Royal Bafokeng Platinum (RBPlat) increased profit in a difficult year as decisions to scale back spending on a number of projects within the company’s joint ventures proved correct. RBPlat, which is in a joint venture with Anglo American Platinum at the Bafokeng Rasimone Platinum Mine and the new Styldrift mine, reported R263m net profit for the year to end-December compared with a loss of R3.8bn a year earlier. Headline earnings were 87c per share versus a headline loss of 83c a year earlier. RBPlat said safety stoppages ordered by the Department of Mineral Resources continued to dog its operations. It noted the tonnages lost to these stoppages in the form of Section 54 notices had decreased by two-thirds to 102,000 tonnes during the year. However, RBPlat said, "During the third quarter of 2016 the industry experienced a sharp increase in the frequency and severity of Section 54 instructions, which did not seem to be aligned with the applicable nonconformance. "At RBPlat these inst...
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