South Africa’s Royal Bafokeng Platinum Narrows H1 Loss

Enterprise Television- South Africa’s Royal Bafokeng Platinum Narrows H1 Loss

South African platinum producer Royal Bafokeng Platinum on Monday said its half-year loss narrowed, with costs related to impairment and its newly acquired Maseve operations keeping it in the red.

The company also warned that “uncertainties over trade tariffs” in the United States and China “may cloud the second half of 2018.”

The company reported a headline loss per share of 6 per cent cent for the six months ended June 30, compared with a loss per share of 15.3 per cent a year ago. Heps is the main profit gauge in South Africa, which strips out certain one-off items.

Ebitda improved by 13.4 per cent and platinum production rose 6.6 per cent to 106 500 000 ounces for the half-year period.

Earnings were however constrained by a R25.9 million impairment from feasibility study costs for the Styldrift concentrator plant and R20.5 million in costs related to the newly acquired Maseve concentrator plant and mine.

Platinum Group Metals in September said it would sell its Maseve to RBPlat in a transaction valued at around $74.0 million.

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