[miningmx.com] — AQUARIUS Platinum, the world’s fourth-largest primary platinum producer, posted a 40% rise in core profit as production rose, but said the strong rand had outweighed higher precious metal prices.
Pretax earnings increased to $203.2m in the year to end June, from $145.1m, as revenue jumped 45% to $682.9m.
However, Aquarius reported a net loss of $10.4m after taking a $159.8m impairment charge due to the suspension of its Blue Ridge mine.
It has also suspended operations at Marikana’s 1 Shaft due to low rand PGM prices.
“Strengthening PGM prices and a briefly weaker rand in the first half of the year were cause for the optimism I spoke about at the half year results and which proved to be premature,” said CEO,Stuart Murray .
It produced 487,404 PGM ounces in the financial year and expects to increase its output to between 545,000 and 560,000 PGM ounces in the current year after allowing for the temporary suspension of mining at the Blue Ridge operations. The increase is anticipated to come from the continued ramp up of its Everest mine and from the Marikana mine.
