RBPlat pumps cash despite lockdown

Royal Bafokeng Platinum lowered its full-year output guidance by up to 80,000oz of platinum group metals after SA’s Covid-19 lockdown stripped 45 production days out of the first half of the year.

warned its new Styldrift mine might not reach its planned 230,000 tonnes a month of production during the third quarter of the year because of lockdown delays but that management would do all it can to bring the mine into steady state production on schedule. Revenue for the six months to end-June increased by nearly half to R4.6bn and after-tax profit of R870m compared with a loss of R164m a year earlier.RBPlat paid R225m in salaries during the lockdown.

Covid-19-related production losses amounted to nearly 54,000oz of platinum, palladium, rhodium and gold, split equally between Styldrift and the Bafokeng Rasimone Platinum Mine . Both operations are near Rustenburg.Financially, there was a limited negative effect from the disruptions to the Amplats metals processing circuit after it experienced two failures at its converter plants that feed its refineries during the first half of the year.

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