Anglo American Platinum Limited |
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Kroondal Platinum Mine
(managed by AQPSA – 50:50 pooling-and-sharing agreement (PSA 1) with Aquarius Platinum (South Africa))
SAFETY
Kroondal had a fatality-free year in 2009 (one in 2008) and recorded an LTIFR rate of 0.53 per 200,000 hours worked for the year.
TRANSACTION
Aquarius Platinum acquired the mining assets of First Platinum (Proprietary) Limited and Salene Mining (Proprietary) Limited, collectively known as ‘FirstPlats’. The FirstPlats assets have a combined reserve base of 0.54 million PGM ounces. Aquarius has contributed a portion of these additional reserves, 0.45 million PGM ounces, and the FirstPlats mining infrastructure to the Marikana Mine (PSA 2), with Anglo American Platinum contributing 0.46 million ounces to Kroondal (PSA1). In total, the additional reserves will extend the life of mine at Marikana by two years and Kroondal by one year. The effective date of this agreement was 25 September 2009.
PRODUCTION
Equivalent refined platinum ounces attributable to Anglo American Platinum, which included 115,789 purchased ounces from the joint-venture partner, increased by 9% to 231,579 ounces, from 213,308 ounces in 2008. The 4E built-up head grade for 2009 remained at 2.58 g/t similar to that in 2008.
COSTS
Anglo American Platinum’s share of cash on-mine costs increased by 9% to R1.1 billion, compared with R1.0 billion in 2008. The principal reason for the cost increases was the increase in production. Cash operating costs per equivalent refined platinum ounce increased by 11%, to R10,437.
CAPITAL EXPENDITURE
Anglo American Platinum’s attributable share of capital expenditure for the year totalled R102 million, 45% lower than in 2008 owing to rationalisation and deferments.
OUTLOOK
The production of equivalent refined platinum ounces attributable to Anglo American Platinum for 2010 is expected to be in line with that for 2009.
