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Platinum Mile

key attributable FY2014 data:
Production: 5,590 PGM ounces
Contribution to group revenue: $5.2 million
Cash costs: $865 per PGM ounce | R9,165 per PGM ounce
Capital expenditure: $1.5 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 FY2014

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

Both the volume and the quality of the feed supplied to Plat Mile from Amplats slumped during the year, a consequence of a five-month strike at Amplats. The strike lasted for the better part of the second half of the financial year and, effectively, no feedstock was received during this time.  Given this strike, no meaningful annual comparisons can be made regarding performance.

Electromechanical commissioning of the R26 million (R2.5 million) coarse grinding expansion at Plat Mile was successfully completed.  This expansion involved the installation of three additional mills.  Full commissioning took place post-year end once the supply of UG2 feedstock from Amplats and resumed towards the end of July 2014.  This expansion is expected to increase recoveries by 15% to 20% and to yield an additional 600 PGM ounces a month.  Given the uncertainties around the strike at Amplats and to protect the balance sheet, 53 employees were retrenched during the year.

However, with the resumption of operations at Anglo Platinum, 27 of the retrenched employees were re-employed on an initial three-month contract.  The total employee component at Plat Mile post-year end was 34.