Condensed Consolidated
Interim Results for the
six months ended
30 June 2022
Creating economic value for all our stakeholders by delivering
MORE THAN MINING
OUR BUSINESS AT A GLANCE
RBPlat is a mid-tier producer of platinum group metals (PGMs) listed on the Johannesburg Stock Exchange with operations on shallow long-lifeMerensky and UG2 ore bodies located on the Bushveld Igneous Complex in the North West province of South Africa. We focus on extracting value from the PGMs and base metals we mine that make a difference in people's lives.
We own and operate two mines and two concentrators:
Bafokeng Rasimone Platinum Mine (BRPM), a twin decline shaft system with an average mining depth of 450m, is a conventional and hybrid mining operation
Styldrift Mine (Styldrift), a twin vertical shaft system, is a mechanised bord and pillar mining operation with an average mining depth of 680m
BRPM concentrator, is a 250ktpm capacity traditional MF2 process concentrator
Maseve concentrator has been upgraded to a MF2 process concentrator.
Major shareholders
June |
2022 |
lImpala Platinum Holdings Limited (37.83%)
lNortham Platinum Holdings Limited (34.52%)
lPIC (9.26%)
lRoyal Bafokeng Holdings (3.28%)
Northam | ||||
Amplats: Dishaba | Platinum: | |||
Zondereinde | ||||
Amplats: Tumela | ||||
Siyanda Bakgatla | N | |||
Platinum Mine: | ||||
Union | Northam | |||
Sedibelo Platinum Mines: PPM | 0 | 25 | 50 | |
kilometres | ||||
Wesizwe | Western | |||
Pilanesberg | Limb | |||
Platinum: |
Bakubung
Northam | ||
Platinum: | ||
27˚ 07' 0" E | Eland | |
RBPlat | 25˚ 25' 0" S | |
Sibanye - | ||
operations | ||
Stillwater: | ||
Implats: | Marikana | |
Rustenburg | ||
Rustenburg | ||
Sibanye - | ||
Stillwater: | ||
Sibanye - | Pandora | |
Polokwane | ||
Stillwater: | ||
Rustenburg |
Eastern Platinum: | Mbombela | |
Rustenburg | Pretoria | |
Crocodile River | ||
Johannesburg |
North West
province
Upington
Bloemfontein | |
Durban | |
Republic of South Africa | |
Cape Town | Gqeberha |
EXPLORATION | MINING | CONCENTRATING | CONCENTRATE sold to Amplats* who smelt, refine, and market our product |
* Anglo American Platinum
ROYAL BAFOKENG PLATINUM
CONDENSED CONSOLIDATED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2022
STRATEGY
1
PILLARSSTRATEGIC | OPERATIONAL | ||
2 | |||
3
GROWTH
4
Towards
operational excellence
Build
flexibility to ensure sustainability
Grow
organically
Pursue value
enhancing
opportunities
CORPORATE STRATEGY
Optimise volumes to achieve economic sustainability
Achieve cost efficiencies that contribute to the sustainability of the business
Achieve zero harm
Transform our workforce to achieve gender equality and inclusivity
Effective corporate governance designed to protect and grow value
Contributing to community sustainability
Environmental stewardship
Maintain our IMS panel ratio at BRPM
Maintain IMS section ratio at Styldrift
Processing flexibility and capacity
Disciplined capital allocation
Positioning RBPlat to compete over the long term
Royalty agreements
Mergers and acquisitions
Gold streaming
SHORT TERM | MEDIUM TERM | LONG TERM |
(One year) | (3 - 5 years) | (More than five years) |
Maseve MF2 concentrator upgrade and BRPM tailings storage facility | Brownfields project: mining of UG2 at Styldrift | |
expansion | ||
Conversion of BRPM South shaft to UG2 as Merensky Reserves are | Potential greenfields project: Styldrift II | |
depleted | ||
Styldrift, a shallow twin vertical shaft system with an average mining depth of 680m, is a mechanised bord and pillar mine with over 40 years life of mine as a mechanised mine using the XLP mining method
ROYAL BAFOKENG PLATINUM | 01 |
CONDENSED CONSOLIDATED INTERIM RESULTS | |
FOR THE SIX MONTHS ENDED 30 JUNE 2022 |
OPERATING AND FINANCIAL STATISTICS
for the six months ended
DescriptionUnit 30 June 2022 30 June 2021 Change (%)
SAFETY
Fatalities | number | - | 1 | 100.0 | |
LTIFR (/1 000 000 hrs) | rate | 1.164 | 1.724 | 32.5 | |
SIFR (/1 000 000 hrs) | rate | 0.416 | 0.603 | 31.0 | |
TIFR (/1 000 000 hrs) | rate | 8.148 | 7.499 | (8.7) |
PRODUCTION
Total development | km | 20.6 | 19.2 | 7.3 | |
Working cost development | km | 17.7 | 17.1 | 3.5 | |
Capital development | km | 2.9 | 2.0 | 45.0 | |
BRPM development | km | 17.9 | 16.5 | 8.5 | |
Styldrift development | km | 2.7 | 2.7 | 0.0 | |
IMS Panel ratio - BRPM | ratio | 1.96 | 1.78 | 10.1 | |
IMS Section ratio - Styldrift | ratio | 1.40 | 1.30 | 7.7 | |
Total reef tonnes hoisted | kt | 2 333 | 2 158 | 8.1 | |
BRPM | kt | 1 276 | 1 138 | 12.1 | |
Styldrift | kt | 1 057 | 1 020 | 3.6 | |
Merensky | kt | 1 659 | 1 658 | 0.1 | |
UG2 | kt | 674 | 500 | 34.8 | |
Total reef tonnes delivered | kt | 2 294 | 2 122 | 8.1 | |
BRPM | kt | 1 260 | 1 148 | 9.8 | |
Styldrift | kt | 1 034 | 974 | 6.2 | |
Merensky | kt | 1 625 | 1 589 | 2.3 | |
UG2 | kt | 669 | 533 | 25.5 | |
Total tonnes milled | kt | 2 304 | 2 160 | 6.7 | |
BRPM | kt | 1 265 | 1 172 | 7.9 | |
Styldrift | kt | 1 039 | 988 | 5.2 | |
Merensky | kt | 1 627 | 1 623 | 0.2 | |
UG2 | kt | 677 | 537 | 26.1 | |
UG2 percentage milled | % | 29 | 25 | 16.0 | |
Closing stocks (surveyed) | kt | 225 | 153 | 47.1 | |
BRPM | kt | 92 | 52 | 76.9 | |
Styldrift | kt | 133 | 101 | 31.7 | |
Built-up head grade (4E) | g/t | 3.75 | 3.81 | (1.6) | |
BRPM | g/t | 3.84 | 3.80 | 1.1 | |
Styldrift | g/t | 3.65 | 3.82 | (4.5) | |
Merensky | g/t | 3.76 | 3.84 | (2.1) | |
UG2 | g/t | 3.73 | 3.72 | 0.3 |
METALS IN CONCENTRATE
Total
6E | koz | 253.8 | 241.9 | 4.9 | |
4E | koz | 225.5 | 215.7 | 4.5 | |
Platinum | koz | 144.7 | 138.8 | 4.3 | |
Palladium | koz | 60.8 | 57.8 | 5.2 | |
Rhodium | koz | 14.1 | 13.0 | 8.5 | |
Gold | koz | 5.8 | 6.1 | (4.9) | |
Iridium | koz | 4.8 | 4.4 | 9.1 | |
Ruthenium | koz | 23.6 | 21.8 | 8.3 | |
Nickel | t | 1 284.8 | 1 317.3 | (2.5) | |
Copper | t | 789.4 | 810.9 | (2.7) | |
Cobalt | t | 36.3 | 36.2 | 0.3 |
BRPM
6E | koz | 143.3 | 131.1 | 9.3 | ||
4E | koz | 126.5 | 116.1 | 9.0 | ||
Platinum | koz | 80.3 | 73.7 | 9.0 | ||
Palladium | koz | 34.0 | 31.3 | 8.6 | ||
Rhodium | koz | 9.7 | 8.5 | 14.1 | ||
Gold | koz | 2.4 | 2.5 | (4.0) | ||
Iridium | koz | 2.8 | 2.5 | 12.0 | ||
Ruthenium | koz | 14.1 | 12.5 | 12.8 | ||
Nickel | t | 459.9 | 511.0 | (10.0) | ||
Copper | t | 294.0 | 317.9 | (7.5) | ||
Cobalt | t | 13.2 | 14.4 | (8.3) |
02 | ROYAL BAFOKENG PLATINUM |
CONDENSED CONSOLIDATED INTERIM RESULTS | |
FOR THE SIX MONTHS ENDED 30 JUNE 2022 |
DescriptionUnit 30 June 2022 30 June 2021 Change (%)
Styldrift
6E | koz | 110.5 | 110.8 | (0.3) | |
4E | koz | 99.0 | 99.6 | (0.6) | |
Platinum | koz | 64.4 | 65.1 | (1.1) | |
Palladium | koz | 26.8 | 26.5 | 1.1 | |
Rhodium | koz | 4.4 | 4.5 | (2.2) | |
Gold | koz | 3.4 | 3.6 | (5.6) | |
Iridium | koz | 2.0 | 1.9 | 5.3 | |
Ruthenium | koz | 9.5 | 9.3 | 2.2 | |
Nickel | t | 824.9 | 806.3 | 2.3 | |
Copper | t | 495.4 | 493.0 | 0.5 | |
Cobalt | t | 23.1 | 21.8 | 6.0 |
LABOUR
Total labour1 | number | 11 130 | 10 518 | (5.8) | |
Working cost labour | number | 9 864 | 9 547 | (3.3) | |
Capital labour | number | 1 266 | 971 | (30.4) | |
Stoping crew efficiency - BRPM | m²/crew | 355 | 330 | 7.6 | |
Stoping crew efficiency - Styldrift | m²/crew | 1 441 | 1 351 | 6.7 | |
Tonnes milled/TEC2 | t/TEC | 38.9 | 37.7 | 3.2 |
OPERATING COST
Cash operating cost | R (million) | 4 325 | 3 592 | (20.4) | |
BRPM | R (million) | 2 144 | 1 795 | (19.4) | |
Styldrift | R (million) | 2 182 | 1 797 | (21.4) | |
Cash operating cost/tonne milled | R/t | 1 877 | 1 663 | (12.9) | |
BRPM | R/t | 1 695 | 1 531 | (10.7) | |
Styldrift | R/t | 2 099 | 1 820 | (15.3) | |
Cash operating cost/6E ounce | R/oz | 17 037 | 14 849 | (14.7) | |
BRPM | R/oz | 14 952 | 13 686 | (9.3) | |
Styldrift | R/oz | 19 741 | 16 226 | (21.7) | |
Cash operating cost/4E ounce | R/oz | 19 183 | 16 649 | (15.2) | |
BRPM | R/oz | 16 949 | 15 452 | (9.7) | |
Styldrift | R/oz | 22 037 | 18 045 | (22.1) |
CAPITAL EXPENDITURE
Total capital expenditure | R (million) | 820 | 830 | 1.2 |
Expansion capital | R (million) | 207 | 349 | 40.7 |
Replacement capital | R (million) | 310 | 308 | (0.6) |
Stay-in-business capital (SIB) | R (million) | 303 | 173 | (75.1) |
SIB percentage of operating cost | % | 7.0 | 4.8 | (45.8) |
FINANCIAL INDICATORS
Gross profit | R (million) | 2 772.2 | 5 161.5 | (46.3) |
BRPM segment | R (million) | 2 359.4 | 3 441.8 | (31.4) |
Styldrift segment | R (million) | 744.7 | 1 774.7 | (58.0) |
Gross profit margin | % | 33.9 | 53.9 | (37.1) |
EBITDA | R (million) | 3 406.1 | 5 499.1 | (38.1) |
EBITDA margin | % | 41.7 | 57.4 | (27.4) |
Average basket price | R/4E oz | 35 599.6 | 42 600.4 | (16.4) |
Average R:US$ in revenue | R/US$ | 15.68 | 14.01 | 11.9 |
Basic HEPS | cps | 767.3 | 1 831.9 | (58.1) |
Net cash (including transaction costs capitalised) | R (million) | 4 883.8 | 3 625.2 | 34.7 |
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Employees3 | number | 11 158 | 10 546 | 5.8 |
Discretionary procurement spend with HD4 businesses | R (million) | 2 519 | 2 034 | 23.8 |
Percentage of total discretionary procurement spent with HD | 83.6 | |||
businesses | % | 83.8 | (0.2) | |
Board independence | % | 67 | 60.0 | 11.7 |
SLP expenditure | R (million) | 54.0 | 47.6 | 13.4 |
GHG emission CO2e (scope 1 and 2) | tCO2e | 273 014 | 238 307 | 14.6 |
Water intensity | kl/t milled | 0.837 | 0.620 | 35.0 |
Please note any difference in totals in this table is due to rounding
- Excludes corporate office employees
- Tonnes milled per total employee costed
- Includes corporate office employees
- Historically disadvantaged
ROYAL BAFOKENG PLATINUM | 03 |
CONDENSED CONSOLIDATED INTERIM RESULTS | |
FOR THE SIX MONTHS ENDED 30 JUNE 2022 |
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Royal Bafokeng Platinum Limited published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 05:29:05 UTC.