Share

Aquarius Platinum puts focus on improvements

Johannesburg - Aquarius Platinum [JSE:AQP] reported revenue of $113m for the half-year to December 31 2014 compared to the prior corresponding period.

Group mine Ebitda was higher at $18m compared to $10m in the first half of 2014 due to higher production and improved cost management.

JV entities had en Ebitda of $27m and contributed a net loss of $49m after one off non-cash write downs of $55m. It reported a headline loss (before exceptional charges) of $30m at 2.07 cents per share compared to 4.58c per share in the first half of 2014.

The company said there has been significant improvement in Kroondal's safety performance and Mimosa is deemed the safest underground platinum mine in southern Africa.

Kroondal consistently produces at capacity levels and unit costs are well controlled, increasing by 1% in rand terms and decreasing 7% in dollar terms due to a weaker rand.

As for production, Mimosa performed strongly again, continuing to produce at capacity with a record first half production. PlatMile operations continue to build up production following the end of the strike in August 2014. The disposal of the Kruidfontein prospecting rights for $27m was concluded in the half-year and a recognition agreement has been concluded with Amcu at Kroondal.

The Everest mine was disposed for R450m in cas.

Jean Nel, CEO of Aquarius Platinum, said the group's stated focus on operational improvements in the face of a very difficult operating, labour, political and social environment continued to yield results in the six months to December 2014.

"The six months under review was characterised by continued operational progress, improved safety performance, reduced costs and record production for the group. In addition to excellent operating performances by both Kroondal and Mimosa, our incremental projects progressed satisfactorily during the half-year and the group's balance sheet was strengthened following the sale of non-core assets," said Nel.

"We continue to expect a difficult operating and metal price environment in the short term which directs our focus on operational efficiencies and responsible capital stewardship.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders