RBPlat warns of interim losses on the back of weaker PGM prices
Local platinum group metals (PGMs) miner Royal Bafokeng Platinum (RBPlat) expects to report lower earnings for the six months ended June 30.
The miner, which plans to publish its interim results on August 1, says a weaker PGMs pricing environment, coupled with lower platinum, palladium, rhodium and gold (4E) production and inflationary pressures, contributed to the decrease in earnings.
The 4E basket price decreased by 23.6% year-on-year, while the rhodium price decreased by 50%.
Further, mine inflation was higher than the consumer price index for the six-month period.
RBPlat also experienced operational challenges at its Styldrift mine.
As a result, RBPlat expects to report a loss a share of 117c, a 115.3% decrease on the earnings a share of 765.4c reported for the prior interim period.
Further, it expects to report a headline loss a share of 113.8c, a 114.8% decrease on the headline earnings a share of 767.3c reported for the prior comparable period.
Fellow PGMs miner Impala Platinum has acquired a 98% interest in RBPlat and plans to delist RBPlat.
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