Publications
Partners
Johannesburg - Aquarius Platinum Limited [JSE:AQP], the world's fourth-largest platinum miner, reported a 7% rise in second-quarter output attributable to the company, despite higher cash costs at its key Kroondal mine in South Africa and a continued dip in platinum prices.
The miner, which operates in the unrest-prone platinum belt, said attributable output rose to 84 528 ounces in the three months ended December 31 from 78 987 oz a year earlier.
Production attributable to Aquarius from its main operation at Kroondal, a venture with Anglo American Platinum in the North West province, rose to 55 152 oz from 51 262 oz.
However, cash costs at Kroondal rose 2% while prices of platinum group metals fell 9% from a year earlier.
Aquarius also said proposed tax changes and regulatory uncertainty in Zimbabwe had impacted its ability to plan future production levels and capital allocation for its Mimosa mine in the country.
Miners in Zimbabwe have felt the heat from President Robert Mugabe's controversial indigenisation policy, which seeks to give local blacks majority stakes in foreign firms operating in the country.
