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Royal Bafokeng Platinum swings to H1 loss

Royal Bafokeng Platinum Ltd. posted a net loss attributable to company owners of 28.8 million South African rand for the six months that ended June 30, swinging from net income of 150 million rand a year ago.

The company reported a basic loss per share of 15 cents and a headline loss per share of 15.3 cents in the first half, compared to basic earnings per share of 78.2 cents and headline earnings per share of 77.8 cents in the year-ago period.

The company attributed the loss mainly to a one-off restructuring charge of 57.1 million rand and a lower realized average rand basket price.

On a yearly basis, EBITDA declined 67.1% to 100.4 million rand, while revenue fell 3.2% to 1.59 billion rand.

Royal Bafokeng produced 155,400 ounces of platinum group metals in concentrate, up 9.4% on a yearly basis.

CapEx during the period rose by 63.8% year over year to 847 million rand.

During the first half, the company worked to restructure and right-size the overhead and operational structure of the business. In connection with these efforts, the company closed the South shaft UG2 and downsized the labor at the site, effective July 31. About 60% of the UG2 crews will be redeployed to the Merensky project.

Meanwhile, the company's Styldrift project is expected to ramp up to a rate of 150,000 tonnes per annum by the end of 2018.