RBPlat unveils R1bn rights issue to fund Styldrift growth

Royal Bafokeng Platinum launched a R1bn rights issue as it reported a profit in 2018 in what was a busy year of consolidating its ownership of mines and adding an important concentrator to process ore from its new R11.8bn Styldrift mine.

RBPlat reported a post-tax profit of R256m for the 12 months to end-December compared with a R657m loss before. Revenue for the year was 4% higher at R3.6bn. RBPlat increased production of the four key platinum group metals of platinum, palladium, rhodium and gold in concentrate by 12% to 368,000oz, while platinum in concentrate was 13% higher at 239,000oz.

RBPlat predicted it would produce between 450,000oz and 480,000oz of the four metals in concentrate during 2019. The on-reef development to build underground infrastructure at Styldrift has generated R2.4bn in revenue so far, with R1.4bn of that realised in 2018.

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Source: City_Press - 🏆 7. / 72 Read more »