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Aquarius Platinum, Wolf Minerals, Zanaga Iron Ore news briefs

Contributed by Fox-Davies Capital

Aquarius Platinum has released is 1H'13 results to the end of December, 2013.

In this news:
- One of the most challenging periods in the history of the Company
- Revenue -29% to $179M (1H'12: $252M)
- Average US$ PGM basket prices -10%
- Rand 12% weaker against US$
- Mine cash costs +3% rand terms
- Attributable production -27% to 156,787 PGM ounces
- Group cash balance of $83M.

FD Comment:
Revenues were disappointing, but this has been a very challenging period for SA platinum the sector as a whole, not just Aquarius. It's worth bearing in mind that these figures were impacted by Everest and Marikana being placed on care and maintenance at the end of 1H'12 which has impacted comparisons, but both Kroondal and Mimosa have actually increased production by 11% and 5% respectively. Having closed the two highest cost operations, the focus now must be on cost reduction at these two remaining operations, which will not be easy given the current strained labour relations in South Africa at the moment. Cash costs at Kroondal were R8,688oz/PGM.

Wolf Minerals has released its Investor update, the first of 2013.

In this news:
- A$212M funding package secured - A$20.3M equity, US$75M bridge financing and US$7M for 2% royalty on revenues from all metals from RCF V and £75M in senior debt funding from UniCredit Bank AG (UniCredit Corporate & Investment Banking), ING Bank N.V. and Caterpillar Financial SARL
- A new UK head office, at the Tamar Science Park in Plymouth
- Seven water licenses granted for the entire operation of the project.

Zanaga Iron Ore has appointed Alistair Eastwood Franklin SC as a Non-Executive Director, effective immediately.

In this news:
- Mr Franklin is currently a member of the Advocates Group 621 in Johannesburg and holds the position of Group Leader. He is a Non-executive director of Cargo Carriers Limited
- Has been granted an option over 199,076 for nil consideration at an exercise price of zero pence, to be vested in three instalments
- Following these changes the Board will consist of six directors, all of whom will be Non-executive Directors.