Mimosa revenue up 26 percent

HARARE - Aquarius Platinum (Aquarius)’s Zimbabwean unit Mimosa Mine revenue increased by 26 percent to $79 million in the quarter to June 2014 from $63 million realised in previous comparable period.

During the period, gross cash profit margin increased to 30 percent from 26 percent.

Production went up nine percent to 648 944 tonnes, quarter-on-quarter, while stockpiles also increased to 165 000 tonnes.

Volumes processed surged 14 percent to 648 902 tonnes.

The local unit — jointly owned by Aquarius and Impala Platinum Holdings in a 50-50 joint venture — recorded a platinum group metals (PGM) basket price increase of four percent on average to $1 156 per PGM ounce quarter-on-quarter, down six percent.

Attributable production from operations was up four percent quarter-on-quarter to

33 500 ounces of which Kroondal comprised 53 090 ounces and Mimosa, 30 409. Year-on-year attributable production was one percent lower.

Mimosa’s cash costs increased two percent to $908 per PGM ounce quarter-on-quarter, up one percent compared to the previous year.

Aquarius’ chief executive Jean Nel said Mimosa delivered a credible production and cost performance despite a retrenchment exercise in the quarter. The voluntary retrenchment programme, part of Mimosa’s cost containment measures, had been on the cards since last year.

The exercise comes on the back of analysts having said cost pressures exerted on the mining industry in the form of wage increases, high transport and electricity costs and depressed metal prices would ultimately impact negatively on employment.

Aquarius has engaged in a number of austerity measures to reduce costs since last year, putting in place a “range of initiatives designed to reduce operating costs and conserve cash resources during the present difficult operating environment.”

 

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