Mimosa revenue down 32pct to $99mln in H1

Mimosa revenue down 32pct to $99mln in H1

HARARE, February 9 (The Source) – Mimosa mine recorded a 32 percent drop in revenue to $99 million in the half-year to December on reduced production and weak commodity prices, the parent company reported Tuesday.

The Bermuda registered Aquarius Platinum, which owns Mimosa in a 50: 50 a joint venture with Implats of South Africa said production for the half-year decreased by six percent to 1,238 million tonnes.

PGM production during the half increased by two percent to 120,429 ounces.

Mining cash costs increased nine percent to $76 per tonne, while PGM per ounce cost decreased by two percent to $784.

Mimosa spent mainly $18 million mainly on mobile equipment, support and drill rigs and down dip development.

Operating costs fell by two percent from the previous half mainly as a result of cost reduction initiatives currently being implemented by the company.