The temporary closure of Aquarius Platinum's operations at Everest has had a significant effect on the company's production figures, it has been revealed.

Aquarius Platinum's full-year results for the 12 months to June 30th show production at its mining operations was down to 455,675 pgm 4E oz from 500,203 pgm 4E oz in the previous year.

However, this actually represents a year-on-year increase when production at both Everest and Platinum Mile - which only made a four-month contribution in the financial year 2008 - is removed from consideration.

According to Aquarius Platinum CEO Stuart Murray, the year was one of extreme highs and lows, with the production figures held up as one of the positives.

On the down side, Mr Murray noted that price and currency volatility had been an issue of late, while the mining industry was still as challenging as ever.

"There is no doubt that the collapse in pgm prices pose this industry great issues and indeed posed this company some unique challenges as margins were cut to the bone," he commented.

"Despite this ongoing overhang, Aquarius has responded decisively and has delivered an aggregate 13 per cent production improvement across all its current operations and has managed to reduce the half-year net loss of $70 million announced in February 2009 to $45 million by year-end, with more positive prospects appearing."

Aquarius Platinum's takeover of Ridge Mining became effective on July 30th this year, while the operations at Everest were suspended on December 8th last year due to geotechnical instability.

Source:

Full Year Results: 30 June 2009 (12/08/09)

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