MIMOSA Platinum’s production (14-08-07)

MIMOSA Platinum produced 154 448 platinum group metal ounces in the 12 months ended June 30 2007, yielding revenue of US$199 million.
In its full-year financial results, the mid-tier platinum producer Aquarius Platinum indicated that Mimosa had registered a phenomena growth in production of 8% fr

om 142 407 ounces in last year’s corresponding period.
Mimosa is jointly owned by Aquarius and Impala Platinum on a 50-50% shareholding basis.
Its net profit stood at US$27,4 million while operating costs for the year went up 13% to US$381 per PGM ounce.
Aquarius also reported satisfactory progress on the Wedza phase 5 expansion project.
It said most of the equipment was now on site and being commissioned.
“The process side of the project is facing challenges.
“The project scope has been revised twice due to concerns about the re-use of old equipment and slow progress is being registered as a result.
“Consequently, completion of the project will be delayed until the last quarter of calendar 2007,” said Aquarius.
The capital cost of the project has since been revised upwards by US$5,7 million to US$28,9 million.
Apart from Mimosa, Aquarius operates another four mines in South Africa.
During the period under review, the group produced a record 530 726 PGM ounces.
Net profit stood at US$187 million, 119% higher than the prior year.
Total revenue surged 67% to US$710,8 million. The firm recorded a 19% increase in production, and was targeting a further 15% boost in the 2008 financial year.
“This performance is credible when set against an ever-more challenging operating environment,” group CEO Stuart Murray said in the statement.
“At Aquarius, we are not alone in experiencing more challenging geology, though recognising this, we have changed our mining planning and strategy to provide for more on-reef development at our operations, which, over time, will result in improved mining efficiencies.”
On July 30, the world’s largest platinum producer Anglo Platinum reported a slight decline in production for the same 12 months, which it blamed on operational challenges.
Impala Platinum, the world’s second largest platinum producer, is due to release its financial results early next week.

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