growth in Aquarius’ resource base (Moz) 180 160 140 120 100 80 60 40 20 0 FY2008 FY2009 FY2010 FY2011 FY2012* AQP other Afarak Mimosa North Hill Buttonshope (Booysendal South) Ridge Mining * Forecast WHY NOBLE PLATINUM METAL The special qualities of platinum make its use crucial to technology, industry and the environment 1 REPORT PROFILE The 2011 Annual Report for Aquarius Platinum Limited (Aquarius) covers the period from 1 July 2010 to 30 June 2011 and presents the operational and financial performances of the group over this period. This report has been compiled in line with the regulations of the Australian Securities Exchange (ASX), which hosts Aquarius’ primary stock exchange listing. In this report, platinum group metal (PGM) (with 2010 amendments) with reference to the production refers to the three primary platinum Combined Code on Corporate Governance group elements (PGE) – platinum, palladium and 2008, as prepared by the Financial Reporting rhodium – and gold, which are together referred Council in the United Kingdom. The annual to as 4E or 3E+Au. Throughout this report, financial statements were prepared in financial data is reported in US Dollars and, accordance with the International Financial where applicable to South African subsidiaries in Reporting Standards and audited in accordance the operational review, in South African Rands. with International Standards on Auditing. Included in this report is the group Mineral A separate, more detailed report on Aquarius’ Resource and Reserve statement in which sustainable development activities, compiled Aquarius’ Mineral Resources, Mineral Reserves in line with the principles of the G3 reporting and exploration results for its operations in South guidelines of the Global Reporting Initiative Africa and Zimbabwe are reported in accordance (GRI), will be available on the corporate with the South African Code for Reporting of website, www.aquariusplatinum.com, in Mineral Resources and Mineral Reserves November 2011. A summary of that report is (SAMREC 2007) and its equivalent, the Australian presented in this annual report. Code for the Reporting of Mineral Resources and Ore Reserves (JORC 2004). This statement has Key performance indicators been signed off by the relevant Competent The key performance indicators (KPIs) reported Persons as defined by these codes. A fuller, more throughout this Annual Report cover health and extensive Mineral Resource and Mineral Reserve safety, operations, financial metrics and are used Technical Statement 2011 will be available on the corporate website, www.aquariusplatinum.com by the Board of Aquarius and operational from mid-December 2011. management to monitor the Company’s performance over time. They are reported here to The corporate governance statement presented provide all stakeholders with the tools necessary in this report has been compiled in line with the to assess the Company’s results on a clear and Australian Securities Exchange’s Corporate consistent basis. The Company aims to deliver Governance Principles and Recommendations consistent improvement across all of its KPIs. 2 HIGHLIGHTS FY2011 Strategic highlights • Global mining best practice hangingwall support • Afarak and Buttonshope transactions to increase methodology implemented across South African Aquarius PGM resources by approximately 23% mines following accident at Marikana in July 2010 • Agreement reached on acquisition of an additional 41.7% of Platinum Mile for • Acquisition of Afarak Platinum, concluded approximately $17 million, increasing 5 April 2011, for $109.7 million will ownership in that asset to 91.7% facilitate potential extensions to mine life at Kroondal and Marikana • Agreement reached to acquire Buttonshope (Booysendal South) for R1.2 billion (approximately $160 million) to extend mine life and expand production at Everest For operational highlights see page 34 Financial highlights • Headline earnings per share of 30.85 US cents per share (FY2010: 5.17 US cents per share) • Revenue up by 45% to $682.9 million (FY2010: $472.2 million) • Asset impairment of the Ridge assets (non- cash) of $159.8 million following cessation • US Dollar PGM prices increased materially, offset of operations to some degree in South Africa by a strengthening Rand-Dollar exchange rate • Reported net loss of $10.4 million (equivalent • Mine operating net cash flow rose by 44% to to US 2.25 cents per share) as a result of Blue $162.3 million (FY2010: $112.8 million) Ridge impairment • Mine EBITDA increased by 40% to $203.2 million • Group cash balance at financial year-end of (FY2010: $145.1 million) $328.1 million • Headline earnings (before exceptional items) • Final dividend of US 4 cents per share increased more than fivefold to $142.8 million declared, taking full year dividend to US 8 cents (FY2010: $23.6 million) per share (FY2010: US 6 cents) 3 CORPORATE PROFILE ASX – AQP.AX LSE – AQP.L JSE – AQP Aquarius is a focused, independent platinum group mining operations on the western limb of the metals (PGM) producer, with assets on both the Bushveld Complex. During the year, Aquarius agreed to acquire a further 41.7% of Bushveld Complex in South Africa and the Great Platinum Mile. Dyke in Zimbabwe, the two most renowned PGM- bearing deposits in the world. Aquarius mines the • In Zimbabwe: UG2 reef on both the western and eastern limbs of Aquarius’ interest in Mimosa, one of the lowest cost producers in the PGM industry, is the Bushveld Complex and the Main Sulphide Zone held through a 50% stake in Mimosa on the Great Dyke. Investments Limited. The primary metals produced are platinum, Aquarius’ attributable PGM (4E) production palladium, rhodium and gold, with iridium and for the 2011 financial year increased by 15% ruthenium as co-products. Significant by-product to total 487,404 ounces. At year-end, Aquarius reported total attributable Mineral metals are nickel, copper and chrome. Resources (after application of geological • In South Africa: losses) of 118.28Moz and Mineral Reserves Aquarius’ assets, which are operated through of 7.03Moz. Aquarius Platinum (South Africa) (Proprietary) Aquarius also has an active exploration Limited (AQPSA), are the Kroondal, Marikana programme with a particular focus on the and Everest mines. Operations at Blue Ridge eastern limb of the Bushveld Complex, as well were suspended during the year. as at and around existing mines. Through Aquarius’ wholly-owned subsidiary, Aquarius’ shares are quoted on the Australian Aquarius Platinum (South Africa) (Corporate Securities Exchange (ASX), the main board of Services) (Proprietary) Limited (ASACS), at the London Stock Exchange (LSE) and the year-end, the group held a 50% interest in the Johannesburg Stock Exchange (JSE). The Chromite Tailings Retreatment Plant (CTRP), company also has a sponsored Level 1 ADR and in Platinum Mile Resources (Pty) Limited, program in the United States. As at 30 June both of which recover PGMs from the tailings 2011, Aquarius had a market capitalisation streams of various platinum and chrome of $2.36 billion (R15.98 billion) 4 Geographic distribution Location of Aquarius’ of shareholders operations in southern Africa United Kingdom 28% Australia 25% Everest United States 22% S 25° 10' 64.5'' South Africa 15% E 30° 11' 82.5'' European Union 7% Asia 3% Marikana S 25° 44' 16.52'' E 27° 25' 11.48'' Kroondal S 25° 42' 20.2'' E 27° 19' 34.7'' CTRP ZIMBABWE S 25° 42' 48.4" E 27° 20' 10.4" Mimosa Platinum Mile S 25° 38' 55.9" Blue Ridge E 27° 19' 02.0" Mimosa S 20° 19' 40.52'' Everest E 29° 49' 32.26'' Marikana SOUTH AFRICA Kroondal Blue Ridge CTRP Platinum Mile S 25° 05' 36.13'' E 30° 37' 22.46'' 5 PROGRESS KEY PERFORMANCE INDICATORS FY2010 VS FY2011 Safety – Disabling injury incidence rate (DIIR) 0.55 per 200,000 hours worked 0.50 per 200,000 hours worked Operating performance – PGM production 422,645 ounces 487,404 ounces Financial performance – Attributable revenue $472 million $683 million $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Productivity – Production per employee 38 PGM ounces 48 PGM ounces Market performance – Average weighted basket price received $1,172 per PGM ounce $1,416 per PGM ounce 6 OBJECTIVES Employee safety is a constant focus with the overall aim being that of ‘zero harm’. 9% Aquarius is dedicated to maintaining industry-leading safety standards. decrease Recent acquisitions in South Africa are in line with corporate objectives to increase 15% volumes produced and extend the life of mine of operations. increase Significant increase in attributable revenue a function of the higher level of 45% production and the rise in the weighted PGM basket price received for the year. increase Optimisation programmes are being carried out at all Aquarius operations so as to 26% improve productivity, enhance efficiencies and contain increases in costs. increase Given likely future global supply constraints, the medium-term outlook for PGM prices 21% is exceptionally positive.
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