Aquarius Platinum has reported a 24 per cent rise in production in the three months to the end of March compared to the same period a year ago.

The rise came despite a four per cent fall in quarter-on-quarter platinum group metals (pgms) output from 127,579 oz to 122,213 oz.

Aquarius said the results were positive, given a reduced number of shifts caused by the Christmas break and higher levels of absenteeism.

The increase in production was thanks to the recently re-commissioned Everest mine, which produced 27,737 pgm ounces in the quarter while still in its ramp-up phase.

Chief executive officer Stuart Murray said: "This past quarter saw rather high absenteeism following the breaks but has also been further affected by a marked increase in so?called Section 54 stoppages across the industry in South Africa.

"Aquarius' South African operations were not immune to this reality, and production was somewhat impacted."

The company reported a nine per cent increase in profits over the quarter and said the medium-term outlook for both platinum and palladium prices is strong as demand steadily improves.

Over the three months, the average platinum price rose by six per cent, while palladium increased by 17 per cent.

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Aquarius reports higher Q3 earnings amid cost, holiday pressures (28/04/11) 

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