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Platinum Mile

key attributable FY2013 data:
Production: 12,596 PGM ounces
Contribution to group revenue: $13 million
Cash costs: $721 per PGM ounce | R6,606 per PGM ounce
Capital expenditure: $1.2 million
location:

Plant located on Anglo Platinum’s Rustenburg Platinum Mine (RPM), adjacent to Aquarius’ Kroondal mine

comprises:

Processing of PGM-bearing current tailings streams

ownership/management:

Dedicated AQPSA management team

safety:

As in previous years, there were no fatalities and the DIIR remained at zero for FY2013

resources and reserves:

Not applicable

refining:

Concentrate produced is sold to Anglo Platinum’s RPM, with which there is a profit-sharing agreement

about platinum mile

Platinum Mile is a tailings retreatment facility adjacent to the Kroondal mine on Anglo Platinum’s Rustenburg Platinum Mine (RPM), in which Aquarius has a 91.7% stake.  This facility provides a consistent source of profitable low-cost ounces.

operations

Since Platinum Mile relies on Anglo Platinum for its feed stock, operational disruptions at Anglo Platinum as a result of the labour unrest in the second half of calendar year 2012 negatively affected operations.  Minimal volumes of feed stock were received in the three months from September to November 2012.  Consequently, the volume of material processed declined by 28%.  Despite this and a 13% decline in recoveries, PGM production fell by just 1% for reasons given below.

The plant ran efficiently during the year and much attention was given to ultra-fine grinding so as to enhance recoveries.  Work began on the conventional grinding mill project and this is due to be commissioned during 2014.  Platinum Mile aims to further improve recoveries by the conventional grinding of course unliberated material fed to the plant.

The major challenge of the year was the unpredictable labour unrest, both on and off-site.

Given the increase in the Rand PGM basket price received, revenue improved by 18% to R118 million and increases in the cash cost were contained at 2%.  Following a review of the carrying value of the asset, an impairment of $1.2 million was calculated.  The cash margin increased from 13% in FY2012 to 25% in FY2013.

Platinum Mile key statistics - as at 30 June 2013
       
operations - as at 30 June 2013
    Summary of Aquarius operations' Mineral Resources and Mineral Reserves (after application of geological losses)