Revenue Down, but Production Up for Aquarius Platinum

Aquarius Platinum Ltd. (ASX:AQP,LSE:LQP) announced its results for the full year to June 30, 2013, commenting that compared to the previous year, mine EBITDA rose 145 percent, to $70 million, while revenue sank 24 percent, to $371 million.

Production, excluding operations on care and maintenance, increased by 13 percent, to 325,103 platinum-group metals ounces.

Jean Nel, CEO of Aquarius, commented:

The year under review was exceptionally challenging for Aquarius, a year in which we had to close loss-making mines, face disruptive industrial action, implement an owner-operator model at Kroondal and revise the hanging wall support regime. Further, we had to contend with on-going regulatory uncertainty in an environment in which metal prices continued to materially underperform consensus forecast.

That said, we have learnt much during these difficult times and have emerged as a leaner and more focussed business, fully intent on continuing the positive momentum into the new year. As we expect the difficult operating conditions and low metal prices to continue in the new financial year, our focus will remain on improving operational performance and cash generation.

Click here to read the full Aquarius Platinum Ltd. (ASX:AQP,LSE:LQP) press release.