Aquarius Platinum has confirmed today (5th February) that its attributable pgm production was down by six per cent to 260,208 oz on a year-on-year basis during the first half of the 2009 financial year.

The total on-mine pgm production for the South Africa-focused miner was 456,345 pgm oz, which was 19 per cent higher than in 2H fiscal 2008 but also down one per cent in relation to 1H fiscal 2008.

The company has explained that the figures are largely a result of the temporary suspension of its Everest mine in South Africa, although the attributable total represents a rise of 17 per cent from the previous six-month period.

Aquarius also revealed that the suspension has forced it to revise its annual production target for the 2009 financial year from 575,000 pgm oz - which would have been a 15 per cent increase on the previous year - to 475,000 pgm oz.

Commenting on the results, Chief Executive Stuart Murray said: "The declines in the pgm basket price resulting from a difficult global environment along with the implications of the Everest suspension have significantly impacted the company.

"Aquarius' people are working through these difficult times, reducing costs and capex to improve profitability and cashflows."

The results also showed that group cash costs for the six months to 31st December 2008 were up to $639 per pgm oz, an increase of 17 per cent from the $547 per oz recorded in the equivalent period in 2007

In terms of strategic developments, Aquarius noted that it completed its black economic empowerment transaction during the period, taking its holding in its South African operating subsidiary AQPSA to 100 per cent.

The company also made reference to the "continued progress" of its expansion projects at Mimosa and Platinum Mile.

Source:

Aquarius Platinum 2009 Half Year Financial Results (December 2008) (05/02/09)
http://www.aquariusplatinum.com/aquarius_db/files/AQP%201H%202009%20FINAL.pdf