RBPlats’ Styldrift mine causes 51% decline in earnings

Royal Bafokeng Platinum (RBPlat) has announced a decline of 51% for the 12 months ended 31 December, owing to the effects of mining inflation and a decreased royalty payment from Impala Platinum.

It also alleged that the year-on-year decline was a result of “operational challenges” at its Styldrift mine, an operation that RBPlat opened in the second half of 2018.

CEO Steve Phiri said last year the company was at risk of operational deterioration as a result of the ongoing battle between Implats and Northam Platinum. The two have submitted cash and share offers for control of RBPlat. Steve Phiri, says the competition between Implats and Northam Platinum for control of RBPlat “brings instability and consternation among workers”.

Said Lindiwe Montshiwagae, a spokesperson at RBPlat: “We are starting to see the impact of the ongoing uncertainty caused by the current corporate action. “The PIC can break the deadlock for control in the interests of RBPlat and its stakeholders and therefore restore operational normality.”