RBPlat CEO bows out as mid-tier PGM player opens the next chapter under Implats

Steve Phiri will officially bow out as Royal Bafokeng Platinum (RBPlat) CEO at the end of August after more than a decade at the helm, as the mid-tier platinum group metals producer prepares for its next chapter under Impala Platinum.

Phiri has been on a short-term fixed contract to provide stability while Implats and rival Northam Platinum battled it out for months for the high quality and shallow assets before Implats emerged the winner.

He had announced his retirement a year ago already, after leading one of a few black-owned and controlled PGM players on the JSE.

RBPlat listed in 2010 with an initial market value of about R10bn and was R38bn when its shares were suspended from the JSE ahead of its delisting in September.

“Generally, I would use the share price performance over the period of his leadership as a guide. However, this is largely driven by the rand PGM basket price which he has no control over and the takeout offer by Implats,” said Asief Mohamed, chief investment officer at Aeon Investment Management.

“The one positive, and probably an important one, is that he has had no material blemishes in his career, or that we know of. Steve has had a successful career as the CEO of RBPlat.”

RBPlat’s corporate functions will be integrated into Implats following Phiri’s departure.

Grant Magano, the mine manager at Styldrift mine, will be appointed executive lead to head the new Implats subsidiary from September 1.

Magano will report directly to Implats COO Patrick Morutlwa.

Chris Setuke will become a new manager for the Styldrift mine currently owned by RBPlat, replacing Magano.

Setuke will move from his position as operations manager at Bafokeng Rasimone Platinum Mine.

“The RBPlat board joins me in extending our thanks and appreciation to Phiri for his long tenure of solid guidance in building a strong and resilient business,” chair Obakeng Phetwe said in a statement.

RBPlat was initially formed out of a 50/50 joint venture (JV) between Anglo American Platinum and Royal Bafokeng through its subsidiary Royal Bafokeng Resources in 2002.

The JV later became known as Bafokeng Rasimone Platinum Mine and was restructured in 2009, paving the way for RBPlat when it gained majority control of the JV.

“There is an African saying that says ‘Motho ke motho ka batho ba bangwe’, meaning a person is a person because of other people,” Phiri said.

“I am honoured to have served RBPlat and contributed to its growth and development, which has made our business a much sought-after asset.”

All Weather Capital equity analyst Prince Mopai said Phiri successfully delivered Styldrift and supported local procurement, as well as encouraged strong diversity in the business with more support for women in mining. He also led the move that resulted in RBPlat buying out Amplats’ shares in the joint venture in 2018, he said.

mahlangua@businesslive.co.za