HomeNewsAquarius profit leaps 59% in last quarter

Aquarius profit leaps 59% in last quarter

Aquarius Platinum’s
Kroondal project, on
the western limb of
the Bushveld Complex
London, England — MININGREVIEW.COM — 25 April 2008 – One of the world’s fastest-growing platinum companies – Aquarius Platinum Limited – has posted an impressive 59% increase in net profit for the third quarter of its current financial year ending 30 June 2008.

Listed on the Australian, London and Johannesburg stock exchanges, Aquarius is a focused platinum group metals (PGM’s) producer in Southern Africa, with five projects in the Bushveld Complex of South Africa and Zimbabwe’s Great Dyke.

In announcing its third quarter production and financial results in London, the company revealed that third quarter profit had risen to US$90.8 million (R720 million) as high prices outweighed lower production, but expressed the opinion that output in the fourth quarter was expected to improve.

The Aquarius results statement revealed that production for the three months to 31 March 2008 dropped almost 20% to 111 524 oz. Main reason for the fall was the ongoing power crisis in South Africa

Aquarius Platinum CEO Stuart Murray commented: “The third quarter results demonstrate a challenging quarter, with net profit increasing sharply despite reduced production. Very well flagged power supply and industrial relations issues, combined with the switch to owner-operator mining at Everest, all lowered production,” he added.

Based on the production levels achieved to date, full year production for Aquarius is expected to be in the range of 520 000 to 530 000 PGM ounces, a level comparable to the last financial year’s production.