Aquarius Platinum has today (30th September) announced an attributable production of 500,203 platinum group metal (PGM) oz, down by six per cent from the previous year's figure of 530,726 PGM oz.

However, the company revealed that its consolidated net profit for the financial year to 30th June after tax and outside equity interests was $236.474 million. This represents an increase of 26 per cent from the $187.223 million recorded for 2007 and follows a busy year of mine development, mineral exploration, concentrate production and investment.

Focus of activities during the year principally revolved around operations at the Kroondal, Marikana, Mimosa and Everest mines, plus the Chrome Tailings Retreatment Plant.

The company's financial statement reports that margins at Kroondal and Everest were improved despite industrial relations and the fallout of the Eskom power crisis in January.

The electrical supply issue forced Everest to be shifted from contractor mining to mine operator and also saw production affected in the second half following strong first-half results.

In addition, Aquarius completed the repurchase of Impala Platinum's shares in Aquarius Platinum Limited and its 20 per cent stake in Aquarius Platinum South Africa for around $780 million.

It also wrapped up the acquisition of a 50 per cent stake in Platinum Mile Resources from a group of private investors and Mvelaphanda Holdings Limited in June.

Meanwhile, in Zimbabwe, the firm completed its Wedza phase five expansion project as it awaits the implementation of the Indigenisation and Economic Empowerment Bill, which has recently been enacted into law.



Source:

Aquarius Platinum Limited Financial Statements for the year ended 30 June 2008 (30/09/08)
http://www.aquariusplatinum.com/aquarius_db/files/AQP%20Financial%20Statements%20FY%202008.pdf