File image: Reuters

Shares in platinum miner Aquarius Platinum dropped by as much as 10% in opening trade on Wednesday.

Earlier‚ Aquarius announced it had recorded a 29% drop in revenue for the year ended June to US$486m.

At 9:28‚ Aquarius shares were trading at 451 cents‚ a drop of 5.85% from Tuesday’s close. Its share price has dropped by 81.83% over the past 12 months.

CEO Stuart Murray described the period under review as “exceptionally challenging” for companies in the platinum group metals (PGM) sector in SA.

“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‚” Murray said.

Its operating net cash flow for the period decreased by 85% to $26m. Aquarius also reported a headline loss per share of 32.88 US cents. - I-Net Bridge