RBPlats encouraged by better safety numbers

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Mine closures significantly impact Aquarius’s revenue Headline earnings per share fell to 53 cents for the six months to end-December from 66 cents a year earlier. Photo:

The mid-tier platinum group metals producer reported a 1.6 per cent reduction in the serious injury frequency rate and the total number of injuries decreased by 36 per cent.

This was after the mining company recorded one fatality at its Bafokeng Rasimone Platinum Mine (BRPM) on May 8, 2013 when a temporary platform collapsed at South shaft level 9.

“We remain committed to keeping our employees safe from any harm and plan to build on the much improved safety record that we achieved in the first half of the year, notwithstanding, the fatal accident at South shaft,” said Steve Phiri, the company’s chief executive officer.

[DATA RBP:Royal Bafokeng Platinum] (RBPlat) also reported two million fatality-free shifts and the total number of injury-free days increased from 116 days in the first half of 2012 to 130 days in the first half of 2013.

Revenue increased by 18.6 per cent to 1.5 billion rand and headline earning per share increased by 103 per cent to 87 cents.

Capital expenditure has reduced by 14.3 per cent from 521 million rand in 2012 to 446 million rand in 2013 and RBPlats’s cash position is 992 million rand.

Phiri said that cost containment will remain a core management focus for the remainder of the year and expects price levels to remain the same ahead of the Styldrift I expansion venture.

“Even though we anticipate significant deficits in the palladium and platinum markets, we don’t expect prices to rise markedly from current levels due to the amount of above ground stocks. This does impact on the cash we generate from BRPM but we are confident that we are still on track to fund our Styldrift I project as previously envisaged.”