Aquarius feels pinch
10th Feb 2012
LONDON, Feb 10 – Aquarius Platinum has highlighted the pressures on the global platinum sector, announcing a 53% fall in mine operating net cash flow to US$252M in the December 2011 half year.
A 14% fall in group attributable production to 215,453 oz PGM contributed to a 25% decline in revenue to $252M and a 69% fall in mine EBITDA to $29M.
Largely due to lower production, weighted average on-mine unit cash costs in South Africa rose by 38% in Rand terms.
CEO Stuart Murray says the results reflect the difficult operating and trading conditions facing the company and southern African platinum industry. While the group generated modest positive cash flow at the operating level, the business in South Africa is not generating sufficient cashflow to cover replacement capital.
Production at all South African mines was affected by the industry-wide increase in Section 54 safety stoppages by the Mineral Resources Department.
Kroondal and Marikana production was further impeded by implementation issues related to a new support regime and Everest production suffered due to industrial relations problems and ongoing poor ground conditions on the eastern side of the mine.
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