LONDON (Bloomberg) ? Aquarius Platinum Ltd., which digs for platinum in South Africa and Zimbabwe, said fourth-quarter output at its Kroondal mine rose to a record as its new plant processed more material.

Kroondal, located in South Africa's Bushveld mining region, produced a record 117,175 ounces of platinum-group metals during the quarter, the Hamilton, Bermuda-based company said in a statement today. The mine produced 71,523 ounces in the same period a year earlier.

Aquarius is trying to reduce costs as the rand's gain against the dollar cut margins. Metal is sold for dollars while most costs are met in local currency. Aquarius is increasing output at all its existing mines as platinum prices trade near a record in London.

The shares rose 13 pence, or 2.2 percent, to 610 pence in London, valuing the company at 506 million pounds ($904 million). They have risen 31 percent this year.

"Aquarius Platinum has benefited from strong platinum-group metal prices and solid cost control achievements at Kroondal," John Meyer, an analyst at Numis Securities Ltd. in London, said in a note today.

Platinum reached a record $1,067.50 an ounce in London today.