Royal Bafokeng Platinum’s (RBPlat) share price rose as much as 4% to R30.21 on Tuesday, despite reporting a loss following an R864m impairment of its assets. The impairment dragged RBPlat into a net loss of R657m for the year to end-December from a profit of R263m in 2016. Revenue increased by 4.7% to R3.4bn. The company said platinum demand had a relatively tough year in 2017, with the three main end-users — automotive, jewellery and industrial applications — contracting year on year. However, palladium prices ended the year by exceeding $1,000 an ounce for the first time in 16 years, an increase of more than $380 an ounce since the start of 2017. Rhodium prices enjoyed a strong recovery during 2017, increasing from $770 an ounce at the beginning of the year to $1,715 an ounce by year-end. RBPlat anticipates demand for rhodium to remain strong throughout 2018. Fourth-quarter operations experienced an increase in the number of inspections by the Department of Mineral Resources due t...

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