JOHANNESBURG: Aquarius Platinum had raised its production, but had still posted a loss of $8.1 million (R97.8m) in first quarter of the 21015, as the lower platinum price hurt the company.
However, production had improved to 84 792 platinum group metals (PGM) ounces, a 6 percent increase compared with the previous corresponding period. Despite the loss, Aquarius’ shares on the JSE rose 3.66 percent to R1.70. The company has interests in three mines: the Kroondal and Platinum Mile mines both near Rustenburg in the North West and the Mimosa mine in Zimbabwe.
The basket price of PGMs fell by 9 percent compared with the same quarter last year, while the rand weakened by 8 percent. This led to a revenue fall of 2 percent to $50.2m in this quarter compared with the previous quarter. Mine earnings before tax depreciation and amortisation (Ebitda) rose from $3.6m in the previous quarter to $4.4m.
