RBPlat’s earnings rise on the back of PGM market improvement, weaker currency
Platinum miner Royal Bafokeng Platinum (RBPlat) anticipates its basic earnings a share for the six months ended June 30 to be between 330c and 344c, compared with a loss a share of 70.8c for the previous corresponding period.
Headline earnings a share are estimated to be between 327.3c and 341.3c, compared with a headline loss a share of 70.8c in the previous corresponding period.
Despite the miner’s Bafokeng Rasimone platinum mine (BRPM) and Styldrift operations delivering strong performances for the six months, the impact of the Covid-19 pandemic resulted in a year-on-year decrease in platinum, palladium, rhodium and gold (4E) and platinum ounce production of 13% and 12.8%, respectively.
The managed shutdown and subsequent ramp-up of operations as a result of South Africa’s national lockdown (which was implemented at the end of March) resulted in an effective loss of about 45 days of production.
During the first half of this year, RBPlat’s earnings were positively impacted by significant improvements in platinum group metal (PGM) market conditions and a weaker South African rand.
RBPlat expects to release its results for the period by August 4.
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