LONDON (Alliance News) - Aquarius Platinum Ltd Tuesday said its production increased and cash costs decreased in its second quarter, but it achieved lower prices and was affected by a weakening rand during the period.
The company, which is the fourth-largest platinum producer in the world and operates out of South Africa and Zimbabwe, said its total attributable platinum group metals production increased 1% to 84,528 ounces for the three months ending December 31, from 83,473 ounces in the previous quarter.
The second quarter production rate represented a 7% increase on its 78,987 ounces the previous year.
Aquarius also said cash costs at Kroondal in South Africa decreased 5% to ZAR8,612 per ounce and cash costs at Mimosa in Zimbabwe decreased 4% to USD837 per ounce when compared with the previous quarter.
However, the company said its average platinum group metal basket price decreased 2% when compared to the previous quarter and 9% when compared to the previous year.
Aquarius also noted that the South African rand weakened against the US Dollar by 1% on average compared to the previous quarter and weakened 17% compared to the previous year.
The company also said that platinum miner strikes in South Africa and continued regulatory uncertainty in Zimbabwe pose concerns to Aquarius moving forward.
Aquarius shares were up 0.7% to 38.50 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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