JOHANNESBURG (Commodity Online): Platinum group metals (PGM) miner Aquarius Platinum posted a 66 per cent drop to $311 million in revenue for the 2009 financial year.

According to a press note,  following lowered platinum prices, which climbed down from $ 2064 per ounce in June 2008 to $ 778 in October 2008, the company posted a total loss of $45.7 million in FY 2009.

Again, closure of Aquarius’ Everest Mine due to subsidence added to the losses. However, despite the difficulties the company managed to see a profit of $24.4 million for the second half of the financial year.

For the year it achieved a total output of 455675 ounces of PGM, which was 9% lower than the previous financial year, following the close of the Everest Mine.

South Africa-based Aquarius Platinum was established in 1920 as the Mount Monger Gold Mining company to exploit the Kalgoorlie goldfield. In 1984 it was listed on the Australian Stock Exchange.

In 1995 it acquired Gemex Exploration & Mining Company and Randex Platinum Holdings and in 1996 it acquired Pacific Platinum so giving it control of the Kroondal Mine.

In 1998 the company entered into a strategic alliance with Impala Platinum Holdings. The company was first listed on the London Stock Exchange in that year. In 2003 the company entered into an agreement with Anglo Platinum to pool and share certain mining interests.