Aquarius Platinum records 66% drop in revenue

Aquarius Platinum has seen a revenue drop of 66% to US$311 million for the 2009 financial year.

Aquarius Platinum saw a drop of 66% to US$311 million for the 2009 financial year, Chairman Nicholas Sibley has said.

The platinum group metals (PGM) miner saw a total loss of US$45.7 million of FY 2009, following lowered platinum prices, which plummeted from US$ 2064 per ounce in June 2008 to US$ 778 in October 2008, to recover at US$1183 per ounce for the close of the financial year.

Added to the drop in metal prices was the closure of Aquarius’ Everest Mine due to subsidence. However, despite the difficulties the company managed to see a profit of US$24.4 million for the second half of the financial year.

For the year it achieved a total output of 455 675 ounces of PGM, which was 9% lower than the previous financial year, following the close of the Everest Mine.

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