Production of platinum group metals (pgms) at Aquarius Platinum's operations rose to a record 140,357 oz during the first quarter, the company has announced.

The rise represents an increase of just over 11 per cent from output of 128,994 oz during the period to June 2007.

Output at the Kroondal, Marikana and Everest mines stood at 53,2460 oz, 17,600 oz and 48,841 oz respectively.

Meanwhile, the Mimosa mine produced 19,370 oz, while output at the Chromite Tailings Retreatment Program (CTRP) plant grew to 1,340 oz.

The improved performance helped Aquarius Platinum to post a 27 per cent increase in revenue to $201.9 million for the quarter and profit of $49.5 million - a 7.8 per cent rise from the year-ago period.

Stuart Murray, Aquarius Platinum Chief Executive, said: "The results for the quarter demonstrate a good increase in production at a time of sustained high prices for our commodities.

"Operating cost pressures and industrial action have, however, reduced earnings, with the group reporting a modest increase in net profit for the quarter when compared to the same quarter in the previous financial year.

"The challenge at our operations remains achieving efficiencies in the coming quarters in light of the strong production increases already achieved."

Source:

Aquarius Platinum First Quarter 2008 Results, 25/10/07
http://www.aquariusplatinum.com/aquarius_db/files/AQP%20Q1%202008%20FINAL%2025%20October%202007%20.pdf

Aquarius Q1 production rises to record 140,357 PGM ounces, net profit up 7 pct, 25/10/07
http://www.forbes.com/afxnewslimited/feeds/afx/2007/10/25/afx4259958.html

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