RBPlat delays projects as depressed market, low prices bite
Ongoing depressed market conditions and a low commodity price environment have prompted South African platinum miner Royal Bafokeng Platinum (RBPlat) to delay some of its capital projects.
During the second half of the 2015 financial year, RBPlat had scaled down mining and construction activities at its Styldrift I expansion project, deferred the 250 000 t/m Bafokeng Rasimone Platinum Mine (BRPM) concen- trator upgrade to early 2016, deferred the con- struction of a 100 000 t/m concentrator module and deferred the Styldrift II feasibility study and exploration drilling, besides other initiatives to reduce noncritical expenditure.
The platinum miner, which last week posted a headline loss a share of 83c for the 2015 financial year, compared with headline earnings a share of 239c the year before, said the start of the ramp-up at the Styldrift I expansion project had been delayed by 12 months, with steady-state production of 230 000 t/m to be achieved in the first quarter of 2020.
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