Aquarius Platinum is expecting to see its pgm production increase by over 100,000 oz in the next financial year, it emerged yesterday (19th May).

The world's fourth-largest platinum producer achieved attributable output of 456,000 oz pgm in the 2009 financial year and expects the FY10 figure to fall to about 430,000 oz.

Both of these totals were significantly impacted by the closure of its Everest mine, which is located in South Africa, in late 2008 due to subsidence concerns following heavy rain.

However, the facility has now reopened and Chief Executive Stuart Murray told Reuters that he is hoping attributable production will surge to over 550,000 oz in FY11.

Mr Murray also noted that the rand-dollar exchange rate is far more significant for the company's results than any major shifts in production volumes.

"The impact of the rand on the dollar price will swing our earnings number around far more than a few thousand ounces either way," he told the news provider.

"It is unhelpful when the currency is as strong as it is … but there is very little the South African authorities can do."

Mr Murray added that Aquarius plans to slow down the ramp-up at its Blue Ridge mine after a fatal accident in December 2009 "showed up a flaw in some of the original methodology of the mine".

Earlier this week, Aquarius confirmed that it has shipped its first concentrate from Everest following the recent resumption of operations.

Source:

Aquarius Platinum sees FY11 output over 550 000 oz (19/05/10)

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