Production of platinum group metals (pgms) at Aquarius Platinum hit 128,994 ounces during the fourth quarter - an increase of 3.6 per cent compared with the previous period, despite tough recent operating conditions.

Production over the period was hit by industrial action at the firm's two largest mines at Kroondal and Marikana in South Africa.

At the Kroondal mine output was down to 49,815 ounces from last year's figure of 51,039, although there was a slight increase at the Marikana mine to 16,143 ounces, up from 15,074 ounces.

Conditions for the firm were exacerbated by political strife in Zimbabwe, which caused the company to postpone expansion of its Zimbabwe operation, the Mimosa Mine, amid spiralling costs.

Stuart Murray, Chief Executive Officer of Aquarius, said: "Despite tough operating conditions in Zimbabwe and industrial action at certain of the South African operations, I am pleased to report a small increase in production."

He added: "Prior decisions to focus on improving redundancy and flexibility at Kroondal and Marikana, I believe, will lead to further production improvements - not withstanding further industrial action in the new financial year."

The dispute which caused the strikes at the Kroondal and Marikana mines has now been resolved, with production returning to normal on Monday.

Source:

Aquarius Platinum Q4 production 128,994 PGM ounces, up 3.6 pct vs Q3 - UPDATE, 25/07/07
http://www.forbes.com/business/feeds/afx/2007/07/25/afx3948785.html

Aquarius Platinum says Q4 PGM output up 3.6 pct, 25/07/07
http://investing.reuters.co.uk/news/articleinvesting.aspx?type=allBreakingNews&storyID=2007-07-25T061003Z_01_WEB5149_RTRIDST_0_AQUARIUS-OUTPUT.XML


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