Mining company Aquarius Platinum has announced an increase in its first quarter production of eight per cent.

The firm announced that it was on target to increase annual production and platinum group metal (pgm) production for the three months to September 30th reached a new record.

Although labour disruptions caused Aquarius to see production at its Everest mine dip by 4.8 per cent, output increased by an impressive 22 per cent at the company's biggest operation at Kroondal mine.

Overall production of pgms and gold rose to 140,227 ounces over the course of the three months, prompting Aquarius chief executive, Stuart Murray, to insist that the firm is on target to meet its expectations for the year.

"Already, at the end of the first quarter, I believe that we are on track to deliver our annual target of 600,000 pgm ounces, a third up on last year's production," Mr Murray said in a statement.

Net profit at the firm jumped by 365 per cent compared to the same quarter in 2005 on the back of improved output and increased demand for pgms pushing prices higher.

Ÿ Adfero Ltd