Johannesburg - Shares of Aquarius [JSE:AQP] on Tuesday climbed more than 4% as the world's No. 4 platinum producer reported a 20% jump in third-quarter output year-on-year.
Aquarius said production from its operating mines in the quarter to end-March rose to 81 471 ounces from 67 967 ounces a year earlier.
The shares were up 4.32% at R5.80 in early trade on Tuesday.
Revenue decreased by 20% to $100m from $125m a year ago due to mine closures.
Mine operating net cash flow increased by $47m to a surplus of $29m after an outflow of $18m a year earlier.
Mine EBITDA increased 14 fold to $30m.
The average PGM basket price increased by 4% for the quarter in dollar terms, as the rand weakened against the US dollar by 3% on average quarter-on-quarter.
Commenting on the results, CEO Jean Nel said during the quarter under review, Aquarius focus remained almost exclusively on improving operational performance.
"It is therefore particularly pleasing to report credible performances at both Kroondal and Mimosa. Kroondal production exceeded 105 000 ounces for the first time since the quarter ended December 2011, while unit costs improved and 2 million fatality-free shifts were achieved in the quarter.
"There was regrettably a fatal accident on 25 March, after this milestone had been reached. Our commitment to safety remains paramount."
Mimosa in turn managed to maintain production at above budget levels while unit costs declined by 3%, even after the annual wage increase of 7.5%.
Full SENS report.
Aquarius said production from its operating mines in the quarter to end-March rose to 81 471 ounces from 67 967 ounces a year earlier.
The shares were up 4.32% at R5.80 in early trade on Tuesday.
Revenue decreased by 20% to $100m from $125m a year ago due to mine closures.
Mine operating net cash flow increased by $47m to a surplus of $29m after an outflow of $18m a year earlier.
Mine EBITDA increased 14 fold to $30m.
The average PGM basket price increased by 4% for the quarter in dollar terms, as the rand weakened against the US dollar by 3% on average quarter-on-quarter.
Commenting on the results, CEO Jean Nel said during the quarter under review, Aquarius focus remained almost exclusively on improving operational performance.
"It is therefore particularly pleasing to report credible performances at both Kroondal and Mimosa. Kroondal production exceeded 105 000 ounces for the first time since the quarter ended December 2011, while unit costs improved and 2 million fatality-free shifts were achieved in the quarter.
"There was regrettably a fatal accident on 25 March, after this milestone had been reached. Our commitment to safety remains paramount."
Mimosa in turn managed to maintain production at above budget levels while unit costs declined by 3%, even after the annual wage increase of 7.5%.
Full SENS report.