AQUARIUS PLATINUM LIMITED - ASX: AQP

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Description

Aquarius Platinum is the world’s fourth largest primary platinum producer. Our highly mechanised, low cost mines lie in Southern Africa, the largest platinum producing region in the world. We are positioned for further growth within the industry and aim to achieve value for our stakeholders.

We have interests in seven operations, firmly establishing our position as one of the world’s fastest growing platinum companies. Our operations are located on both the world-renowned Bushveld Complex in South Africa and the Great Dyke in Zimbabwe. We have an active exploration programme in and around these existing operations, with a focus on the eastern Bushveld Complex in particular.

* Our primary operation, the Kroondal Mine, is one of the most efficient PGM producers in the world. The mine is situated on the Western Limb of the Bushveld Complex in North West Province of South Africa. Kroondal has partnered with Anglo Platinum in a pool and share agreement (P&SA1) since 2003. The Kroondal mine, which exploits the UG2 Reef, comprises four operating decline sections: the Kopaneng, Simunye, Bambanani and Kwezi (formerly Central, East, No 3 and K5) shafts which access the Kroondal and Townlands blocks. Kroondal also has two concentrator plants with a combined capacity of 570,000 tonnes per month. Kroondal has an offtake agreement for the processing and refining of its concentrate with Anglo Platinum.

* Our second operation in South Africa, the Marikana Mine, lies 8km east of Kroondal, on the Western Limb of the Bushveld Complex, in North West Province, South Africa. The Marikana operation mines the UG2 Reef contained in the Marikana and 4 shaft orebodies by means of both underground and open-pit operations. Underground operations are accessed via the 1, 4 and 5 shafts; 2 shaft is currently on care and maintenance. The Marikana concentrator plant has a monthly processing capacity of 220,000 tonnes. During FY2010, Aquarius acquired the assets of First Platinum (Pty) Ltd and Salene Mining (Pty) Ltd, known collectively as Firstplats, which are contiguous with Marikana and have been included in the P&SA2. Concentrate produced from mineral reserves contributed by Marikana is smelted, refined and marketed by Anglo Platinum and Impala Refining Services (IRS).

* Our third mine in South Africa, the Everest Mine, was commissioned in November 2005. Everest is located on the eastern limb of the Bushveld Complex in the province of Mpumalanga, South Africa. Due to subsidence, operations at Everest were suspended in December 2008 and re-opened towards the end of FY2010. Following the re-establishment of the mine, Everest now has two decline shaft systems, one a belt, people, material and vehicle access way and the other a vehicle access way. A third access way, via the valley box cut, is currently under construction. The mine has both underground and open-pit operations. The concentrator plant at Everest has a monthly capacity of 250,000 tonnes. Concentrate from Everest is smelted, refined and marketed by IRS.

* In southern Zimbabwe, we hold a 50% interest in the Mimosa Mine. The mine is located on the Wedza sub-chamber of the southern portion of the Great Dyke in Zimbabwe. The mine, the lowest cost mining operation in the Aquarius stable, is a relatively shallow underground operation (220m deep) accessed via a decline shaft. The surface concentrator plant has a monthly capacity of 185,000 tonnes. The mine is overseen by joint venture partners Aquarius and Impala Platinum Holdings Limited (Implats). Mimosa has an offtake agreement with Centametal AG of Switzerland. In terms of this contract, concentrate produced by Mimosa is delivered to IRS in South Africa for processing and refining.

* The Chromite Tailings Retreatment Plant (CTRP) is located adjacent to the Kroondal mine. It is an innovative and environmentally sound operation that processes old mine dumps and current tailings from the beneficiation process used at neighbouring chromite mines. The CTRP is jointly owned by Aquarius (50%), which also manages the plant, GB Mining (25%) and Sylvania South Africa (25%).

* In 2008, we acquired a 50% interest in Platinum Mile Resources (Pty) Ltd which operates a tailings retreatment facility located on Anglo Platinum’s RPM’s lease area, adjacent to the Kroondal Mine and processes certain tailings from RPM. The concentrate produced by Platinum Mile is sold to RPM with which it has a profit share arrangement. Platinum Mile currently produces approximately 20,000 ounces of PGM in concentrate. The remaining 50% is held by Mvelaphanda Holdings (Pty) Limited.

* In July 2009, we acquired effective control of Ridge Mining plc (Ridge). Ridge's primary assets, both located on the eastern limb of the Bushveld Complex, are the Blue Ridge Mine and the Sheba's Ridge project. The Blue Ridge mine is situated on the south-western extension of the eastern limb of the Bushveld complex. Blue Ridge is an underground mine to a current depth of approximately 300 metres via two decline systems. In August 2010 the mine was placed on care and maintenance for redevelopment and is expected to be recommissioned in FY2012. The mine will be larger and more robust than originally planned. The Sheba's Ridge project, currently under review, is situated approximately 30 km south of the town Groblersdal in Mpumalanga, South Africa. Ownership of the project is split, with Aquarius holding a 39% interest, Anglo Platinum 35% and the Industrial development Corporation (IDC), 26%.

Mine For

platinum group metals

Location of operation(s)

South Africa, Zimbabwe

Address

Level 4, Suite 5 , South Shore Centre , 85 The Esplanade
SOUTH PERTH, WA, AUSTRALIA

Phone

(08) 9367 5211

Email

Website

http://www.aquariusplatinum.com/

Last Updated

26/04/2011