Aquarius Platinum posted a small platinum production decline for its latest financial year, it was confirmed yesterday (12th August).

The world's fourth-largest producer of the precious metal saw output reach 422,645 oz in the year to 30th June, compared with the 455,676 oz recorded in the previous 12-month period.

According to the company, the fall can be largely explained by the 17-month closure of the Everest mine following a subsidence event in December 2008.

Aquarius announced that it now intends to boost its production levels by 100,000 oz in the upcoming year, not including output at Blue Ridge, which will be incorporated at the end of 2011.

The new 530,000 oz total will be split between Marikana (80,000 oz), Kroondal (between 220,000 oz and 230,000 oz), Everest (120,000 oz) and Mimosa (100,000 oz).

A statement read: "The production increase is linked to recovery in auto industry in western Europe, the US and Japan.

"China is a longer-term prospect - as their car industry develops they will be wanting cleaner fuel in the next three to five years."

Aquarius also suffered three employee deaths during the year, while five workers were killed at its Marikana project last month following a rockfall.

The company revealed recently that its attributable production for the final quarter of its financial year rose by seven per cent on a quarter-on-quarter basis to 110,474 oz pgm 4E (platinum, palladium, rhodium and gold).

Sources:



Aquarius Platinum to boost output (12/08/10)



Aquarius Platinum targets 530 000 oz in FY2011 (12/08/10) 

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