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Royal Bafokeng Platinum Limited Quarterly Review and Production Report for the Period
1 July to 30 September 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 JULY TO 30 SEPTEMBER 2017 AND AN UPDATE ON THE STYLDRIFT I PROJECT
STRONG PRODUCTION AND COST PERFORMANCE
OVERVIEW
• No fatal accidents recorded during the quarter
• 7.2% increase in tonnes delivered
• 8.1% increase in tonnes milled
• 6.7% increase in 4E and 6.9% in platinum metal in concentrate produced
• 11.9% reduction in cash operating cost per tonne milled
• 10.9% reduction in cash operating cost per platinum ounce
• 129.7% increase in capital expenditure
SAFETY
No fatal accidents were recorded during the reporting period. However, our serious and lost time injury frequency rates
increased by 96.0% and 146.7% respectively, with an additional 5 serious and 9 lost time injuries being recorded than
the comparative 2016 period.
The sharp increase in the injury frequency rates is attributed to the impact the restructuring process had on worker
morale at BRPM, specifically South shaft and an increase in overall risk profile at Styldrift as construction and mining
activities were accelerated in line with the capital construction programme requirements.
Despite the disappointing safety performance for the quarter under review we remain confident that our renewed safety
culture will yield the desired results on our journey to resilience and achieving zero harm.
No Section 54 stoppage related losses were incurred during the quarter.
PRODUCTION
Total tonnes delivered to concentrators for the reporting period increased by 7.2% to 793kt, with BRPM contributing
644kt and Styldrift 149kt. Total milled volumes for the quarter increased by 8.1% to 825kt in line with the higher mining
volumes, with BRPM contributing 670kt and Styldrift 155kt. UG2% milled reduced by 11.0% to 17.8% of total production
for the quarter compared to the third quarter of 2016.
The 4E built-up head grade for the quarter reduced by 2.5% to 3.91g/t compared to 2016. The decrease in grade is
mainly attributable to lower Merensky grades associated with higher than planned dilutions at both Styldrift and our
BRPM South shaft operation.
The 8.1% increase in overall tonnes milled combined with the 2.5% reduction in built-up head grade and marginally
higher recoveries yielded a 6.7% increase in metals in concentrate with 89.3koz (4E) and 57.7koz (Pt) metals produced
for the quarter.
CASH OPERATING COSTS
The business restructuring process embarked on during the first half of the year and concluded in the third quarter
underpinned the production and cost performance for the third quarter. The strategy involved the optimisation of labour
structures to reduce the operational fixed cost base and suspension of the South shaft UG2 mining in favour of higher
margin ounce production. This process culminated in the reduction of approximately 520 employees and re-deploying
60% of the South shaft UG2 stoping crews to superior margin South shaft Merensky and North shaft UG2 production
areas.
Cash operating costs for the quarter amounted to R724 million equating to a 2.9% reduction compared to the
comparative period in 2016. The 10.2% increase in BRPM milled volumes and the 2.9% reduction in cash operating
costs have resulted in the unit cash operating cost per tonne milled reducing by 11.9% to R1 081 and cost per platinum
ounce reducing by 10.9% to R14 535 for the reporting period.
CAPITAL EXPENDITURE
Total capital expenditure increased by 129.7% or R346 million to R613 million compared to the third quarter of 2016,
with the key contributor being a R342.6 million increase in expansion capital at Styldrift in line with the increased mining
and construction activities related to the ramp-up schedule. Replacement capital expenditure amounted to R9.7 million
for the quarter and remains aligned with Phase III project requirements.
Stay-in-business (SIB) capital expenditure decreased by R5.5 million to R25.2 million in line with business requirements,
equating to 3.5% of total cash operating cost.
PROJECTS
BRPM PHASE III PROJECT (REPLACEMENT)
Project progress and expenditure remains aligned with the current construction schedule required to complete the scope
of work related to the installation of services, conveyor belts and associated bulkheads on 14 and 15 levels. Project
expenditure for the quarter amounted to R9.7 million bringing the total project expenditure to date to R1.05 billion.
STYLDRIFT I PROJECT (EXPANSION)
Mining and construction activities continued to make steady progress during the quarter and remain aligned with the
overall mining and construction programme to meet its planned ramp-up schedule. During the quarter a total of 2.0km
of shaft infrastructure and decline development was completed and construction activities focussed on:
• Overland belt
• Services shaft equipping – with all shaft and station steel work completed
• 600 level trackless workshops
• Ore handling infrastructure on 642 level – silos and rock passes
• Settler No.1 slipe and line activities
• Raiseboring of the second ventilation shaft
• 600 level strike and dip conveyor belts
Capital expenditure for the reporting period amounted to R578 million bringing the total capital project expenditure to
date to R7.80 billion.
Unaudited Unaudited Quarter 3 Unaudited Unaudited
quarter quarter 2016 vs. year to date year to date YTD 2016 vs.
Description Unit ended 30 ended 30 Quarter 3 ended 30 ended 30 YTD 2017
September September 2017 September September % Change
2017 2016 % Change 2017 2016
Safety
SIFR (/200,000 hrs) rate 0.49 0.25 (96.0) 0.34 0.20 (70.0)
LTIFR (/200,000 hrs) rate 0.74 0.30 (146.7) 0.60 0.31 (93.5)
Production
Tonnes delivered to concentrators kt 793 740 7.2 2 266 2 036 11.3
BRPM kt 644 590 9.2 1 879 1 746 7.6
Styldrift kt 149 150 (0.7) 387 290 33.4
Total tonnes milled kt 825 763 8.1 2 301 2 055 12.0
BRPM kt 670 608 10.2 1 907 1 758 8.5
Styldrift kt 155 155 0.0 394 297 32.7
% UG2 of total tonnes milled % 17.8 20.0 11.0 19.3 21.0 8.1
4E built-up head grade g/t 3.91 4.01 (2.5) 3.84 4.01 (4.2)
BRPM g/t 4.13 4.24 (2.6) 4.07 4.18 (2.6)
Styldrift g/t 2.98 3.14 (5.1) 2.71 3.18 (14.8)
Merensky g/t 3.88 4.07 (4.7) 3.82 4.08 (6.4)
UG2 g/t 4.05 3.76 7.7 3.91 3.75 4.3
Recovery (4E) total concentrating % 86.1 85.0 1.3 85.8 85.2 0.7
Recovery (4E) BRPM concentrator % 86.5 85.6 1.1 86.4 85.6 0.9
Metals in concentrate produced*
4E ** koz 89.3 83.7 6.7 243.8 225.6 8.1
Platinum** koz 57.7 54 6.9 157.0 145.6 7.8
Palladium koz 23.8 22.4 6.3 65.3 60.4 8.1
Rhodium koz 5.2 4.8 8.3 14.3 13.1 9.2
Gold koz 2.6 2.4 8.3 7.1 6.6 7.6
4E + Ruthenium and Iridium koz 100.1 93.8 6.7 265.1 252.5 5.0
Nickel kt 0.556 0.536 3.7 1.504 1.359 10.7
Copper kt 0.360 0.336 7.1 0.963 0.842 14.4
Cash operating costs***
Cash operating cost R’m 724 746 2.9 2 153 2 075 (3.8)
Cash operating cost / tonne milled R/t 1 081 1 227 11.9 1 129 1 181 4.4
Cash operating cost / 4E oz R/oz 9 393 10 520 10.7 9 970 10 336 3.5
Cash operating cost / Pt oz R/oz 14 535 16 307 10.9 15 495 16 033 3.4
Capital expenditure (incl Styldrift)
Total capital R'm 613.0 266.9 (129.7) 1 460 743 (96.5)
Expansion R'm 578.1 235.5 (145.5) 1 356 613 (121.2)
Replacement R'm 9.7 0.7 (1 285.7) 20 44 54.5
Stay-in-business (SIB) R'm 25.2 30.7 17.9 84 86 2.3
SIB as a percentage of operating cost % 3.5% 4.1% 14.6 3.9% 4.1% 4.9
* Metals in concentrate produced include Styldrift I on-reef development ounces
** Includes ounce contribution from Styldrift I for Q3 2017 of 12.2koz (4E) (2016:12.7) and 7.9koz (Pt) (2016:8.3) and
for YTD 2017 of 27.8koz (4E) (2016:24.9) and 18.1koz (Pt) (2016:16.2)
*** 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 October 2017
JSE Sponsor:
Merrill Lynch South Africa (Pty) Ltd
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
Date: 12/10/2017 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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