AQP.L Share News (AQP)

Miner Aquarius Platinum hailed a "credible" first-half performance, with losses narrowed despite it being buffeted by a number of number of tough headwinds including lower metal prices and a tough industrial relations environment for its core South Africa operations.The company managed to slash first-half losses to $22m from a loss of $56m last time on revenue down 2% to $113m. Mine earnings before interest, tax, depreciation and amortisation increased by 55% to $10m versus last time. At the end of its half year to December 2013, the group's cash position stood at $83m. Group attributable platinum group metal (PGM) production increased by 7% to 168,014 over the half to December 2013. However, the average US dollar basket price realised for PGM output over the half was 5% lower compared to the same period in 2012. The group's Mimosa mine in Zimbabwe, a joint venture with Impala Platinum, performed strongly again, continuing to produce at capacity but impacted by the lower PGM dollar price.Meanwhile, production at Kroondal, its key mine in South Africa, exceeded 105,000 PGM ounces for the fourth consecutive quarter. Jean Nel, Chief Executive of Aquarius Platinum, said it was a decent half-year operational performance, with the group delivering on safety, production and cost improvements. Over the period, however, the group also experienced a "very difficult macro environment, specifically regulatory, metal price and industrial relations environment", he said.He added: "The prevailing regulatory uncertainty in South Africa and Zimbabwe and the precarious state of the South African industrial relations environment continue to make longer term production planning and capital allocation difficult."Platinum miners in South Africa - the world's biggest producer of platinum - are currently in negotiations with the country's Association of Mineworkers and Construction Union to resolve a mine workers strike that is estimated to be costing the industry nearly $20m a day.In early morning trade Aquarius Platinum shares were ahead 0.25p to 39.25p, valuing the company at £191.45m. KP