£AQO (LON:AQP) revealed H2 2009 profits rose 48% to $206.1m, despite lower production levels and one-off charges during the period.
Aquarius has interests in 6 operations, located at the Bushveld Complex in South Africa and the Great Dyke Complex in Zimbabwe. In 2009, the Company completed an acquisition of Ridge Mining plc. Their primary operation is the Kroondal Mine, located on the Western limb of the Busheveld Complex. It is reportedly one of the most productive mines in the world, producing a capacity of 570,000 tonnes per month.
Aquarius posted a net profit of USD$3.9 million from July to December 2009, compared to the loss of USD$105.9 million for the first half of 2009. The 20% slump from Jan to July 2009 was due reportedly to the temporary closure of the Everest mine in December 2008 and the unprotected industrial action at Kroondal and Marikana in September 2009. The 5% rise in profits was due to higher precious metal prices outweighing weaker production.
As a result, the board says it has decided to resume its dividend pay outs with an interim dividend of 2 cents per share.
Aquarius CEO, Stuart Murray, commented,
"With the improved outlook in terms of revenue per ounce, the second-half financial results should be an improvement on the first half. The belief in improved times ahead has enabled the company to resume the payment of dividends."
Although the sport price of platinum jumped almost 60% in 2009, it is currently still at a level ($1,515/1,520 per ounce) far below its highs of 2008 ($2,290 an ounce).
The Company previously stated that it planned to reopen the Everest Mine, after rehabilitation work was complete. The Mine used to produce 157,995 platinum group metal ounces in 2008 but was closed down in December 2008 due to adverse weather conditions.
