I think this one is oversold, and is must BUY @ at level!

StockMarketWire.com
Aquarius Platinum posts headline losses before exceptional charges of $154m for the year to the end of June compared with a earnings of $143m in 2011.

Revenues fell by 29% to $486m and mine earnings before interest, tax, depreciation and amortisation plunged by 86% to $29m.

Chief executive Stuart Murray said the last financial year had been an exceptionally challenging for the company and for many players in the South African PGM industry.

He added: "Company specific operational performance issues, a significant drop in the rand price basket especially since February coupled with rising input costs in SA and Zimbabwe, poor labour relations at the primary mining contractor in SA, and unreasoned safety stoppages all combined to deliver an unfortunate operational and financial outcome for Aquarius.

"Whilst some of the issues are company specific, the general operating environment combined with the poor pricing conditions place the South African PGM sector under real pressure.

"Aquarius has felt these impacts but has swiftly resolved to conserve cash and protect the value of its in-the-ground reserves and resources by placing Marikana and Everest under care and maintenance.

"This is a responsible reaction to the price environment as sustained production surpluses merely raise the level of above-ground metals inventory.

"The unfortunate side of this decision is the human cost of job-losses but some success has been achieved in placing about 1000 employees into alternative employment.

"As the market recovers - and there is no reason to doubt that it will - Aquarius will be well placed to re-build its production profile."

Aquarius Platinum slips further as analysts ask if more pain is to come


The platinum producer lost ground on the FTSE 250 after results missed City expectations.

Could there be worse in store for Aquarius Platinum investors? That was the question asked in the Square Mile today as the group reported a record full-year pre-tax loss of $189m (£121m).

Shares in the platinum producer have tumbled 77pc this year and touched an all-time low of 34.71p last week.

Having rallied marginally in recent days, they slipped 0.45 to 36.23p after the group revealed numbers which missed City expectations and were hit by lower production in what was an “exceptionally challenging” year for the company.

“Can the shares go any lower than the current all-time lows?” asked Shore Capital analyst Yuen Low. “Well, we certainly believe there to be room for further significant drops.”

Aquarius is buying Booysendal assets from Northam Platinum, but said today it will need additional funding to complete the purchase and is examining alternatives.

Not a metals man but couldnt resist a long on AQP. Hoping chart has finally bottomed.

Looking very grim in South Africa atm. Not sure I would take the risk, even though the commodity price may be on the up.

ive bought so watch it crash tomoro...jonah maestro

pity they bought ridge mining cheap..i was hoping ridge would make me a millionaire one day

I guess its a bit like CEY - the commodity price is secondary atm.

Jesus christ, dont think Ive ever made such a gain other than takovers so.... fast.

Lucky friday.

CASHED IN..PILED INTO vog

17% rise now. think I might bank some gains.

StockMarketWire.com
Aquarius Platinum has resumed mining operations at the Kroondal platinum mine near Rustenburg in South Africa's North West Province.

The company temporarily suspended mining operations on Friday (14 September) to ensure the safety and security of employees and assets given the rising tensions and protests within the regional workforce and communities.

Processing operations at Kroondal were not materially affected.

Added a little to average down from £4...... a bit more respectable now just hope sp continues to climb.,.

Closed my other half out. Lovely return for a few days investment.

StockMarketWire.com
Aquarius Platinum's attributable production from operating mines increased by 8% quarter-on-quarter to 77,799 4E ounces in the three monhts to the end of September - despite industrial unrest.

And it says operating mines reported earnings before interest, tax, depreciation and amortisation of $7.6m following the closure of non-profitable mines.

The group posts a net loss of $19.6m following 'one off' closure and transition costs of $14.6m.

Interim chief operating officer Jean Nel said: "The South African industrial relations environment in the PGM mining sector has been especially testing, in fact more so than ever, in recent months.

"We gratefully acknowledge the significant assistance received from the Department of Mineral Resources, the Chamber of Mines, the South African Police Services, as well as local government and communities.

"Hand-in-hand with this has been the changeover to owner operation at Kroondal, an integral part of which has been engagement with our workforce and management focus on ensuring a safe working environment while motivating efficiencies.

"The progress made to date stands us in good stead to complete the transition to owner mining and to further increase production at the Kroondal mine.

"This will coincide with the completion of the roll-out of the new hanging wall support system, which will enable a return to full daily mining cycle. We will then begin to explore additional initiatives to further optimise the Kroondal operation.

"It is gratifying that all operating entities are now EBITDA positive and in line with our philosophy of not funding unproductive operations, the decision was taken to place CTRP on care and maintenance in the current economic environment.

"In terms of future guidance, we have made some tough decisions in recent months and will soon have completed all the improvement initiatives currently unde rway. This should stand us in good stead and leave us well placed and poised to respond to positive shifts in the sector."

Any hope/reason for the rise?

Read post #3868 on the GKP thread. Should shed some light!

Thank you HarryCat

Joined in here today.

This one fooled me back in Sept. hope rise continues this time but have my doubts.,.