HomeNewsAquarius swings into profit

Aquarius swings into profit

The Marikana mine,
where five miners
died recently
Perth, Australia — MININGREVIEW.COM — 13 August 2010 – Aquarius Platinum “’ the world’s No. 4 primary platinum producer “’ swung to a net profit in the year to the end of June, as higher metal prices outweighed lower output resulting from the temporary closure of the Everest mine.

In a statement released here, the group revealed that it had moved to a net profit of US$27.8 million (R203 million), after US$34.3 million (R250 million) of exceptional costs, from a loss of US$45.7 million (R333.6 million) the previous year.

The statement added that revenue had jumped 52% to US$472.2 million (R3.4 billion) as platinum group metal prices almost doubled.

In July, the miner posted below forecast production for the fourth quarter and warned that it may shut its Blue Ridge mine in South Africa for up to seven months to revamp it, following the death of two miners last month.

The company’s current year has started badly with an accident at another South African mine “’ Marikana “’ a 50:50 joint venture with Anglo Platinum, killing five miners. It expects unit costs to rise 5% as a result of interim safety measures.