Aquarius Platinum's fourth-quarter production rose three per cent year-on-year, despite output at its South African operations falling short of expectations.

The miner produced 114,260 platinum group metal (pgm) ounces in the three months to the end of June, boosted largely by output from its Mimosa mine in Zimbabwe, which delivered a record production result.

Aquarius has several operational mines in South Africa, including Kroondal, Marikana, Everest and the now out-of-action Blue Ridge mine, as well as the CTRP and Platinum Mile tailings retreatment plants.

In a statement, the company said it has signed three "significant" deals that will increase its resource base by 50 per cent and extend the life of its mines.

Kroondal remains the firm's major source of pgms, producing 89,196 oz, down 18 per cent from the time last year.

At Mimosa, output increased 12 per cent from 49,709 oz for the corresponding period in 2010 to 55, 605 oz this year.

Everest, which is currently in the ramp-up phase, saw production rise 217 per cent from 8,496 oz last year to 26,954 oz in Q4.

There were also significant drops in output at Marikana, Blue Ridge and CTRP, while Platinum Mile recorded an increase.

Aquarius chief executive officer Stuart Murray explained that there had been a range of delays and setbacks at the Marikana, Kroondal and Everest, impacting output.

However, he stressed that firm is now "moving towards normal production levels".

Mr Murray added: "On a more positive note, Mimosa delivered record production, and in general Aquarius remains well positioned to weather the current economic uncertainty and, more importantly, to benefit from the inevitable medium-term pgm supply shortage and associated price improvements."

He went on to explain that Aquarius decided not to continue with mining operations and the capital development of the Blue Ridge mine.

"Fortunately the acquisition of Booysendal South has provided us with the flexibility to re-allocate that capital to a more economically and operationally robust project," Mr Murray noted.

Sources:

Aquarius Platinum Q4 production up marginally (26/07/11)

Q4 Production Results to 30 June 2011 (26/07/11) 

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