Aquarius Platinum confirmed today (28th January) that its attributable pgm production increased by 16 per cent in the second quarter of its financial year.

The world's fourth-largest platinum producer revealed that output hit 112,359 oz for the three months to the end of December 2009, up from 96,500 in the previous quarter.

Production of pgm 4E (platinum, palladium, rhodium and gold) improved at the majority of its operations, with the exception of Mimosa, where volumes fell from 25,414 oz to 25,039 oz.

Kroondal saw an increase from 44,404 oz to 54,127 oz, while Marikana posted a rise from 15,611 oz to 18,580 oz and CTRP enjoyed a leap from 870 oz to 1,044 oz.

Furthermore, record output of 4,270 oz was recorded at Platinum Mile (up from 2,966 oz), while production was up from 7,235 oz to 9,299 oz in just its second quarter under the company's control.

"Operations at Kroondal and Marikana have stabilised following the unprotected industrial action of the previous quarter, while the recently-acquired Ridge operation has delivered good progress under our management team," commented CEO Stuart Murray.

"While the rand-dollar exchange rate continues to undermine some of the gains achieved from operational performance and metal pricing, the market outlook remains positive for Aquarius in the second half of 2010."

Mr Murray added that Aquarius saw platinum, palladium and rhodium prices increase by 13 per cent, 28 per cent and 37 per cent over the course of the quarter.

Meanwhile, the firm revealed that the re-establishment of its Everest mine - which was closed in December 2008 due to safety concerns - is progressing on time and on budget, with production set to resume in Q3 2010.

Aquarius Platinum was established in 1920 as Mount Monger Gold Mining, with the express intention of exploring the Kalgoorlie gold field in Western Australia.

Sources:

Aquarius Platinum: Second Quarter 2010 - Production Results to 31 December 2009 (28/01/10)

DJ Aquarius Platinum 2Q Production 112,359 PGM Ounces (28/01/10)

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