The Sunday Mail
PLATINUM producer Mimosa reported today that production rose 9 percent to 666 170 tonnes in the quarter to June 30, 2015 from a quarter earlier, but revenues fell 2 percent US$62 million in the period.
During the review period, the PGM basket price also dropped 3 percent to US$1010 per PGM ounce.
Mimosa is jointly owned by Aquarius Platinum and Implats.
Aquarius Platinum chief executive Mr Jean Nel said in a trading update today Kroondal and Mimosa mines had helped increase throughput.
“The fourth quarter was characterised by a particularly good performance from both Aquarius operating mines.
“Both Kroondal and Mimosa again improved safety, delivered all time fourth quarter production records and reduced costs, in what remains a challenging operating environment.
“The performance is testimony to a disciplined approach to operations and the operating teams at Kroondal and Mimosa deserve much credit for this.
“From a macro perspective, the lower metal prices which prevailed during the period and especially post quarter end will not only require an increased focus on safety, cost and production discipline, an approach which Aquarius will remain committed to, but also a focused assessment of the viability of each shaft at each operating mine to ensure the sustainability of the business in a low metal price environment.”
Major Highlights
• Production increased by 9 percent to 666 170 tonnes, quarter-on-quarter
• Head grade increased by 1 percent to 3,67g/t, quarter-on-quarter
• Recoveries static at 78,7 percent
• Volumes processed increased by 7 percent to 662 787 tonnes
• Stockpiles at the end of the quarter marginally up at 173 984 tonnes
• PGM production increased by 5 percent to 60,035 PGM ounces quarter-on-quarter, a fourth quarter record
• Revenue decreased by 2 percent to US$62 million, from US$64m in the previous quarter
• Mining cash costs decreased by 4 percent to US$72 per tonne, and costs per PGM ounce decreased slightly to US$797
• Stay-in-business capital expenditure was US$118 per PGM ounce for the quarter
• Gross cash profit margin for the period increased from 21 percent to 23 percent
