A new report published yesterday (21st April) by Zimbabwean newspaper the Times has highlighted the impact of closing Everest Mine on Aquarius Platinum's pgm production.

The world's fourth-largest platinum producer was forced to temporarily shut down the South African mine in December 2008, mainly as a result of subsidence at the site.

According to the company's financial results for the third quarter of the fiscal year, the move saw 4E (platinum, palladium, rhodium and gold) output cut by almost 32,000 oz.

Attributable production for the three months to the end of March was 97,212 oz, in comparison to figures of 131,843 oz for the December quarter and 128,366 oz for the September quarter.

The newspaper speculates that it is still unclear when production at Everest will resume as Aquarius will need to establish "new means of access to the underground workings".

Furthermore, it notes that the subsequent effect on operations in Zimbabwe - and its shift to using dollars or rands - "will take time to stabilise".

Aquarius revealed yesterday that production at its other major South African mines was steady, considering the quarter had fewer shifts.

Source:

Aquarius Platinum treads water (21/04/09)