South African pgm producer Aquarius Platinum reported a four fold increase in net profit in its full year results on Thursday, attributing the success to record group production.

Aquarius' production increased by 37 per cent over the year from 327,669 pgm ounces in 2005 to 447,693 pgm ounces over the course of 2006.

Expansion at the company's Kroondal mine hit a record production total of 219,722 ounces, with a strong performance from the Everest mine, which was completed ahead of schedule, further boosting results.

Aquarius said that it was particularly pleased with the 61 per cent on mine cash margin at Everest, with CEO Stuart Murray stating: "The highlight this year is undoubtedly the Everest Mine. We have successfully completed ahead of time and below budget new low cost platinum mine in South Africa."

The Marikana mine also contributed a net profit despite undergoing a change of operator and the transition from opencast operations to underground. Marikana operations accounted for 56,617 ounces of total pgm production.

Production across the group is forecast to reach over 600,000 ounces in 2007 and Mr Murray stressed the company's commitment to production growth.

"We are not content to sit back and enjoy the fruits of our labours. It is not my plan to watch Aquarius become an ex-growth story.

"Looking to the future, 2007 will see further increases in production as operation ramp-ups complete. I also believe that at our Kroondal and Marikana operations there is scope for improvements in our operational performance," he said.

Ÿ Adfero Ltd