Royal Bafokeng Platinum looks at cutting jobs as earnings fall
South African junior miner Royal Bafokeng Platinum reported a 60% drop in first-half earnings on Monday - hit by the slump in platinum prices and reduced production - and said it will accelerate its cost cuts.
RBPlat, the latest platinum miner to be squeezed by the industry’s downturn, said headline earnings per share totalled 43 cents in the six months to end-June, from 105 cents a year earlier.
Platinum group metal production dropped 9% to 128,847 ounces. The company said it expects full-year production to come in at around 270,000 ounces of platinum group metals and 175,000 ounces of platinum.
Platinum miners have been struggling to overcome higher costs and sharply falling prices for the precious metal.
Shares of the company are down 12% this year.