A solid operational performance and slightly higher metal prices led to the significant increase in EBITDA, which resulted in a net profit and positive free cash flow.
Revenue increased by three per cent to 62 million US dollars while production hiked up by three per cent to 86,855 platinum group metals (PGM) ounces. PGM prices rose by five per cent.
“The quarter under review was defined by excellent safety, production and cost performances from both our Kroondal and Mimosa operations, producing a record combined 85,024 attributable 4E ounces,” said Jean Nel, chief executive officer of [DATA AQP:Aquarius Platinum LTD.], in a statement.
(READ MORE: Aquarius Platinum records steady growth)
The group’s share of profit from joint venture entities, Mimosa and Blue Ridge, was a profit of six million US dollars, an eight million US dollar turnaround compared to the previous corresponding quarter.
Its South African based Kroondal operation produces in excess of 100,000 PGM ounces for the eighth consecutive quarter.
Production at its Platinum Mile resumed in July this year after its feed supplier, Anglo Platinum’s, labour strike ended.
(READ MORE: Muted prices hold back Aquarius platinum revenue)
The group announced that Nicholas Sibley, Aquarius’ non-executive director for 15 years and chairman since 2002 will be stepping down from the board as of the 28 February 2015 and will be replaced by Nigel Rudd who is currently lead director of the paper and pulp group, Sappi.