(Adds analyst comment, updates shares)
By Karen Rebelo
April 29 (Reuters) - Aquarius Platinum Ltd, theworld's fourth-largest platinum miner, reported a fall inquarterly revenue and core operational earnings as a prolongedstrike in South Africa's platinum belt failed to push upplatinum prices.
Aquarius is unaffected by the strike, giving it anopportunity to benefit from a shortage in supply.
The company's London-listed shares rose as much as 6.3percent but analysts said that was because a record date for a$225 million rights issue had passed, rather than the earnings.
The miner reported mine earnings before interest, tax,depreciation and amortization (EBITDA) of $11 million for thequarter ended March 31, down from $30 million a year earlier.
Revenue fell to $60 million from $100 million a year ago.However, revenue and mine EBITDA rose from the previous quarter,driven by higher output at its main Kroondal mine.
Platinum prices have not jumped despite more than half ofprimary platinum production being interupted for more than threemonths by the strike affecting other miners.
Platinum prices have only risen about 3 percent sincethe start of the year.
The miner said average platinum group metals (PGM) basketprice in dollar terms was down 11 percent from a year earlierand increased 2 percent from the previous quarter.
"I think pricing was expected to benefit producers likeAquarius that aren't affected by the strikes, that hasn't takenplace," Panmure Gordon analyst Troy O'Dwyer said.
London-listed Aquarius Platinum was largely shielded fromthe strike as it signed a one-year agreement with the NationalUnion of Mineworkers last June, a rare deal in an industryrocked by labour unrest and a bloody union turf war. (http://r.reuters.com/bem88v)
The world's top three platinum miners - Anglo AmericanPlatinum (Amplats), Impala Platinum Holdings Ltd and Lonmin Plc - are caught in the 14-weekstrike over a wage dispute that has so far cost producers morethan 15 billion rand ($1.4 billion).
Acquarius said attributable production from operating minesremained ahead of its guidance and was in line compared toproduction in the third-quarter of last year.
The Kroondal mine, a venture with Anglo American Platinumabout 120 km northwest of Johannesburg, accounts for about 60percent of Acquarius' produciton.
Acquarius shares touched a high of 21 pence before easingback a little to 20.98 by 0951 GMT.
The company plans to use much of the proceeds of its rightsissue to repay convertible bonds. (Editing by Gopakumar Warrier and Rodney Joyce)
