Aquarius Platinum reveals Q2 2014 production results

28 January 2014 (Last Updated January 28th, 2014 18:30)

Aquarius Platinum has reported attributable production of 84,528oz from its operating mines for the three months ended 31 December 2013, which represents an increase of 7%, compared with the 78,987oz in the previous period.

Aquarius Platinum has reported attributable production of 84,528oz from its operating mines for the three months ended 31 December 2013, which represents an increase of 7%, compared with the 78,987oz in the previous period.

Production from Aquarius's main operation at Kroondal increased by 8% to 55,152oz in the quarter, from 51,262oz.

Mimosa's production rose by 5% to 27,793oz in the quarter, from 26,376oz.

Platinum Mile's production increased by 17% to 1,583oz, from 1,349oz for the same period in 2012.

Aquarius Platinum CEO Jean Nel said the highlight of the second quarter was the continued increase in production and reduced costs at Mimosa and Kroondal, which is now consistently producing at levels higher than at any point in its ten year life.

"We share the government's vision for a healthy growing Zimbabwean platinum mining sector."

"At Mimosa, production was stable and costs reduced further, in line with expectations. Unfortunately Mimosa does not benefit from a weakening currency and hence the lower dollar metal prices impacted its margin directly," Nel said.

"Platinum Mile's production for the quarter was at reduced levels following interruptions in its feed caused by industrial action at Anglo Platinum, but still managed a credible performance for the half year."

Nel noted that the continued regulatory uncertainty in Zimbabwe was also of particular concern to Aquarius, as it impacted Mimosa's ability to plan future production levels and capital allocation efficiently.

"Discussions with the government of Zimbabwe continue and, seeing as we share the government's vision for a healthy growing Zimbabwean platinum mining sector, we remain hopeful that matters could be agreed on in due course," Nel added.

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