Aquarius Platinum records steady growth - CNBC Africa

Aquarius Platinum records steady growth

Earnings

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Aquarius Platinum is the world's fourth largest platinum producer. PHOTO: Getty Images

“The 2014 financial year was a year in which Aquarius delivered on its objectives. Whilst the year under review was a difficult year with the Platinum mining sectors’ challenges well published, Aquarius is proudly of a view that significant progress was made in improving the quality of its operations and its balance sheet,” Jean Nel, CEO of Aquarius Platinum, said in a statement.

Aquarius Platinum is a mining firm headquartered in Bermuda, but is listed on the Johannesburg and Australian Stock Exchanges.

Revenue was marginally down by 2 per cent to 233 million Australian dollars for the full year to 30 June 2014 on lower prices compared to 237 million Australian dollars in the 3013 financial year.

(READ MORE: Aquarius Platinum production up 7% despite challenges)

Aquarius also recorded a headline loss (before exceptional charges) of 11 million dollars at 1.13 cents per share, compared to a loss of 73 million dollars at 8.80 cents per share.

The firm’s Kroondal operation’s annual production was at its highest level since 2008 at in excess of 430,000 platinum group metal (PGM) ounces, while its Mimosa operation’s fourth quarter production of over 60,000 PGM ounces, which represent the highest ever quarterly production by Mimosa.

The Kroondal operation also remained stable during the five-month platinum strike in South Africa.

“Unlike Kroondal which benefits when the rand weakens against the dollar, Mimosa has no such relief. Mimosa's PGM basket price for the year was 1,133 dollars per PGM ounce, 6 per cent lower compared to the pcp,” Aquarius explained.

“Unit cash costs for the year were 1 per cent higher at 878 dollars per PGM ounce, inclusive of labour retrenchment costs of 5.5 million dollars.”

The firm’s Blue Ridge Platinum operation recorded a net loss after tax of 5 million dollars.

(WATCH VIDEO: Muted prices hold back Aquarius Platinum revenue)

“Aquarius’ focus will remain resolutely on continuing to improve safety, production and cost performances across the Group, whilst carefully assessing selected growth opportunities,” said Aquarius.

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