TIDMAQP
AQUARIUS PLATINUM LIMITED
First Quarter 2016: Production and Financial Results
Production and Financial Results to 30 September 2015
Highlights
* Attributable production from operating mines up 5% quarter-on-quarter, up
8% compared to previous corresponding period, quarter ended September 2014
(pcp)
* Average US$ PGM basket price decreased 14% for the quarter - down 29%
compared to pcp
* Kroondal PGM basket price decreased 15% on average to R10,897 per PGM ounce
quarter-on-quarter - down 31% compared to the pcp
* Mimosa PGM basket price decreased 12% on average to $890 per PGM ounce
quarter-on-quarter - down 26% compared to the pcp
* The Rand weakened against the US Dollar 6% on average quarter-on-quarter -
down 19% compared to the pcp
* Cash costs at Kroondal down 1% to R9,123 per PGM ounce quarter-on-quarter -
up 1% compared to the pcp
* Cash costs at Mimosa unchanged at $795 per PGM ounce quarter-on-quarter -
down 3% compared to the pcp
* Group cash balance at quarter end of $175 million (June 2015: $196 million)
with a further $3 million attributable to Aquarius held in JV entities,
with the reduced cash balance primarily the result of $12 million
unrealised fx adjustments on ZAR cash balances in line with movement
following the weaker R:US$ exchange rate and a $4 million CGT payment on
the sale of Kruidfontein
* Conclusion of Everest Part B sale post quarter end which is expected to
result in a R50 million receipt in November 2015
Q1 2016 Operating Results
Summary
Kroondal Mimosa PlatMile
4E PGM production
Total (100% 116,836 62,410 3,890
basis)
Attributable 58,418 31,205 3,890
4E basket price
R/oz 10,904 - 11,154
$/oz 852 890 860
Cash costs (4E
basis)
R/oz 9,123 - 6,914
$/oz - 795 533
Cash margin (%) (13) 4 23
Stay-in-business
capex
R/oz 613 - 284
$/oz 48 117 22
Commenting on the results, Jean Nel, CEO Aquarius Platinum said:
The quarter was characterised by an excellent operating performance, with
Kroondal delivering its 11th consecutive production quarter above 105,000 4E
oz's and Mimosa delivered an all-time production record, while both operations
delivered reduced costs. Quarterly production from Mimosa and Kroondal
attributable to AQP is an all-time company record. As always all the credit for
this performance goes to the operational teams.
Despite this disciplined performance profit and cash margins were lower in the
quarter following the dramatically lower metal prices with the Dollar PGM
basket price 14% lower in the quarter and 29% lower year on year to levels last
recorded in 2006. Given that we see no fundamental reason to be optimistic
about PGM prices in the short term management will continue to implement all
possible cost savings measures to preserve cash levels.
Lastly, further to the announcement made on 6 October 2015 in which Aquarius
and Sibanye jointly announced the conclusion of an implementation agreement in
terms of which Sibanye proposed to, subject to fulfilling a number of
conditions precedent, acquire all the issued shares of Aquarius, the work
streams required to facilitate the special general meeting of Aquarius
shareholders to vote on the offer is progressing in line with our expectations
and meeting materials will be despatched in due course.
Production by mine attributable to Aquarius (Operating mines)
PGMs (4E) Quarter ended
Sept 2015 June 2015 % Change Sept 2014 % Change
Kroondal 58,418 56,012 4 56,124 4
Mimosa 31,205 30,018 4 28,900 8
PlatMile 3,890 2,773 40 1,831 112
Total 93,513 88,803 5 86,855 8
Average PGM basket prices achieved at Aquarius operations
US$ per PGM Quarter ended
ounce (4E)
Sept-15 June-15 % Change Sep-14 % Change
Kroondal 852 1,005 (15) 1,239 (31)
Mimosa 890 1,010 (12) 1,200 (26)
Platinum Mile 860 978 (12) 1,202 (28)
Weighted Avg. 865 1,006 (14) 1,225 (29)
Aquarius Group quarterly attributable production (PGM ounces) to 30 September
2015
See www.aquariusplatinum.com for hart
PGM markets update
The price of Platinum fell 16% over the quarter, confirming the weakest
quarterly performance for platinum since 2008, finishing at $903 per ounce with
an average price of $991 per ounce. Palladium moved down 6% to $697 per ounce
with an average price of $617 over the quarter. Gold was the strongest
performer of the three metals however also reported negative gains over the
quarter moving 5% lower, and despite positive performance across August and
September finished around the $1,169 per ounce level with an average price of
$1,125.
Macro concerns continued to impact the prices of precious metals with the main
factors impacting demand across the month including: Chinese macro growth
concerns, the quantum of above ground precious metal stocks, and, post quarter
end, the VW news. Platinum fell to an eight-year low and palladium reached the
lowest level since 2012 on speculation off over supply amid slowing demand from
China.
The VW "dieselgate" scandal was incrementally negative to diesel demand and
thus platinum demand. The USD continued to strengthen during the quarter, with
the Rand falling 6% against the dollar over the quarter, as US interest rate
speculation remained a key driver for the continued strength and volatility
particularly across September.
The outflows from the various ETF's have also highlighted investor preference
for palladium over platinum. Since the price correction in August platinum ETFs
have seen steady outflows, whilst Palladium ETF's have seen some renewed
inflows.
12-month individual PGM prices to 30 September 2015(US$/oz)
12-month PGM basket prices to 30 September 2015 (US$ and ZAR per PGM basket
ounce)
12-month ZAR price to 30 September 2015 (ZAR/US$
See www.aquariusplatinum.com for graph/chart
Financials
Aquarius recorded an on-mine EBITDA profit of $2.5 million for the quarter
ended 30 September 2015, down $12.3 million compared to the pcp.
Aquarius' share of profit from joint venture entities (Mimosa) was a loss of $2
million, a $9 million reduction compared to the pcp. The consolidated result
of the Group (IFRS) was a net loss after tax of $12.3 million, down from a
profit of $5 million in the pcp.
The lower result compared to the pcp was due entirely to significantly lower
PGM prices which were down 29% in Dollar terms negative pipeline sales
adjustment of $6 million at Kroondal. This impacted directly on revenue which
was down 35% to $40 million, compared to $62 million in the pcp. In Rand
terms, aggregate revenue increased 22% compared to the pcp due to the impact of
a 19% depreciation in the Rand. JV entity Mimosa's revenue was similarly
impacted by lower PGM prices as well as a negative pipeline sales adjustment of
$5 million.
Profit & Production Summary
Sept 2015 Quarter Aquarius JV Total Consolidation Aquarius
operations entities adjustment Group
Mine EBITDA $2.5M $1.4M $3.9M ($1.4M) $2.5M
Revenue $40.3M $26.5M $66.8M ($26.5M) $40.3M
Cost of sales ($48.0M) ($28.7M) ($76.7M) $28.7M ($48.0M)
Net profit/(loss) ($10.2M) ($2.1M) ($12.3M) $1.0M ($12.3M)
after tax
PGM ozs production 62,308 31,205 93,513 - 93,513
.
Production for the quarter was 93,513 PGM ounces, an 8% increase compared to
the pcp and 5% higher quarter-on-quarter. Kroondal continued to excel with
production up 4% compared to both the pcp and also quarter-on- quarter.
Production at PlatMile was also higher be it of a low base. Production at joint
venture entity Mimosa remained consistently good up 8% compared to the pcp and
up 4% quarter-on-quarter
Total cost of sales of $48 million was 15% lower compared to the pcp, despite
an 8% increase in production due to a 19% weakening in the Rand/Dollar exchange
rate. In Rand terms, total cost of sales were 2% higher compared to the pcp, a
credible performance given the 8% increase in production.
On a cash cost basis, Kroondal's cash costs per ounce in Rand terms increased
1% compared to the pcp and decreased by 15% in Dollar terms due to the weaker
Rand. Compared to the previous quarter June 2015, Kroondal's cash costs per
PGM ounce decreased 1% in Rand terms and 7% in Dollar terms. Mimosa's cash
costs per PGM ounce decreased 3% compared to the pcp and remained unchanged
compared quarter-on-quarter.
Depreciation and amortisation for the quarter was $4.5 million.
Administrative costs of $1 million remain controlled and in line with
expectation. Finance costs include interest paid on borrowings of $1.5 million,
non-cash interest accretion on convertible bonds of $1.2 million and the
unwinding of the rehabilitation provision of $1.1 million.
Net operating cash outflow for the quarter of $9 million comprised $52 million
inflow from sales, $62 million paid to suppliers and $1 million interest
received. Development and capital expenditure for the quarter was $3 million.
Net financing cash inflows of $2.8 million included dividends of $4 million
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from Mimosa, $0.5 million repayment of AQPSA finance leases and $0.5 million
loans to joint venture entities.
The Group's cash balance was $175 million at the end of the quarter, held as
follows:
AQP $111 million
AQPSA $61 million
ASACS $1 million
Platmile $1 million
Ridge Mining $1 million
Total $175 million*
* Mimosa and Blue Ridge (in which Aquarius has a 50% equity interest) are
accounted for using the equity method. Cash held in these two entities at 30
September 2015 was $7 million and does not form part of the above cash
balances. Under the previous method of proportionately consolidating its
investment in Mimosa and Blue Ridge, 50% of this cash ($3.5 million) would have
been included in Aquarius' Group cash balance.
(The segment note provided below details the income statement for each
operating division of the Aquarius Group.)
Consolidated Statement of Cash Flows
Quarter ended 30 September 2015
$'000
Quarter Quarter Financial
Ended Ended Year Ended
Note 30/09/15* 30/09/14* 30/06/15
Net operating cash (outflow) (i) (9,071) 6,353 17,852
/inflow
Net investing cash (outflow) (ii) (3,084) (5,640) 38,534
/inflow
Net financing cash inflow (iii) 2,845 3,607 12,540
Net (decrease)/increase in (9,310) 4,320 68,926
cash held
Opening cash balance 195,773 136,819 136,820
Exchange rate movement on (11,608) (3,595) (9,973)
cash
Closing cash balance (iv) 174,855 137,544 195,773
* Unaudited
Notes on the September 2015 Consolidated Statement of Cash Flows
i. Net operating cash flow for the quarter includes $52 million inflow from
sales impacted by lower prices and $3 million negative pipeline sales
adjustment, $58 million paid to suppliers, $4 million VAT paid on the
Everest disposal and $1 million interest received.
ii. Comprises $3 million of development and plant & equipment expenditure at
AQPSA.
iii. Includes $4 million dividends from Mimosa, $0.5 million repayment of AQPSA
finance leases, $0.5 million loans to joint venture entities and $0.2
million interest paid.
iv. Mimosa and Blue Ridge (in which Aquarius has a 50% equity interest) are
accounted for using the equity method Cash held in these two entities at 30
September 2015 was $7 million and does not form part of the above cash
balances. Under the previous method of proportionately consolidating its
investment in Mimosa and Blue Ridge, 50% of this cash would have been
included in the Aquarius' Group cash balance.
Segment Note
Quarter ended 30 September 2015
$'000
Kroondal Marikana Everest Mimosa Platinum
Mile
Revenue 36,484 44 - 26,511 2,390
(1)) (2)
Cost of sales
- mining, processing (41,195) (320) 99 (25,110) (2,108)
and administration
- depreciation and (3,838) (10) - (3,602) (605)
amortisation
Gross profit/(loss) (8,549) (286) 99 (2,201) (323)
Other income - - - 39 -
Administrative costs - - - - -
Foreign exchange gain/ 7,158 - - 40 342
(loss) (3)
Finance costs - - - - -
Impairment losses - - - - -
Profit on sale of assets 4 - - - -
Share of loss from joint - - - - -
venture entities
Profit/(loss) before (1,387) (286) 99 (2,122) 19
income tax
Income tax (expense)/ - - - - -
benefit
Net profit/(loss) from (1,387) (286) 99 (2,122) 19
ordinary activities
On-mine EBITDA 2,080 (304) 99 1,456 602
Note
(1 & 2) includes (6,137) (4,980)
negative pipeline sales
adjustment
(3) comprises $7.7m fx
gains on sales offset by
$0.5m fx loss on cash
movements
Segment Note
Quarter ended 30 September 2015
$'000
CTRP Corporate/ Segment Reconciliation Consolidated
Unallocated Result to
Consolidated
Information
Revenue 15 1,369 66,813 (26,511) 40,302
Cost of sales
- mining, processing (3) - (68,637) 25,110 (43,527)
and administration
- depreciation and (42) (1) (8,098) 3,602 (4,496)
amortisation
Gross profit/(loss) (30) 1,368 (9,922) 2,201 (7,721)
Other income - 15 54 (39) 15
Administrative costs - (1,058) (1,058) - (1,058)
Foreign exchange gain/ - (6,577) 963 (40) 923
(loss) (3)
Finance costs - (3,910) (3,910) 88 (3,822)
Impairment losses - (282) (282) - (282)
Profit on sale of assets - - 4 - 4
Share of loss from joint - - (2,391) (2,391)
venture entities
Profit/(loss) before (30) (10,444) (14,151) (181) (14,332)
income tax
Income tax (expense)/ - 1,772 1,772 181 1,953
benefit
Net profit/(loss) from (30) (8,672) (12,379) - (12,379)
ordinary activities
(3)
On-mine EBITDA - 3,930 (1,456) 2,474
Operating Review Summary (all numbers on 100% basis)
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum - 100%)
P&SA1 at Kroondal (Aquarius Platinum - 50%)
* 12-month rolling average DIIR per 200,000 man hours decreased 2% to 0.64,
quarter on quarter
* Production increased to 1,934,000 tonnes from 1,755,000 tonnes,
quarter-on-quarter
* Head grade increased marginally to 2.50 g/t from 2.48 g/t
* Recoveries increased by 1% to 80%
* Volumes processed higher at 1,819,000 tonnes
* Stockpiles at the end of the quarter totalled approximately 142,000 tonnes
* PGM production increased by 4% to 116,836 PGM ounces, quarter-on-quarter
* Revenue in Rand terms decreased by 14% to R943 million, quarter-on-quarter,
due to the decrease in the basket price
* Mining cash costs increased by 1% to R586 per tonne, due to winter
electricity tariffs
* Unit cost per PGM ounce decreased 1% to R9,123 per PGM ounce in line with
increased production
* Kroondal's cash margin for the period (13)%
Kroondal: Production, Cash Cost and Price Analysis
Capital Expenditure
See www.aquariusplatinum.com for graph/chart
Commentary
Kroondal:
There were no fatalities during the quarter. The 3 month DIIR rate reduced to
0.38 from 0.47 which was reflected in the 12 month DIIR which similarly
improved to 0.64 from 0.65. Two Section 54 instructions were issued during the
quarter.
Production at Kroondal for the quarter was up 10% to 1,934,000 tons
quarter-on-quarter but 4% down compared to the previous corresponding quarter,
September 2014 (pcp).
Kroondal achieved its eleventh consecutive +105,000 PGM production quarter.
Unit costs in Rand terms continued to respond positively down 1% quarter on
quarter and up 1% compared to the PCP in spite of South Africa's inflation rate
of approximately 6%.
Production capacity at both K6 and Simunye was further enhanced during the
quarter with K6 infrastructure coming on line and future requirements being
finalised and scheduled to support steady state. Kopaneng ventilation
constraints have been mitigated and will suffice until such time that the vent
raise has been completed during Q3.
Bambanani shaft is presently managing excessive potholing. The re-establishment
of affected face length is expected to be completed mid Q2.
Both plants improved production efficiencies resulting in increased PGM
production for the quarter and increased ore positive stockpiles.
The Kroondal work force maintained a positive outlook with open communication
channels on all levels.
Operating cash costs per ounce
Unit cash cost per PGM ounce in Dollar terms (before by-product credits) was 5%
lower quarter-on-quarter mainly due to the weaker Rand which depreciated 6%
quarter-on-quarter and higher production. Unit cash costs compared to the pcp
were 15% lower due to the a 19% weakness in the Rand.
In Rand terms, Kroondal's unit costs for the three months to 30 September 2015
were 1% lower and only increased 1% compared to the pcp. A credible performance
with operating costs contained below inflationary levels of approximately 6%.
Kroondal mine: reconciliation of cash costs per 4E ounce
Cost per 4E ounce
(Rand)
Q4 2015 Q1 2016
Total operating expenditure 10,536 10,249
Less:
Ongoing capital expenditure & mobile (1,390) (619)
equipment
Project capex (18) (46)
Transferred from/(to) stockpile 73 (461)
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On mine cash costs 9,201 9,123
MIMOSA INVESTMENTS (Aquarius Platinum - 50%)
* 12-month rolling average DIIR was 0.32 per 200,000 man hours worked
* Production decreased by 2% to 654,127 tonnes, quarter-on-quarter
* Head grade static at 3.67g/t, quarter-on-quarter
* Recoveries static at 78.7%
* Volumes processed increased by 1 % to 671,507 tonnes
* Stockpiles at the end of the quarter decreased to 136,246 tonnes
* PGM production increased by 4% to 62,410 PGM ounces quarter-on-quarter
* Revenue decreased by 15% to $53 million from $62million in the previous
quarter
* Mining cash costs per PGM ounce unchanged quarter-on-quarter $795
* Stay-in-business capital expenditure was $117 per PGM ounce for the quarter
* Gross cash profit margin for the period decreased from 23% to 4%
Mimosa: Production, Cash Cost and Price Analysis
See www.aquariusplatinum.com for graph/chart
Safety, Health and Environment
* One fatality was recorded during the quarter.
* Two LTIs were recorded during the quarter.
* No restricted work case was recorded during the quarter.
* One minor injury occurred during the quarter.
On the 24 August 2015 at 1520 hours, Erick Mukazi, a Face Preparation
Supervisor, was barring down in 24 Level North Bottom Gulley where LHD lashing
was in progress. A wedge dislodged from the hanging wall and struck him on the
head and upper back. The incident occurred about 3 metres from the face. Mukazi
sustained fatal head injuries.
The fatal accident, which occurred after a long period of relatively good
safety performance, affected the morale of both employees and management.
Investigations, which involved shareholder representatives, Ministry of Mines
in Zimbabwe and other third party reviews, were conducted and action strategies
are being implemented to ensure that this and other similar accidents do not
recur.
The YTD LTIFR was 1.58 whilst the rolling LTIFR was 0.52. Following the
fatality, Mimosa is now on 48,542 fatality free shifts as at the end of
September 2015.
Operations
Operating cash costs per ounce
Unit cash cost per PGM ounce (before by-product credits) were unchanged
quarter-on-quarter. Compared to the pcp unit cash costs were 3% lower.
Capital expenditure
The total capital expenditure for the quarter was $7.2 million. Expenditure was
incurred mainly on mobile equipment, drill rigs and LHDs, the conveyor belt
extension and down dip development.
Mining operations
With the exception of the tragic fatal accident reported on earlier, the Mimosa
mine operated very well during the quarter, enjoying cordial industrial
relations and meeting most of its production targets. A total of 634,396 tonnes
of ore were blasted for the quarter under review with blasted grades of 1.917g/
t Pt. and 0.157% Ni. The blasted tonnage represents a 4.6% decrease compared to
the previous quarter's 664,821 tonnes. Most teams mined through poor ground
conditions during the quarter resulting in preparation constraining the ore
generation cycle.
Following the fatal accident, mining production was slowed down to allow teams
to re-focus after such a tragic event.
Hoisted tonnage for the quarter was at 654,127 tonnes compared to 684,030
tonnes achieved in the previous quarter representing 7.3% decrease in
performance. Hoisting performance is expected to improve in line with the
anticipated improvement in the amount of blasted ore.
Processing plant
The milled tonnage for the first quarter at 671,507Mt was 1% above the
662,787Mt which was achieved in the previous quarter.
At 79.2% platinum recovery was slightly less than the 79.4% achieved in the
previous quarter with 4Es recovery remaining stable at 78.7%. The Process Team
continues to focus on initiatives to improve the recoveries further.
PGMs production at 62,410 oz was 1% above the 61,561 oz which was achieved in
the previous quarter and 5% above the budget of 59,096 oz.
15% Export Levy on un-beneficiated PGMs/ Deductibility of Royalties
The Statutory Instrument to give legal effect on the deferment of the 15%
export levy as announced by the Minister of Mines during the quarter as well as
regularize the deductibility of royalties is yet to be gazetted. Engagements
with the Ministries of Mines and Finance are continuing to have the Statutory
Instrument gazetted. The
TAILINGS OPERATION
Platinum Mile (Aquarius Platinum - 91.7%)
* Material processed increased 11% to 1,174 million tonnes
* Head grade increased slightly to 0.58 g/t from 0.57 g/t - quarter on
quarter
* Recoveries increased to 19%, up from 15% quarter on quarter
* Production increased to 3,890 PGM ounces as explained below
* Cash costs decreased 10% to R6,914 per PGM ounce
* Revenue increased to R35 million for the quarter
* Cash margin for the quarter was 23%, up from 14% in the previous quarter
Since the commissioning of the coarse grinding milling circuit a lot of effort
has been placed on optimising downstream plant flow and configuration options.
These enhancements are starting to impact positively with an increase in
production yields to 19% from 15%.
Operating cash costs per ounce
4E 6E 4E net of by-products
(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni, Cu& Co)
Platinum Mile 6,914 5,960 5,529
MINES UNDER CARE AND MAINTENANCE
P&SA2 at Marikana (Aquarius Platinum - 50%)
Given the continuing low Rand PGM basket prices, Marikana 4 shaft, the
remaining operating shaft, and the processing plant at Marikana continue on
care and maintenance until further notice.
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%)
This operation remains on care and maintenance.
CORPORATE MATTERS
2 October - Everest mine
Aquarius Platinum Limited (Aquarius) announced on 10 February 2015 that its
subsidiary, Aquarius Platinum (South Africa ) (Pty) Ltd (AQPSA), had entered
into an agreement to sell its entire interest in the Everest Mine and
ancillary mining and processing infrastructure and immovable properties to
Northam Platinum Limited (Northam), for an aggregate cash consideration of R450
million, to be completed in two parts, being R400 million for the concentrator
and other mining assets of Everest Mine (Part A) plus R50 million for the
Everest Mining Right (Part B). Part A of the disposal process was completed on
26 June 2015 following the receipt of R400 million.
Subsequent to the end of the September quarter the parties obtained consent in
terms of section 11 of the Mineral and Petroleum Resources Development Act, No.
28 of 2002 to transfer the Everest Mining Right to Northam. The Part B Sale has
become unconditional and following registration in the Mining Titles Office of
the DMR, it is expected that the Part B funds will be received.
6 October - Takeover Offer
The boards of directors of Aquarius Platinum Limited and Sibanye Gold Limited
announced they entered into an implementation agreement, under which a wholly
owned subsidiary of Sibanye will, subject to the satisfaction of certain
conditions (including Aquarius shareholder approval), acquire all of the
shares in Aquarius for a cash consideration of USD0.195 for each Aquarius share
(the Transaction).
In the absence of a superior proposal and subject to an independent expert
concluding that the Transaction is fair and reasonable and in the best
interests of Aquarius shareholders, the Aquarius Board has resolved unanimously
to recommend that Aquarius shareholders vote in favour of the Transaction.
Subject to these same qualifications, each director of Aquarius intends to vote
all Aquarius shares held or controlled by them in favour of the Transaction at
the Aquarius shareholder meeting.
Meeting materials are currently being prepared and will be despatched to
shareholders. It is expected that the materials will be mailed to shareholders
before the end of 2015 and that a meeting of Aquarius shareholders will be held
before the end of January 2016.
Full details are available in the announcement released to the market on 6
October 2015.
Statistical information: Kroondal P&SA1
See www.aquariusplatinum.com for statistical table
Statistical information: Mimosa
See www.aquariusplatinum.com for statistical table
Statistical information: Platinum Mile
See www.aquariusplatinum.com for statistical table
Issued capital
At 30 September 2015, the Company had on issue: 1,507,106,778 fully paid common
shares.
Substantial shareholders 30 September Number of Shares Percentage
2015
HSBC Custody Nominees (Australia) 109,246,397 7.25
Limited
HSBC Global Custody Nominee (UK) Limited 59,989,992 3.98
(897467)
Primary Australian Securities Trading Information
Listing: Exchange (AQP.AX)
Premium London Stock Exchange ISIN number BMG0440M1284
Listing: (AQP.L)
Secondary JSE Limited (AQP.ZA) ADR ISIN number US03840M2089
Listing:
Convertible bond ISIN number
XS0470482067
Broker (LSE) Broker (ASX) Sponsor (JSE)
Barclays Euroz Securities Rand Merchant Bank
5 The North Colonnade Level 18 Alluvion (A division of FirstRand
Canary Wharf 58 Mounts Bay Road, Bank Limited)
London E14 4BB Perth WA 6000 1 Merchant Place
Telephone: +44 (0) 20 Telephone: +61 (0) 8 Cnr of Rivonia Rd and
7623 2323 9488 1400 Fredman Drive, Sandton
2196
Johannesburg South
Africa
Aquarius Platinum (South Africa) (Proprietary) Ltd
100% owned
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