RBPlat set back by Styldrift ramp-up delays in first-half
Platinum group metals miner Royal Bafokeng Platinum (RBPlat) recorded a loss a share of 70.8c for the six months ended June 30, owing to high cash costs and high levels of depreciation incurred.
This was on the back of the company’s Styldrift project ramp-up, in North West; interest charges on a deferred Rustenburg Platinum Mines payment; and high borrowing costs.
The company, which is led by CEO Steve Phiri, recorded a loss a share of 12.4c in the first half of the prior financial year.
RBPlat’s primary objective during the reporting period was ore reserve development and infrastructure establishment required to achieve 230 000 t a month by the third quarter of 2020.
Capital expenditure for the expansion during the reporting period amounted to R536-million.
Owing to the slower-than-forecast ramp-up at Styldrift, RBPlat has revised its yearly guidance to between 2.9-million tonnes and 4-million tonnes at a head grade of 4 g/t platinum, palladium, rhodium and gold.
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