Aquarius Platinum falls on weak production
Shares in Aquarius Platinum fall 8 per cent to touch a 12-year low, after the world’s fourth-largest platinum producer reports a 14 per cent drop in quarterly production.
Revenue for the fourth-quarter also declines 20 per cent, hurt by lower platinum prices, which fell about 12 per cent during the period.
“Poor platinum price and industrial action continues to hamper things and it is clear that while Aquarius Platinum is making every effort to protect profitability they are by no mean out of the woods,” Numis Securities said in a note.
Aquarius noted that average PGM dollar prices decreased in Q4, with platinum and palladium falling 6 per cent and 8 per cent respectively, while rhodium fell 9 per cent.
It added that its Marikana and Everest mines had been placed on care and maintenance during the quarter.