Dear all,

I am hoping Aquarius Platinum Plc continues to shine following it's FTSE 250 debut having gone in at no 322 I believe.

AQP is IMHO still massively oversold after recent SA Panic on mining rights and Government policy ten years out, although it has begun to recover over last few months!

Numbers at 304p per ADVFN Turnover &pound97.408m Profit &pound54.08m EPS 31.95p PER 9.515 X Market Capitalisation &pound214.46m

Actual market capitalisation post 30th June 2002 inclusion ZCE Mimosa Platinum:-
79,753,892 shares in issue or &pound242,451,832 at &pound3.04 mid 20th December 2002.

Website:- http://www.aquariusplatinum.com/

Consistantly positive shareprice and management performance since listing in London on AIM in September 1999, already in production at Kroondal Platinum, at only cash costs of some US$149 per toz.

"The average achieved basket price of PGMs was US$520/oz, generating sales
revenue of US$22 (ZAR 230) million at a gross cash margin of some US$14 (ZAR148) million."

Meaning their gross profit is currently around 36.36% of turnover based on basket PGM price of US$520 per toz, not unimpressive.

Yet, only at a 2.91 g/t headgrade due to waste dilution, ie if KPM (AQP Kroondal) achieve their normal 5.74 g/t this could go up significantly.

Marikana coming on stream last quarter 2002, to me an excellent opportunity coming our way to see a return to 408p potentially from 262p offer, ie possibly a 55.73% profit on any bounce. I believe Matt Sutcliffe and Denny Chambers at Beeson Gregory see this going to 560p per share, now FTSE listed not AIM, ie ISA able!

Their interests can best be summarised as follows IMHO:-

AQP Plc 75.00% of AQP SA Ltd (you need to bear in mind AQP Plc hold via their 75% interest in Aquarius Platinum South Africa Limited AQPSA (25% Impala Platinum Limited IMPLATS):--

95.00% (minimum 94.20%, maximum could be 96.00%)in Kroondal Platinum Mines Limited, projected to produce 240,000 to 250,000 toz of PGE per annum by 2003, current production 217,221 tozs pa 2002 as at 30.06.2002

74.50% of Marikana Platinum Limited, projected to produce 155,000 toz of PGE pa by 2004, started mining in June 2002.

100.00% of Everest South, projected to produce 220,000 toz pa, mining starting 2003, in production by mid 2004. Also hold Everest North, Cheftain Plains within this licence expected to be able to produce overall these projects some 300,000 toz pa.

50.00% of ZCE Platinum Limited Mimosa Mine, projected to produce up to 250,000 toz pa, medium term 135,000 toz pa currently producing 27,500 to 31,000 toz pa.

As far as I can tell AQP SA Limited control some potential future overall production attributable to interest of KPM 240,000 toz pa, Marikana 115,575 toz pa Everest North, Everest South, Cheftain Plains 300,000 toz pa, and ZCE Mimosa 125,000 toz pa, ie 780,575 toz pa, AQP Plc 75% comes to 585,431 toz pa by my calculations, ie I come to a cost of approximately US$533.35 per annual future ounce of production, currently producing somewhere of the order of 248,221 toz pa through AQP SA or 186,166 toz pa per toz produced in 2002.

The other reasons I prefer AQP at this stage, apart from the reason they are already cash positive, profitable and an established producer is that they will not be solely dependent on any one mine for production, with 4 producing PGM Mines short to medium term, plus at least two other additional exploration and development assets, plus their Joint Venture and co shareholder status with Impala Platinum Limited who provide full smelting, refining,and fininished metals distribution and sales through the AQP SA/IMPLATS Off take Agreement via Impala Refining Services Ltd.

I like the fact that AQP is a FTSE stock now, I can put it in an ISA, it is liquid, and the management team are internationally recognised in the industry for bringing projects into production, on time or early, and under budget.

AQP also have serious mining stockbrokers eg Beeson Gregory, Investec with professional mining analysts and teams behind them plus additional leverage from BNP Paribas, Shroeder Salomon Smith Barney etc, covering investors across three continents from, EU, SA and Australia.



Views and opinions please positive/negative

All IMHO, NAG, DYOR etc, etc

Best regards

Ashley

Andy,

Look at the Platinum Prices, can you imagine the profit AQP are going to make with a US$672 Pt price?

Cash costs were US$149 per toz and falling post Mimosa and reduction in waste dilution.

Assuming total production costs well below US$330 AQP Profits should be massive, albeit offset by fall in Palladium price to US$250.

This might be a good long entry IMHO with a view to closing by early June before Australians go for their Tax Loss Selling to 30th June 2003.

Ashley,

According to The Daily Express the increase in AQP's price is down to Zimbabwe's government improving the terms for exporters.

Andy.

Ash - It would be nice if you could include a chart of the dollar vs rand at the top of this board, as it appears to be having a major effect on the share price. The falling out with Impala wasn't great news during this quarter, but should not affect AQP long term.

Despite the fall in the dollar and the recent drop in Pt prices, AQP looks oversold and as long as there is no fall off in production this quarter, should rebound with a favourable 3rd quarter report.

Martin,

Yes good idea, AQP has been hit by $ v Rand, and a chart at the top would allow us to follow this, and AQP looks a decent investment if/when the Rand value falls against the US$.

Ashley,

Any chance please?

Andy,

Sorry only just read your post.

Here it is and in header

LOL !

Ashley,

Many thanks indeed.

I see Galantas is being openly talked about in the other place, maybe they're preparing to run with it?

regards,

Andy.

http://www.timesonline.co.uk/article/0,,748-705462,00.html

Times Rumour of the day

AQUARIUS PLATINUM (AP), the FTSE 250 South African miner, rose 26p to 303p on talk that Impala Platinum, the worlds number two producer and its 8 per cent shareholder, is considering a bid. Impala, which bought Zimplats this year, has made no secret of its wish to tidy up minority holdings. But some observers ascribed the rise to APs investor roadshow.

AQUARIUS PLATINUM LIMITED

13 June 2003

Mining license and EMPR approved for Aquarius Platinum's Everest South Project

Aquarius Platinum Limited (Aquarius Platinum) is pleased to announce today (13
June 2003) that the South African Department of Minerals and Energy has
approved the Mining Licence and Environmental Management Programme Report
(EMPR) for the company's Everest South Mine. Both approvals are required before
mining can begin and were granted in line with the 'old order' mining
legislation, and are valid for 5 years following the enactment of the Minerals
and Petroleum Resources Development Act.

The recently completed feasibility study on the Everest South project which
concluded that the project was technically sound and financially viable is
currently being upgraded to full bankable status. It is anticipated that
construction on the project will commence towards the end of 2003.

Aquarius Platinum CEO, Stuart Murray, said that he was delighted with the way
in which the permitting process had been expedited. 'We anticipate that -
should the project proceed - we will be producing our first PGMs by 2005.
Aquarius is known for bringing its projects into production in record time and
within budget. We are set to do the same with Everest South.'

Everest South is Aquarius Platinum's third operation in South Africa. At full
production in 2006, the mine will produce 225,000 oz PGMs per annum,
contributing to Aquarius

Platinum's annual production target of 600,000 oz PGMs by 2006.

For further information please contact:

In Australia:
Willi Boehm
Aquarius Platinum (Australia) Limited
+61 8 9367 5211

In the United Kingdom:
Nick Bias
Aquarius Platinum Limited
+27 11 455 2050 / + 44 7887 920 530