Royal Bafokeng Platinum (RBPlat) has reported an interim loss of R339.6m for the first half of 2023. This is a significant decline from the R2.2bn profit reported in the same period last year.
- The loss was attributed to lower platinum group metal (PGM) prices, less production, and fewer sales.
- High inflation and the weakening of the rand also contributed to the loss.
- RBPlat is a mid-tier platinum group metals miner valued at about R37.2bn on the Johannesburg Stock Exchange.
- The company has kept its full-year guidance intact despite the quarterly output drop.
- RBPlat’s loss comes as other platinum miners such as Impala Platinum and Anglo American Platinum also struggle with declining PGM prices.
- RBPlat’s two-pot system is expected to increase assets under management, according to Alex Forbes.