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Quarterly Review and Production Report for the period 1 January to 31 March 2017
ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
(“RBPlat” or the “Company”)
ROYAL BAFOKENG PLATINUM LIMITED QUARTERLY REVIEW AND PRODUCTION REPORT FOR THE PERIOD
1 JANUARY TO 31 MARCH 2017
OVERVIEW
- No fatal accidents recorded during the quarter
- 17.1% increase in tonnes delivered
- 13.7% increase in tonnes milled
- 6.5% increase in 4E metals in concentrate produced
- 7.2% increase in cash operating cost per 4E ounce
- 56.6% increase in capital expenditure
SAFETY
No fatalities were recorded during the reporting period. A total of 5 serious and 13 lost time injuries were recorded
during the quarter compared to the 1 serious and 8 lost time injuries recorded during the comparative period in 2016.
This resulted in our serious injury and lost time injury frequency rates increasing by 420.0% and 132.0% respectively.
These remain a key concern to management, notwithstanding still being at levels below the industry average.
Zero harm remains one of RBPlat’s primary and most important goals and is key to achieving the Company’s strategic
objective of operational excellence. As such we remain fully committed to our revised safety strategy in order to
achieve our targeted year-on-year improvements in our key safety performance metrics and the establishment of a
resilient operating culture.
PRODUCTION
Total tonnes delivered to concentrators increased by 17.1% to 721kt with BRPM contributing 597kt and Styldrift 124kt
representing a 7.8% and 100.0% increase from the operations respectively. Total tonnes milled for the reporting
period ended 13.7% higher at 690kt with BRPM contributing 571kt and Styldrift 119kt, representing a 5.0% and 88.9%
increase from the respective operations. The UG2 contribution to overall tonnes milled reduced by 6.8% from 22.0%
to 20.5%.
The built-up head grade reduced by 6.2% from 4.04g/t (4E) to 3.79g/t (4E) compared to the first quarter in 2016. The
reduction in built-up head grade is mainly attributable to higher than planned on-reef dilution at Styldrift associated
with the negotiation of a known fault structure to the south and west of the shaft infrastructure on 600 level. Grades at
Styldrift are expected to stabilise at around 3.30g/t (4E) during the second quarter as negotiation of the fault structure
is completed. BRPM grades reduced marginally by 0.7% and remain in line with expectation.
The improvement in tonnes milled combined with the reduced built-up head grade, yielded a 6.5% and 6.2% year-on-
year respective increase in 4E and platinum ounce production to 72.3koz and 46.3koz.
Page 1 of 4
CASH OPERATING COSTS
Cash operating costs for the quarter increased by 12.2% to R701 million in line with increased production volumes
and labour cost related inflation. Cash operating unit cost per tonne milled and 4E ounce were 6.8% and 7.2% higher
than the comparative 2016 period at R1 227 per tonne milled and R10 823 per 4E ounce respectively.
A key operational focus for the business is to improve the fixed/variable cost ratio of our operations to target below
CPI unit increases for the year. As such we have initiated a formal review process of the entire business to identify
opportunities and develop a detailed strategy to implement the changes required. A progress update in this regard will
be communicated to shareholders and other stakeholders in the interim results planned for release on or about 1
August 2017.
CAPITAL
Capital expenditure ended 56.6% higher at R370.6 million compared with the first quarter of 2016. Expansion capital
expenditure increased by 87.5% to R346.1 million in line with mining and construction activities geared towards
achieving the 150ktpm ramp-up at Styldrift. Replacement capital expenditure reduced by 92.0% to R2.5 million in line
with current project construction activities. Stay-in-business capital expenditure increased marginally from R20.9
million to R22.0 million.
PROJECTS
BRPM Phase III project (replacement)
Project progress and expenditure is aligned with the current construction schedule requirements to complete the
scope of work outstanding on 14 and 15 levels’ ore handling infrastructure. Project expenditure for the quarter
amounted to R2.5 million bringing the total project expenditure to date to R1.039 billion.
Styldrift I project (expansion)
Mining and infrastructure construction activities during the quarter were aligned with the revised project mining and
construction programme to meet the 150ktpm ramp-up schedule. Project activities during the quarter were focussed
on:
- Continuing with decline access to the north and south development on both 600 and 642 levels to establish
stoping sections
- On-going development and construction works on 600 level to establish workshops, stores and material bays
- Mining and construction activities to support raise-boring as well as sliping and lining of rock passes and water
handling infrastructure on 642 and 708 levels
- Services shaft equipping
- Overland belt construction
Capital expenditure for the quarter amounted to R346.0 million bringing total expenditure on the project to R6.80
billion.
Unaudited Unaudited March 2017
Description Unit quarter ended quarter ended vs. March
31 March 2017 31 March 2016 2016
Safety
SIFR (/200,000 hrs) rate 0.26 0.05 (420.0%)
LTIFR (/200,000 hrs) rate 0.58 0.25 (132.0%)
Production
Tonnes delivered to concentrators kt 721 616 17.1%
BRPM kt 597 554 7.8%
Styldrift kt 124 62 100.0%
Total tonnes milled kt 690 607 13.7%
BRPM kt 571 544 5.0%
Styldrift kt 119 63 88.9%
% UG2 of total tonnes milled % 20.5% 22.0% 6.8%
4E built-up head grade g/t 3.79 4.04 (6.2%)
BRPM g/t 4.07 4.10 (0.7%)
Styldrift g/t 2.47 3.50 (29.4%)
Merensky g/t 3.76 4.12 (8.7%)
UG2 g/t 3.94 3.75 5.1%
Recovery (4E) total concentrating % 85.93 86.14 (0.2%)
Recovery (4E) BRPM concentrator % 86.93 86.78 0.2%
Closing stocks kt 48 30 60.0%
Metals in concentrate produced*
4E ** koz 72.3 67.9 6.5%
Platinum** koz 46.3 43.6 6.2%
Palladium koz 19.5 18.3 6.6%
Rhodium koz 4.3 4.0 7.5%
Gold koz 2.1 2.0 5.0%
4E + Ruthenium and Iridium koz 78.8 74.0 6.5%
Nickel kt 0.425 0.417 1.9%
Copper kt 0.272 0.265 2.6%
Cash operating costs (Excl Styldrift on-reef development)***
Cash operating costs R'm 701 625 (12.2%)
Cash operating cost / tonne milled R/t 1 227 1 149 (6.8%)
Cash operating cost / 4E oz R/oz 10 823 10 095 (7.2%)
Cash operating cost / Pt oz R/oz 16 922 15 718 (7.7%)
Capital expenditure
Total capital R'm 370.6 236.7 (56.6%)
Expansion R'm 346.1 184.6 (87.5%)
Replacement R'm 2.5 31.2 92.0%
Stay-in-business (SIB) R'm 22.0 20.9 (5.3%)
SIB as a percentage of operating costs % 3.1% 3.3% 6.1%
* Metals in concentrate produced include Styldrift I on-reef development ounces
** Includes ounce contribution from Styldrift I for Q1 2017: 7.6koz (4E) and 4.9koz (Pt) - Q1 2016: 5.9koz (4E) and 3.9koz (Pt)
*** Costs are calculated excluding Styldrift I on-reef development tonnes, ounces and costs
The information set out in this announcement has not been reviewed and reported on by the Company’s external
auditors.
Johannesburg
12 April 2017
For further information, please contact:
Investors:
Lindiwe Montshiwagae
Executive: Investor relations
+27 (0) 10 590 4510
lindiwe@bafokengplatinum.co.za
Media:
Mpueleng Pooe
Executive: Corporate Affairs
+27 (0) 10 590 4515
mpueleng@bafokengplatinum.co.za
JSE Sponsor:
Merrill Lynch South Africa (Pty) Ltd
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