24th Jul 2014 12:52
LONDON (Alliance News) - Aquarius Platinum Ltd Thursday said its attributable production from operating mines and its average platinum group metals prices are both down in its fourth quarter when compared to the previous year.
The platinum producer, which operates out of South Africa and Zimbabwe, said its total attributable platinum group metals production fell 4% to 83,499 ounces for the three months ended June 30 from 86,830 ounces in the previous year.
The company said its production fell due to it receiving no production from its Platinum Mine, which had been hit by the South African platinum miners strikes during the quarter and a slight reduction in its Kroondal mine production due to public holidays and South African national elections.
The company said the average platinum group metals basket price it received during the period fell 1% to USD1,194 per ounce from USD1,201 per ounce the previous year.
However, Aquarius said the average platinum group metals basket price for the quarter was a 3% increase on its previous quarter average and its production rates were a 4% increase on its previous quarter.
Despite this, the company said its revenue for the quarter fell 5% to ZAR1.21 billion compared to the previous quarter due partly to a strong Rand during the period.
Aquarius reached a wage agreement with South Africa's National Union of Mineworkers and with trade union Solidarity for their members employed at the Kroondal mine on Monday. The company said at the time that the agreement is effective immediately and will be applied to all employees within the respective bargaining units at Kroondal.
"The slightly higher metal prices notwithstanding, operating conditions remained challenging during the quarter, and hence as Aquarius enters the new financial year management will continue with its established focus on safety, production and cost discipline, whilst carefully assessing its project pipeline, pursuing only those projects which add value to shareholders," Chief Executive Jean Nel said in a statement.
Aquarius shares were up 2.0% to 25.50 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
AQP.L