adminquarter ended June 30.
Aquarius Platinum and Impala Platinum, which is also based in South Africa, jointly own Mimosa.
Aquarius’ fourth-quarter output rose marginally as lower-than-expected volumes at its South African operations were offset by the positive production performance at Mimosa.
Mimosa’s platinum production increased by 3 percent to 595 967 tonnes, while volumes processed increased by 7 percent to 606 815 tonnes.
The mine’s revenue increased by 4 percent to US$99,4 million due to high sales volumes achieved during the quarter under review.
Mimosa’s Platinum Group Metals (PGM) production increased by eight percent to 55 605 PGM ounces.
Generally, Mimosa’s grades, tonnages and recoveries during the period were all higher, resulting in the record production levels.
However, Aquarius said due to poor ground conditions at the Mimosa mine it had to acquire drilling rigs and other underground equipment to keep up production levels, pushing up overall costs.
The group’s output in the June quarter increased by 3 percent to 114 260oz of PGMs.
Commenting on the results, Aquarius chief executive Mr Stuart Murray said the improved performance at Mimosa meant the group remained in a position to take advantage of an anticipated increase in demand in the near future.
“On a more positive note, Mimosa delivered record production, and in general Aquarius remains well positioned to weather the current economic uncertainty and, more importantly, to benefit from the inevitable medium-term PGM supply shortage and associated price improvements,” he said.
Platinum closed the quarter down three percent at US$1 722 per ounce, while palladium fell by one percent to US$761 per ounce over the same period.
According to the 2011 Mid-Term Fiscal Policy Review, Zimbabwe’s annual platinum production in 2011 is projected to increase by 20 percent from 8 639kg in 2010 to 12 000kg, also benefiting from the coming onboard of Unki Mine.
Online Reporter
Bongani Ndlovu