South Africa's Royal Bafokeng expects 450% earnings boost in H1 2021
(Kitco News) - South African platinum group metals producer Royal Bafokeng Platinum (JSE share code: RBP) announced today that despite the continued impact of the global Covid-19 pandemic and other operational challenges, the company’s 4E and platinum ounce production in H1 2021 increased by 24.3% and 23.2%, respectively compared to H1 2020, which was materially impacted by national lockdowns to curb the spread of Covid-19.
The company said it anticipates basic earnings per share for the period of between 1,800 cents and 1,860 cents, representing an increase of 433% and 450% compared to 338.0 cents for the six months ended 30 June 2020.
The company added that it is expected a headline earnings per share of between 1,795 cents and 1,850 cents, representing an increase of 435% and 452% compared to 335.3 cents for the previous corresponding period.
RBPlat mines platinum group metals in the Merensky and UG2 reefs on the Boschkoppie, Styldrift and Frischgewaagd farms in the Rustenburg area, South Africa, which have been identified as hosting the last undeveloped Merensky reef on the Western limb of the Bushveld complex. RBPlat’s assets are the only known significant shallow high grade Merensky resources and reserves still available for mining in South Africa.