Share

Royal Bafokeng swings to loss on softer prices

Johannesburg - Royal Bafokeng Platinum [JSE:RBP] on Tuesday swung into a first-half loss as it battled low metal prices, a softer currency and reduced output.

The mid-tier producer posted a headline loss per share of 60.4 cents for the six months ended June 30, compared with an earnings of 116c a year ago.

Royal Bafokeng chief executive Steve Phiri in a statement described the period under review as its most challenging, adding that the company would slow construction and other spending at its Styldrift project due to lower prices.

The Styldrift project was 55.8% complete by June this year but Phiri said construction for the second half of the year "will be limited to activities which can be funded from excess operational cash flows" from the Bafokeng Rasimone Platinum Mine, one of RBPlat's joint ventures.

The spot price for Royal Bafokeng's main metal used in emissions-capping catalytic converters in cars fell to $940.50 an ounce on Tuesday, its lowest since February 2009.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.3%
Rand - Pound
24.14
-0.1%
Rand - Euro
20.64
-0.2%
Rand - Aus dollar
12.38
+0.3%
Rand - Yen
0.13
+0.5%
Platinum
910.20
-1.4%
Palladium
1,008.00
-5.4%
Gold
2,157.44
-0.1%
Silver
24.95
-0.4%
Brent Crude
86.89
+1.8%
Top 40
66,252
0.0%
All Share
72,431
0.0%
Resource 10
53,317
0.0%
Industrial 25
100,473
0.0%
Financial 15
16,622
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders