Higher prices, depreciation of the rand gave RBPlat's 2020 performance a boost
Midtier platinum group metals (PGMs) miner Royal Bafokeng Platinum (RBPlat) reports that its earnings for the year ended December 31, 2020, were positively impacted on by a significant increase in the PGMs basket price as a result of improved market conditions and a weaker rand.
The growth in the business and improved market conditions supported significant growth in revenue and operating profit, with revenue expected to be 70% higher year-on-year and earnings before interest, taxes, depreciation and amortisation more than 200% higher year-on-year.
The miner also reports that its total per ounce production cost increased by 4.5%, while that of platinum alone increased by 4.2%, year-on-year.
The miner says it achieved these results despite the impact of the Covid-19 pandemic, and the effective loss of 45 days of production owing to the Alert Level 5 national lockdown that took place from March 2019.
As such, the miner anticipates that basic earnings a share for the period will be between R13.66 and R13.71. This represents an increase of between 5 094% and 5 113%, compared with the basic earnings a share of 26c reported for the year ended December 31, 2019.
Headline earnings a share (HEPS) of between R13.47 and R13.57 are also expected, representing an increase of between 2 573% and 2 592%, compared with HEPS of 50c for the previous corresponding period.
RBPlat expects to release its results for the period on or about March 9.
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