Half-year revenue falls 29 per cent at Aquarius Platinum

Revenue decreased by 29 per cent to 179m dollars in the six months ending December 31st compared to the same period a year earlier at Aquarius Platinum, a company update has shown.

Revenue decreased by 29 per cent to 179m dollars in the six months ending December 31st compared to the same period a year earlier at Aquarius Platinum, a company update has shown.

The group reported that mine operating net cash flow decreased by $63m to a $38m outflow while mine earnings before interest, tax, depreciation and amortisation (EBITDA) - a frequently used metric for measuring a company's operating performance - were down 24% to $22m.

The group's cash balance at the period end was $83m.

Attributable production from operating mines increased by 8.0% compared to the previous corresponding period.

Commenting on the results, Jean Nel, Chief Executive Officer of Aquarius Platinum, said: "The period under review was one of the most challenging in the history of the company. Industrial relations in the southern African mining industry, and in particular the platinum sector, were volatile and strained throughout the entire period, whilst at the same time, platinum group metal prices remained low."

He concluded that cash generation at current spot prices remains constrained: "It is against this backdrop that Aquarius will continue to focus on operational improvements and cash preservation whilst remaining committed to improving the quality of life of the communities surrounding its operations."

Aquarius's share price was up 7.30% to 73.50p at 08:34 on Friday morning.

MF

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