Premium Journalist
1 minute read
12 Aug 2015
11:40 am

Aquarius Platinum sees fall in revenue


Aquarius Platinum, one of the word’s top five producers of platinum, saw a drop in both revenue and earnings despite record production in its results for the year to June, released on Wednesday.

Image courtesy stock.xchnge (KillR-B)

This was due to lower platinum prices. Revenue fell by 9 percent, from $ 233 million (R 2,9 billion) to $ 213 million (R 2,7 billion) while the headline loss per share, excluding exceptional items, worsened from 1.13 cents per share to 3.47 cents per share The net loss after tax, which includes profit from disposals and impairments, was $ 98 million (R 1,2 billion)

Aquarius mines at Kroondal in Rustenburg and Mimosa mine in Zimbabwe produced a record 349 426 ounces of platinum up 5 percent from a year ago and a record for the company. However, the average basket price received for platinum group metals was 7 percent lower at $ 1097 while the rand price was 3 percent higher due to a weaker rand.

“For the 2015 financial year both mining operations, Kroondal and Mimosa, delivered record production performances whilst maintaining unit cost increases well below inflation and at the same time improving safety performances materially” Jean Nel, CEO of Aquarius Platinum said in a statement, pointing out that the miner operates in what continues to be a challenging environment.