Aquarius Platinum has announced that its attributable production of platinum group metals (pgms) for the third quarter of 2007 rose by 3.7 per cent to 124,577 ounces, compared with the same period of last year.

The company reports that net profit during the first three months of the year soared by 158 per cent to $47.9 million.

Aquarius chief executive, Stuart Murray, said that the mining firm's improved performance was down to strong metal prices, but warned that high commodity prices hid challenging operating conditions and a dip in production levels due to "seasonal issues, industrial relations and geological conditions".

Commenting on future plans, he stated: "In planning for the long-term, we have decided to take a more strategic approach to how we operate our mines and have therefore embarked on a program of increasing development across our operations to provide improved face availability and add redundancy and mining flexibility for the long-term."

Aquarius Platinum has also revealed that it has completed its buyback acquisition of 3.5 per cent of its South African subsidiary following regulatory approval from the South African Department of Minerals and Energy.

Source: Aquarius Platinum Q3 profit surges on high PGM prices; q-on-q production falls

26/04/07

http://www.forbes.com/markets/feeds/afx/2007/04/26/afx3654170.html








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