I think this one is oversold, and is must BUY @ at level!

StockMarketWire.com
Aquarius Platinum posts a headline loss (before exceptional charges) of $30m for the six months to the end of December - up from $22m last time.

Revenues of $113m comparable to prior corresponding period (pcp) but group mine earnings before interest, tax, depreciation and amortisation were higher at $18m (H1 2014: $10m) due to higher production and improved cost management.

Aquarius recorded a consolidated accounting net loss after tax (IFRS) of $57m for the half-year (3.93 cents per share). The result included the following one off non-cash charges arising in joint venture entities:

- An impairment of the carrying value of Blue Ridge/Sheba's Ridge investment of $26m following termination of the agreement to sell the company's indirect interests in Blue Ridge Platinum (Pty) Ltd and Sheba's Ridge Platinum (Pty) Ltd

- Discounting of the RBZ receivable due to Mimosa by $28.5 million.

Chief executive Jean Nel said: "The group's stated focus on operational improvements in the face of a very difficult operating, labour, political and social environment continued to yield results in the six months to December 2014.

"The six months under review was characterised by continued operational progress, improved safety performance, reduced costs and record production for the group. In addition to excellent operating performances by both Kroondal and Mimosa, our incremental projects progressed satisfactorily during the half-year and the group's balance sheet was strengthened following the sale of non-core assets.

"We continue to expect a difficult operating and metal price environment in the short term which directs our focus on operational efficiencies and responsible capital stewardship."

StockMarketWire.com
Aquarius Platinum has issued an update on the agreed sale by its subsidiary, Aquarius Platinum (South Africa ) (Pty) Ltd, of its entire interest in the Everest mine and ancillary mining and processing infrastructure and immovable properties to Northam Platinum Limited for an aggregate cash consideration of R450m.

This is to be completed in two parts - R400m for the concentrator and other mining assets (part A) plus R50m for the Everest mining right (part B).

Aquarius is pleased to advise that the conditions precedent in respect of the part A disposal process were fulfilled on 22 April. Part A of the disposal process is now unconditional and the consideration of R400m is due and payable by Northam on 26 June.

Part B of the disposal process is subject to the consent of the Minister of Mineral Resources in terms of section 11 of the Mineral and Petroleum Resources Development Act.

The section 11 application has been submitted to the Department of Mineral Resources.

Should the ministerial consent not be obtained the first part of the disposal will not be unwound.

StockMarketWire.com
Aquarius Platinum's board has agreed a US$0.195 per share offer from Sibanye.

The offer represents a premium of 60.3% to Aquarius's closing share price of £0.08 on 5 October and 71.4% to Aquarius's volume-weighted average share price of £0.07 over the last 30 days up to and including 5 October. The transaction is intended to be implemented by way of a plan of amalgamation under the Companies Act 1981 of Bermuda and Aquarius bye-laws.

Chairman Sir Nigel Rudd said: "The board of Aquarius has carefully considered the proposal received from Sibanye, taking into account all relevant company and macro considerations. The board of Aquarius also took advice from its advisers and engaged with a select number of significant shareholders in the company regarding the proposal and, having taken their feedback into account, have unanimously recommended the proposal subject to an independent expert determining that the proposal is fair and reasonable and in the best interests of Aquarius's shareholders and subject to no superior proposal emerging.

"The board is confident that Sibanye will continue its focus on all stakeholders, including employees, host governments and the communities."