Johannesburg - South
African junior miner Royal Bafokeng Platinum reported a 60% drop in first-half
earnings on Monday, hit by the slump in platinum prices and reduced production
and said it will accelerate its cost cuts.
RBPlat, the latest platinum miner to be squeezed by the
industry’s downturn, said headline earnings per share totalled 43 cents in the
six months to end-June, from 105 cents a year earlier.
Platinum group metal production dropped 9% to 128,847
ounces. The company said it expects full-year production to come in at around
270,000 ounces of platinum group metals and 175,000 ounces of platinum.
Platinum miners have been struggling to overcome higher
costs and sharply falling prices for the precious metal.
Shares of the company are down 12% this year.
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