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Business Description: Aquarius Platinum Limited (AQP) is a platinum group metals (PGM) producer with assets on two PGM bearing deposits located in the Bushveld Complex in South Africa and in the Great Dyke in Zimbabwe. AQP is also listed on the London and Johannesburg stock exchanges and is a member of the Platinum Guild Organisation.
Strategy Analysis: Aquarius remains focused on platinum group metal production in South Africa and Zimbabwe. While there are no plans to diversify away from these materials, the company will keep a watch for other ventures, as it is currently focused on remaining a low cost producer. The company will continue to benefit from the efficient management of operations and increased production from the use of a capital-intensive strategy, as opposed to being labour intensive. Group safety performance is a highlighted area for current and future remedial action. Risk assessment and management processes will be updated to address the incidence of work-related fatalities.
Aquarius Platinum reported net loss of $183.84m for the half-year ended 31 December 2012. The result includes an impairment charge of $127m arising substantially from a review of the carrying value of non-operating assets, namely Marikana, Ridge Mining, the tailings retreatment operation Platmile, and several mining rights. Revenue from ordinary activities were $179.26m, down 29% from last year. Basic and Diluted EPS were (38.57) cents compared to (24.31) cents last year. The net operating cash outflow was $38.46m compared to $24.95m last year. No dividend was declared.
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