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key attributable FY2011 data:

PGM production: 8,854 ounces (2% of group production)

Mineral resource : 4.16Moz (after application of geological losses)

Capital expenditure: $55 million

location:

Located on the eastern limb of the Bushveld Complex, in Limpopo Province, South Africa, in the Sekhukhune District Municipality, around 200km west of Johannesburg

comprises:

Underground mining (currently suspended) to a current depth of approximately 300m via two decline systems – the North and South shafts

ownership/management:

50:50 partnership between Aquarius and Imbani Platinum (Pty) Ltd

safety:

One fatality during the 2011 financial year and the DIIR deteriorated to 1.91 per 200,000 hours worked from 1.86 the previous year

resources and reserves:

As at end June 2011, total attributable mineral resources of 4.16 million 4E ounces after application of geological losses. No mineral reserve statement was included as operations were suspended

refining:

Offtake agreement with Impala Refining Services

number of employees:

As at end June 2011, 33 employees including 25 contractors

about blue ridge

Aquarius took over management of the Blue Ridge mine in 2009 following the acquisition of Ridge Mining plc and at year-end had an effective stake of 50% in the mine.

Blue Ridge is an underground mine accessed via two decline shafts. The mine ceased operations during FY2011 as a result of an insufficiently high prevailing Rand basket price to justify further capital expenditure. A decision is pending to place the mine on care and maintenance. At the time of suspension of operations, the Blue Ridge mine had reached a depth of 275m below surface.

production

Given the low rand basket prices prevailing at the time and an inherited suboptimal mine design, a decision to redevelop the Blue Ridge mine and install infrastructure was taken in September 2010. The implementation of the project began during the second quarter, and approximately 900 employees were redeployed, some to other operations, in a process that was concluded satisfactorily and with retrenchments kept to a minimum.

While undertaking the redevelopment project, Ridge Mining determined that the mine could not be operated economically at the prevailing low rand PGM prices and given the rate of mine cost inflation in South Africa. It was determined that the mine would generate insufficient margins to justify further development expenditures and Ridge Mining recommended that the Blue Ridge mine be placed on care and maintenance pending a full review of the mine’s economic viability.

Mining operations and further mine development were suspended in the final quarter of the year, and more than 80% of the workforce was successfully placed at other mines in the area.

outlook

Ridge Mining has suspended funding of the Blue Ridge mine pending a final decision by the Board of Blue Ridge to place the mine on care and maintenance, and operations have ceased. Pending a significant and sustainable improvement in the Rand PGM basket price, operations will remain suspended.

Blue Ridge management will conduct a comprehensive evaluation of the mine to explore alternative mine plans and establish whether the Blue Ridge ore body can be profitably exploited in a low rand price environment.

mineral reserves

Given the decision to cease operations at the Blue Ridge mine, no reserve statement has been included for the Blaauwbank or the Millenium blocks.

key statistics - as at 30 June 2011

mineral resources and mineral reserves - as at 30 June 2011

Mineral Reserves Notes on the Mineral Reserve statement: 

Given the decision to cease operations at the Blue Ridge mine, no reserve statement has been included here for the Blaauwbank or the Millenium blocks.

The Mineral Resources and Mineral Reserves have been confirmed in accordance with the South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC 2007) and its equivalent, the Australian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2004).