Aquarius Platinum has been uniquely successful in bringing into operation smaller-scale deposits using methods and operating systems which differ from those used by the major players in the industry.

Aquarius Platinum has adopted highly focused operating principles of doing what it does best - and has applied these in all aspects of its business.

Key principles include:

• Identifying, acquiring and mining smaller-scale deposits, which have often been overlooked by the major players. Mineral rights acquired in this way - particularly in light of the "use it or lose it" legislation in South Africa - are cost-effective.
  
  
• Utilising an Australian approach of capital rather than labour intensive mining. This brings with it a higher degree of mechanisation and safety, and other innovations in design, mining and processing, which are now being emulated by some of the larger industry players.
  
  
• Employing another Australian concept of contract mining and processing, which brings with it "bought-in" expertise and resources. This allows for a quicker build-up, a leaner and more cost-effective structure and greater flexibility.
  
  
• Ensuring a low overhead structure across the board, from exploration to operations, management and corporate financing.
  
  
• Raising capital on international markets in the form of both equity and debt, in a manner which is cost-effective and timely.
  
  
• Entering into long-term contracts for the sale of concentrate. From Aquarius Platinum's perspective, this arrangement has overcome the significant financial and technical barriers to entry within the PGM business of setting up and running large-scale processing facilities and marketing infrastructure, and indeed the future associated risk.
  
  
• Working well within the framework of South Africa, Aquarius Platinum is supportive of the good fiscal regime in South Africa. The country has an involved and effective Department of Minerals and Energy, sound infrastructure which minimises development costs, and a government which has indicated that it welcomes the participation and investment of offshore companies such as Aquarius Platinum. Given the new minerals legislation and the mining charter, Aquarius Platinum is confident of its continuing ability to acquire and develop new projects, in particular as the group has completed a Black Economic Empowerment transaction.