ROYAL BAFOKENG PLATINUM LIMITED - Condensed Consolidated Interim Results for the six months ended 30 June 2018

Release Date: 06/08/2018 07:07
Code(s): RBP RBPCB
 
Wrap Text
Condensed Consolidated Interim Results for the six months ended 30 June 2018

ROYAL BAFOKENG PLATINUM LIMITED 
(Incorporated in the Republic of South Africa) 
(Registration number: 2008/015696/06) 
JSE share code: RBP 
ISIN: ZAE000149936 
Company code: RBPD 
Bond code: RBPCB 
ISIN: ZAE000243853 
("RBPlat" or "the Company") 

CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018

KEY FEATURES OF OUR PERFORMANCE

Financial capital
- 1.9% reduction in fixed cash costs from 72.7% to 70.8%
- Improved EBITDA margin of 13.4% (2017: 6.3%)
- 154.4% increase in Styldrift on-reef development revenue to R476.5 million (2017: R187.3 million)
- Net cash position of R227.8 million (2017: R1.7 billion)
- Successful financial closure of Maseve acquisition
- Proposed acquisition of Amplats 33% interest in the BRPM JV for a consideration of R1 863 million

Manufactured capital
- 69.2% increase in tonnes milled from Styldrift to 406kt (2017: 240kt)
- 4.2% improvement in 4E built-up head grade to 3.96g/t (2017: 3.80g/t)
- 5.9% increase in 4E ounces to 164.5koz (2017: 155.4koz) 
- 6.6% increase in platinum ounces to 106.5koz (2017: 99.9koz) 
- 6.1% reduction in cash operating costs to R1 342 million (2017: R1 429 million)
- 3.5% increase in unit cost per tonne milled to R1 195 (2017: R1 155)
- 1.5% increase in unit cost per platinum ounce to R16 159 (2017: R15 913)

Human capital
- 11.3% decrease in total injury frequency rate (TIFR)
- 3.1% increase in lost-time injury frequency rate (LTIFR)
- 54.6% increase in serious injury frequency rate (SIFR)

Natural capital
- 6.4% improvement in BRPM concentrator energy efficiency
- R11.2 million potable water cost savings by using our water treatment plant


OPERATING AND FINANCIAL STATISTICS
for the six months ended
                                                                                     30 June       30 June            %                                         
Description                                                               Unit          2018          2017       change                                                                                                                       
Safety                                                                                                                     
Fatalities                                                              number             0             0            0    
LTIFR (/1 000 000 hours)*                                                 rate          2.68          2.60         (3.1)   
SIFR (/1 000 000 hours)*                                                  rate          2.01          1.30        (54.6)   
TIFR (/1 000 000 hours)*                                                  rate          9.92         11.19         11.3    
Production                                                                                                                 
Total tonnes delivered                                                      kt         1 516         1 473          2.9    
BRPM                                                                        kt         1 114         1 235         (9.8)   
Styldrift                                                                   kt           402           238         68.9    
Merensky                                                                    kt         1 301         1 174         10.8    
UG2                                                                         kt           215           298        (27.9)   
Total development                                                           km          17.0          19.1        (11.0)   
Working cost development                                                    km          13.5          15.8        (14.6)   
Capital development                                                         km           3.5           3.3          6.1    
IMS panel ratio (BRPM)                                                   ratio          1.89          1.54         22.7    
Total tonnes milled                                                         kt         1 529         1 477          3.5    
BRPM                                                                        kt         1 123         1 237         (9.2)   
Styldrift                                                                   kt           406           240         69.2    
Merensky                                                                    kt         1 314         1 179         11.5    
UG2                                                                         kt           215           298        (27.9)   
UG2 % milled                                                                 %            14            20        (30.0)   
Built-up head grade (4E)                                                   g/t          3.96          3.80          4.2    
BRPM                                                                       g/t          4.17          4.04          3.2    
Styldrift                                                                  g/t          3.36          2.53         32.8    
Merensky                                                                   g/t          3.94          3.79          4.0    
UG2                                                                        g/t          4.07          3.85          5.7    
Metals in concentrate produced                                                                                             
BRPM JV                                                                                                                    
4E                                                                         koz         164.5         155.4          5.9    
Platinum                                                                   koz         106.5          99.9          6.6    
Palladium                                                                  koz          43.8          35.9         22.0    
Rhodium                                                                    koz           9.2           9.2            -    
Gold                                                                       koz           5.1           4.5         13.3    
Iridium                                                                    koz           3.0           3.1         (3.2)   
Ruthenium                                                                  koz          15.6          15.5          0.6    
Nickel                                                                       t         1 091           956         14.1    
Copper                                                                       t           681           608         12.0    
Cobalt                                                                       t            27            24         12.5    
BRPM                                                                                                                       
4E                                                                         koz         128.4         139.8         (8.2)   
Platinum                                                                   koz          83.0          89.8         (7.6)   
Palladium                                                                  koz          34.1          31.7          7.6    
Rhodium                                                                    koz           7.3           8.4        (13.1)   
Gold                                                                       koz           3.9           4.0         (2.5)   
Iridium                                                                    koz           2.4           2.8        (14.3)   
Ruthenium                                                                  koz          12.4          14.1        (12.1)   
Nickel                                                                       t           787           797         (1.3)   
Copper                                                                       t           503           512         (1.8)   
Cobalt                                                                       t            20            21         (4.8)                                                                                     
Styldrift                                                                                                                  
4E                                                                         koz          36.1          15.6        131.4    
Platinum                                                                   koz          23.5          10.1        132.7    
Palladium                                                                  koz           9.6           4.2        128.6    
Rhodium                                                                    koz           1.8           0.8        125.0    
Gold                                                                       koz           1.2           0.5        140.0    
Iridium                                                                    koz           0.6           0.3        100.0    
Ruthenium                                                                  koz           3.2           1.4        128.6    
Nickel                                                                       t           305           159         91.8    
Copper                                                                       t           178            96         85.4    
Cobalt                                                                       t             8             3        166.7    
Labour                                                                                                                     
Working cost labour                                                     number         5 627         6 247          9.9    
Capital labour                                                          number         2 893         1 572         84.0    
Stoping crew efficiency                                                m2/crew           343           352         (2.6)   
Tonnes milled/TEC                                                        t/emp          33.2          33.0          0.6    
Cash operating costs (excluding Styldrift on-reef production)                                                              
Cash operating costs (excluding Styldrift on-reef production)               Rm         1 342         1 429          6.1    
Cash operating cost/tonne milled                                           R/t         1 195         1 155         (3.5)   
Cash operating cost/4E ounce                                              R/oz        10 449        10 227         (2.2)   
Cash operating cost/Pt ounce                                              R/oz        16 159        15 913         (1.5)   
Capital expenditure                                                                                                        
Total capital expenditure                                                   Rm         1 381           847        (63.0)   
Expansion capital                                                           Rm         1 303           778        (67.5)   
Replacement capital                                                         Rm            21            10       (110.0)   
Stay-in-business (SIB) capital                                              Rm            57            59          3.4    
BRPM                                                                        Rm            42            54         22.2    
Styldrift                                                                   Rm            15             5       (200.0)   
SIB % of operating cost (BRPM)                                               %           3.2           3.8         15.8    
Financial indicators                                                                                                       
Gross profit                                                                Rm         155.6          11.3      1 277.0    
Gross profit margin                                                          %           9.4           0.7      1 242.9    
EBITDA                                                                      Rm         222.5         100.4        121.6    
EBITDA margin                                                                %          13.4           6.3        112.7    
Average basket price                                                   R/Pt oz        19 990        17 745         12.7    
Average R:US$ in revenue                                                 R/US$         12.90         13.07         (1.3)   
ESG information                                                                                                            
Employees                                                               number         8 553         7 849          9.0    
Total discretionary procurement spend in HDSA companies                      %          85.8          86.3         (0.6)   
GHG emission CO2e (scope 1 and 2)                                        tCO2e       170 444       166 275          2.5    
Water intensity                                                    Ml/t milled         0.660         0.840         21.4    
SLP expenditure                                                             Rm          21.5          15.9         35.2    
* Rebased to injuries per 1 000 000 hours to align with industry best practice.                                                              


COMMENTARY
Overview
Our performance against our fourth strategic pillar, the pursuit of value-enhancing opportunities, included completing
the acquisition of the Maseve operation and announcing RBPlat's purchase of Anglo American Platinum's 33% share of the
Bafokeng Rasimone Platinum Mine Joint Venture (BRPM JV). The Maseve acquisition provides immediate access to a
concentrator plant to treat Styldrift ore beyond 150ktpm and extends the life of BRPM South shaft. The proposed purchase 
of Anglo American Platinum's stake in the BRPM JV, affords RBPlat the opportunity to gain greater exposure to one of the 
highest quality Merensky ore bodies remaining at a time when the Styldrift project has largely been de-risked. 

The decline in our key safety metrics during the period under review was disappointing. Our lost time and serious injury 
frequency rates deteriorated by 3.1% and 54.6%, respectively, as BRPM's safety statistics weakened over the period.
We are concerned about the increasing frequency of safety incidents and their reduction is a priority at all levels of
the business. 

Regrettably, subsequent to the reporting period, Mr Venizelos Alfeu, an employee at BRPM South shaft, was fatally injured 
during a scraper winch accident on 24 July 2018. Our deepest condolences go to the family, friends and colleagues of
Mr Alfeu. 

BRPM mine production at North shaft remained consistent year-on-year with lower tonnages delivered from South shaft
due to the deferral of uneconomic UG2 production resulting in 11koz reduction in 4E ounces from our BRPM operation. The
reduction in output was, however, largely offset by lower operating costs which, combined with the benefits accrued from
the restructuring process concluded during the second half of 2017, resulted in limited increases in cash operating unit
costs.  

Styldrift production levels and delivered grades continue to improve as ramp-up progresses towards achieving the 150ktpm 
production milestone during the fourth quarter of 2018. Good progress has also been made with the rehabilitation and
construction of Silo 4 which, as explained in our 2017 integrated report, had been impacted by worse than expected
geotechnical conditions. Silo 4 represents the last key piece of capital infrastructure required to sustainably support 
the production of 150ktpm and will be commissioned during the last quarter of 2018. Ongoing development of face flexibility
and the completion of Settler 1 and Silo 3 will continue into the first half of 2019.

Financial capital
During the first six months of 2018 RBPlat made significant progress with its strategic value-enhancing transactions.
These include:
- Financial closure on Phase 1 of the Maseve acquisition, which relates to the acquisition of immovable property and the
  Maseve concentrator plant for a consideration of the ZAR equivalent of US$58 million. Following this acquisition the
  property and concentrator plant were disposed of to the BRPM JV at cost,
- Financial closure on Phase 2 of the Maseve transaction, which relates to the acquisition of 100% of the shares in and
  shareholder claims owing by Maseve on 26 April 2018, followed the Department of Mineral Resources' (DMR) approval of 
  the Section 11 transfer to RBPlat for a consideration of the ZAR equivalent of US$12 million (refer to note 18), and
- The conclusion of legally binding agreements with Anglo American Platinum's wholly owned subsidiary, Rustenburg
  Platinum Mines Limited (RPM) on 4 July 2018 for the acquisition of their 33% participating interest in the BRPM JV at 
  a purchase consideration of R1 863 million (refer to note 19).

Notwithstanding a 6.6% increase in total platinum ounce production (including Styldrift on-reef development ounces),
the revenue-accounted platinum ounce production from BRPM was 7.6% down on the previous corresponding period (the six
months ended 30 June 2017) which, as previously explained, was primarily due to the closure of non-profitable UG2
production at BRPM's South shaft. This reduction was more than offset by a 6.1% reduction in BRPM's cash operating costs 
combined with the 12.7% improvement in the revenue basket price we achieved. Earnings were, however, negatively affected by:
- A R25.9 million impairment of feasibility study costs previously capitalised in respect of the Styldrift 100ktpm
  concentrator plant, which we originally envisaged building as an addition to the BRPM concentrator plant, and
- R20.5 million in care and maintenance and operational readiness costs incurred on the newly acquired Maseve
  concentrator plant and mine in anticipation of the plant being commissioned and ramping up in the second half of 2018.

This resulted in a loss per share (LPS) for the six months ended 30 June 2018, of 12.4 cents (17.3% improvement),
compared to a LPS of 15 cents for the previous corresponding period. Headline loss per share (HLPS) amounted to 6.0 cents
(60.8% improvement), compared to a HLPS of 15.3 cents for the previous corresponding period.

Net revenue improved by 4.1% from R1 593.9 million in the first half of 2017 to R1 659.6 million for the first half of
2018. This increase in revenue is mainly due to a 12.7% higher realised average rand basket price per platinum ounce at
R19 990 (2017: R17 745) which was offset by a 6.6% reduction in BRPM JV's platinum production. Total cost of sales
decreased by 5.0% from R1 582.6 million in 2017 to R1 504.0 million in 2018.

During 2017, the RBPlat Group embarked on a process to restructure and right-size the overhead and operational
structure of the business to ensure it is appropriate in the current and future market environment. This restructuring,
together with other cost-saving initiatives, continued to deliver cost-saving benefits and resulted in a 1.9% reduction 
in the fixed component of our cash costs from 72.7% in the first half of 2017 to 70.8% in the first half of 2018. BRPM's
average cash operating cost per platinum ounce increased by 1.5% from R15 913 to R16 159 due to a 7.6% reduction in platinum
ounce production and a 6.1% reduction in cash operating costs.

Our gross profit margin increased from 0.7% for the six months ended 30 June 2017 to 9.4% for the six months ended 
30 June 2018. This was due to a 4.1% improvement in net revenue and a 5.0% reduction in total cost of sales.

Earnings before interest, tax and depreciation and amortisation (EBITDA) as a percentage of revenue improved from 6.3%
to 13.4%, mainly as a result of increased revenue and reduced costs.

The Styldrift on-reef revenue, credited against capital expenditure on property, plant and equipment, increased by
154.4% to R476.5 million (2017: R187.3 million). Other income decreased by R34.2 million or 41.7%. This was mainly as 
a result of the once-off inclusion in 2017 of R19.5 million relating to the fair value gain in the derivative liability 
from the date of issue of the convertible bond on 15 March 2017 to the date that shareholder approval was obtained on 
8 May 2017. In addition, the environmental equity-linked deposit, which earned a variable return of R3.2 million in 2017
incurred a variable loss of R6.9 million in 2018.

Administration costs decreased by R8.5 million mainly due to savings relating to restructuring costs of R57.1 million
incurred in 2017. This decrease was offset by the R25.9 million impairment of feasibility study costs and R20.5 million
care and maintenance and operational readiness costs in respect of the newly acquired Maseve concentrator plant and
mine, as discussed previously.

Finance income reduced by R24.0 million mainly due to the decrease in cash on hand as a result of the cash consideration 
paid (R824.8 million including VAT) for the acquisition of Maseve. The transaction was finalised in April 2018. The
decrease was, however, countered by the reduction in finance costs from R30.2 million in 2017 to R7.2 million in 2018.
The reduction in finance costs was due to RBPlat being able to capitalise a higher proportion of interest on the
convertible bond (R65.9 million) in line with the provisions of IAS 23 regarding borrowing costs. 

As at 30 June 2018 the RBPlat Group had cash and near cash investments of R727.9 million (2017: R1 664.5 million).
Included in this cash balance is restricted cash of R52.5 million ring-fenced for the RBPlat housing project and 
R84.0 million earmarked for the payment of the convertible bond coupon. Despite a 65.9% increase in the Group capital 
expenditure from R842.5 million in 2017 to R1 397.8 million in 2018, the Group was still able to fund 40.2% (2017: 36.0%) 
of the 2018 Group capital expenditure from cash generated by operations together with Styldrift on-reef development revenue
receipts. 

The Group continues to have R2 billion in debt facilities comprising a seven-year term debt facility of R750 million,
a five-year revolving credit facility of R750 million and one-year general banking facilities of R508 million. The
revolving credit facility remained undrawn at 30 June 2018 while R500 million of the term debt was drawn down. 
R119.4 million of the general banking facilities was used for guarantees at 30 June 2018. In terms of the acquisition 
of the 33% of the BRPM JV mentioned above, one of the conditions precedent to the transaction is that the lenders 
approve the increase of the existing facilities from R2 billion to R3 billion in order to fund the capital expenditure 
requirements.

Manufactured capital
Production 
Tonnes delivered to concentrators increased by 2.9% or 43kt to 1 516kt for the reporting period, with BRPM contributing 
1 114kt and Styldrift contributing 402kt. The increasing Merensky tonnages delivered by Styldrift, together with the
deferral of mining of the UG2 at South shaft during the second half of 2017, have increased the proportion of the
Merensky reef treated to 86%. 

Merensky delivered tonnes increased by 127kt or 10.8% to 1 301kt, with the BRPM contribution decreasing by 37kt and
Styldrift contribution increasing by 164kt. UG2 delivered tonnes decreased by 27.9% to 215kt as a result of the deferral
of uneconomic mining of UG2 at South shaft. Lower UG2 tonnages were more than offset by growing contributions from
Styldrift resulting in total tonnes milled improving by 3.5% to 1 529kt compared to the first half of 2017. 

The higher proportion of Merensky reef has contributed to a 9.6% increase in tonnages treated at the BRPM concentrator
and a 36.8% decrease in toll treatment at Waterval. BRPM concentrator recoveries reduced by 1.4% to 84.9% largely due
to grade variability experienced in the Styldrift on-reef development ore in the first quarter and the impact of
low-quality ceramic media in our MIG (mainstream inert grinding) circuit during the second quarter. Both the grade and 
ceramic media performance have stabilised with recoveries returning to normal during May. The treatment plant capacity 
of 250ktpm at the BRPM concentrator is fully utilised and the further ramp-up of Styldrift to reach 150ktpm will be 
treated at the Maseve concentrator in the second half of 2018.

BRPM attributable milled volumes decreased by 9.2% to 1 123kt while Styldrift milled volumes increased by 69.2% to
406kt. Merensky tonnes milled increased by 11.5% while UG2 tonnes milled decreased by 27.9% to 1 314kt and 215kt,
respectively. 

The 4E built-up head grade for the reporting period increased by 4.2% from 3.80g/t (4E) to 3.96g/t (4E). The increase
in head grade is mainly attributable to a 32.8% increase in grade at Styldrift as stoping volumes increased 169% and
BRPM delivered grades remained consistent.

The 3.5% increase in tonnes milled, combined with the 4.2% increase in built-up head grade and lower concentrator
recoveries yielded a 5.9% and 6.6% increase in 4E and platinum ounce production to 164.5koz and 106.5koz respectively.

Total development compared to the first six months of 2017 declined by 2.1km to 17.0km. Capital development for the
period increased 6.1% to 3.5km. Styldrift completed 3.3km in-line with ramp up requirements towards 150ktpm. BRPM
completed 0.2km to support UG2 mining at North shaft. The BRPM IMS panel ratio remains above the target of 1.50 at 
1.89, despite working cost development reducing by 14.6% to 13.5km as the lower development is related to the closure 
of the UG2 mining sections as well as depletion of the Merensky resource at South shaft. 

Working cost labour was reduced by 9.9% or 620 employees to 5 627 employees compared to the 2017 reporting period.
Despite this reduction, our total number of employees increased to 8 520 as the ramping up of project construction
activities to meet the 150ktpm steady state project schedule at Styldrift required an additional 1 321 capital employees. 

Productivity in our two key efficiency metrics of square metres per stoping crew and tonnes milled per total employee
costed (t/TEC) declined by 2.6% on a square metre per stoping crew basis at BRPM to 343m2/crew, while t/TEC increased 
by 0.6% to 33.2t/TEC.

Operating costs
Our total cash operating costs decreased by 6.1% from R1 429 million to R1 342 million when compared to the first six
months of 2017, in line with the cost reductions achieved in the second half of 2017. After excluding the incidental
tonnage and ounce contributions from Styldrift, our unit cash costs amounted to R1 195 per tonne milled, R10 449 per 4E
ounce and R16 159 per platinum ounce. This equates to a 3.5% increase year-on-year in unit cost per tonne milled, a 2.2%
increase in unit cost per 4E ounce and an increase of 1.5% per platinum ounce. 

Capital expenditure
The total capital expenditure for the period under review increased by 63.0% to R1 381 million compared to the
corresponding period in 2017. Replacement capital increased by R11 million to R21 million in line with Phase III 
construction activities as the project nears completion. 

Expansion capital expenditure increased by 67.5% or R525 million to R1 303 million. The increase in our expenditure is
as a direct consequence of accelerating construction activities and on-reef development and stoping related to the
150ktpm ramp-up phase at our Styldrift project.  

Stay-in-business (SIB) capital expenditure at BRPM reduced by 22.2% to R42 million compared to the same period in 2017
and made up 3.2% of our operating expenditure. SIB capital expenditure of R15 million was spent at Styldrift to
overhaul load haul dump vehicles (LHDs) and drill rigs.

Projects
BRPM Phase III replacement project 
The total mining scope of the project has been completed with only construction activities related to services, conveyor 
belts and associated bulkheads on 14 and 15 levels remaining. A technical planning review of the Phase III extraction
schedule has indicated that these levels will only be required to come on line during the second quarter of 2019.

Capital expenditure for the reporting period amounted to R21 million resulting in total project expenditure to date of
R1 091 million.

Styldrift expansion project 
Our Styldrift development remains focused on establishing the infrastructure, stoping face length and operational
resourcing required to reach 150ktpm. Capital expenditure is aligned with project progress requirements while maintaining 
a healthy balance sheet without impacting our ability to meet the ramp-up schedule. Although the market in the first six
months of 2018 has improved year-on-year, non-critical path project work remains deferred.

During the reporting period, a total of 3.3km of capital development was completed on 600 and 642 levels and we delivered 
402kt of ore to the concentrator at a built-up head grade of 3.36g/t (4E). The 6.8km overland conveyor belt between
Styldrift and the BRPM concentrator and the Services shaft were commissioned, and progress was made on construction of
Silos 3 and 4, Ventilation shaft No 3 and settler No 1. Strike conveyors supporting stoping operations, which reduce our
reliance on trucking were completed in four stoping sections with a further three expected to be completed by year end. 

Geotechnical challenges encountered in the raiseboring and construction of Silos 3 and 4 resulted in revisions to the
silo construction methodology to adequately cater for the conditions. Stability of life of mine infrastructure is of
paramount importance to support flexibility and the sustainability of mining beyond 150ktpm. The rehabilitation of Silo 
4 requires the installation of sixty, six metre diameter by one metre high rings which are backfilled with concrete to
ensure stability of the silo. Forty of these rings were completed during the first half of the year with completion of 
the silo expected during the fourth quarter of 2018. Silo 3 will be commissioned during the second quarter of 2019.

Capital expenditure inclusive of operational expenditure, which we capitalised on the project, amounted to R1 303 million 
bringing the total capital expenditure for the project to date to R9.76 billion. 

Human capital
Safety, health and wellness 
RBPlat, together with our employees and communities, endeavour to create a stable and productive working environment
where the health and safety of our employees is of paramount importance. Our journey is one of ongoing improvement
towards zero harm therefore, the recent deterioration in some of our key safety metrics is disappointing. 

RBPlat aims to achieve a resilient operating culture which supports our goal of zero harm and have identified the
current areas of safety focus for the second half of the year: 
- Proactively identifying risks and safety hazards
- Safety risks around construction work activities particularly at Styldrift
- Addressing the challenging ground conditions through the addition of additional rock engineering resources
- Ensuring proper pre-work assessments are completed.

Labour stability
Continued engagement with all our stakeholders, coupled with a holistic approach to the training and development of
our workforce and the communities we operate in, has been instrumental in maintaining our high levels of labour stability.

Social and relationship capital
The interdependencies between mining companies, PGM producers specifically, and their stakeholders, are becoming more
important to the success of the industry than ever before, due to the challenging position most companies find
themselves in the current market environment. RBPlat's purpose was always to create economic value for all stakeholders 
through our commitment to achieving More than mining. However, the advent of Mining Charter 2018, and its focus on specific
stakeholders, especially mining communities and employees, has increased their prominence. We need to relook and further
enhance the way we engage with our key stakeholders. 

The focus of our social investment remains on education support, portable skills development, health and agricultural
support with the aim of investing in the current and future sustainability of the communities in which we operate.
During the period under review we assessed our progress on the various commitments under our Social and Labour Plan and
reignited our focus on being a responsible mining company who, with its stakeholders, works towards creating a better
operating environment while at the same time delivering value to our communities and employees. 

We continue to support Charora Secondary School by providing experienced mathematics and science teachers, and are
investigating further opportunities to broaden our support of education to include more learners through various initiatives 
including both traditional educational support and technological interventions to further improve the teaching of mathematics 
and science in the future. 

Natural capital
Mining is an extractive industry and our mining activities inevitably impact on the natural environment. However,
RBPlat is committed to ensuring that this impact is minimised and that, as far as possible, we limit our dependence on
natural resources like water, and energy and reduce our carbon footprint. Our Sustainability Strategy and Framework has been
successfully implemented using various interventions to increase the efficiency of our energy and water usage and reduce
our carbon footprint. This is reflected in the comparative data on our efficiencies. We voluntarily report to the CDP
on climate change and water. In 2017 we achieved a B band carbon disclosure score for the third year in a row and were
awarded a position on the Water A list by the CDP for the second year running. During the period under review we continued
reporting on our initiatives to maintain these ratings and align our business to meet the expectations of our various
stakeholders in terms of climate change.

Our concentrator, which is the most energy-intensive part of our business, was able to achieve 44kWh per tonne milled,
which was 12% below its 2018 target of 50kWh per tonne milled. BRPM achieved an energy efficiency of 66kWh per tonne
hoisted, which is 13% higher than the 2017 target (59kWh), but in line with the 2009 baseline of 68kWh per tonne hoisted.
We expect the work we are doing on upgrading our compressed air reticulation network to achieve a reduction in our use
of compressed air and, consequently, our electricity usage at BRPM in the year under review. We set energy efficiency
targets for Styldrift from the fourth quarter of 2017, and performance against these targets is being tracked. However, 
as Styldrift is still a project and in the process of ramping up, its performance will only be comparable once it reaches
steady state.

To reduce our impact on the potable water available from Magalies Water and reduce our costs, we invested in a water
treatment plant which allows us to reuse process water, particularly in the BRPM concentrator, which is the greatest
consumer of water at our operations. We reduced our potable water cost by R11.2 million during the first half of 2018 by
using water from our water treatment plant. The use of treated water in the BRPM concentrator increased to 0.605Ml in the 
first half of 2018 (2017: 0.563Ml) and it achieved a potable water efficiency of 0.43kl per tonne milled, which was 8.3% 
above its target for 2018 of 0.40kl per tonne milled. Styldrift's mining potable water efficiency of 0.11kl per tonne hoisted
was below its target of 0.29kl per tonne hoisted. While BRPM's potable water efficiency of 0.27kl per tonne hoisted was
15.6% above target, its potable water consumption decreased by 10.6% year-on-year with increased production.

Market review
The platinum price traded above US$1 000/oz in the first quarter of 2018, but declined to US$850/oz by the end of June, 
its lowest level for the year. While the rand remained relatively strong during the first quarter, it depreciated rapidly 
in the second quarter to around 13.8:US$. However, this was not enough to lift the platinum price in rand terms and it 
ended the first half at R11 600/oz, a similar level to the start of the year.

Global refined platinum production is predicted to be down 1.7% year-on-year to 6.0Moz in 2018. While the forecast for
South African output has risen due to fewer safety stoppages, and some shafts exceeding guidance, overall production is
expected to decline by 0.6% to 4.4Moz. Secondary supply is expected to rise slightly in 2018 on increased autocatalyst
recycling volumes. 

Diesel demand in Western European car markets continues to decline, despite the effectiveness of the latest platinum-based 
after treatment systems combined with non-PGM containing selective catalytic reduction catalysts  to remove NOx and meet 
the latest Euro 6d legislative limits. However, this will partially be off-set by higher demand from the global heavy-duty 
diesel sector. Diesel remains highly competitive by all measures with gasoline and gasoline hybrids to help meet the other 
major emissions challenge, namely cutting carbon dioxide (greenhouse gas) emissions. 

Platinum jewellery looks set for another year without demand growth as weakening demand from China, the largest
market, is partially offset by the growing Indian market. 

Platinum ETF holdings declined by 137koz to below 2.5Moz in the first half of 2018, while the weakening platinum price
encouraged platinum bar purchases in Japan, the largest market for platinum bars.

The palladium price pushed above US$1 100/oz briefly in January, but has mostly traded between US$900/oz and US$1 100/oz 
over the first six months of 2018. The palladium price ended June at US$950/oz, a decline of 10%, despite the market
remaining tight with elevated lease rates.

Palladium demand is forecast to drop slightly in 2018, as an ongoing decline in use in electrical and dental markets
outweighs continued growth in autocatalyst use. 

Sales in the largest markets for palladium-based autocatalysts, gasoline-dominated China and the US, have been robust
so far this year but there are risks of slowing sales growth in the second half of the year. US sales are up nearly 2%
year to date, as demand for light-duty trucks and SUVs continues to surge. Chinese sales are up 4.5% year to date in a
highly competitive market. Uncertainties over trade tariffs in both these markets may cloud the second half of 2018. 

Hybridisation of gasoline powertrains continues, from 48V mild through to full hybrids, securing demand for palladium
in autocatalysts while cost-effectively meeting emissions targets now and in the future.

Investors have continued to reduce their palladium ETF holdings with 219koz being sold in the first half of the year.
This follows three years of significant declines resulting in global ETF holdings at just above 1Moz at the end of June.

Rhodium has outperformed platinum and palladium, increasing in price by 32% to US$2 260/oz in the first half of the
year and, with the market close to balance, further price volatility is possible.

Changes to the board
There were several changes to the Company's board of directors (the Board) during the period. Mr Robin Mills, who served 
on the Board for seven years and was a member of the Audit and Risk and Social and Ethics Committees, resigned on 
10 April 2018. Ms Linda de Beer, who served on the Board for eight years and was the Chairman of the Audit and Risk 
Committee, has resigned and will be replaced by Ms Louisa Stephens effective from 6 August 2018. Ms Stephens has been an 
independent non-executive director of the Board since 29 September 2014. Mr Martin Prinsloo, who has served as Chief Financial 
Officer (CFO) and executive director since 2009 resigned in April this year and his last day will be 10 August 2018. 
Mr Hanré Rossouw has been appointed as CFO with effect from 1 October 2018 and in the interim period the Head of Finance, 
Ms Rotshidzwa Manenzhe, will serve as acting CFO. Mr Obakeng Phetwe and Mr Peter John Ledger were appointed to the Board on 
27 February 2018 as non-executive and independent non-executive directors, respectively.

Outlook
Reversing the deterioration in our key safety metrics through a continuous progression towards a resilient safety
culture is a key objective for the second half of the year, as we remain committed to our objective of creating a zero 
harm operating environment.

The second half of this year will see us achieve a number of key strategic objectives with Styldrift reaching 150ktpm
in the last quarter of the year as the mine moves from a capital project into an operating mine. The Maseve concentrator, 
acquired earlier this year, will be commissioned during the third quarter of the year to handle the increasing tonnages 
delivered from Styldrift. BRPM will continue to benefit from the cost savings achieved in the second half of 2017.
Maintaining good relationships with organised labour and our communities has been a powerful driver of our success and 
will continue to be a core objective in the second half of 2018. 

Production guidance for the full year is unchanged at 3.35Mt to 3.50Mt at a 4E built-up head grade of between 3.95g/t
and 4.04g/t, of which Styldrift is forecast to deliver between 1.2Mt and 1.3Mt. 4E ounce production is expected to be
between 370koz and 387koz for the year with operating cost increases below CPI inflation.

Total capital expenditure for the year is estimated to be between R2.9 billion and R3.1 billion. This includes
capitalised operating costs of between R600 million and R800 million for the second half of the year. SIB expenditure 
will be between 4% and 5% of operating cost for the year.

A limited improvement to the fundamentals of the platinum market is expected in the second half of the year, with a 
surplus projected at the end of 2018. Demand from diesel car autocatalysts and Chinese jewellery has weakened, and 
while announcements to cut supply from loss-making mines have been forthcoming, they will have a limited impact on 
this year's production. Without significant supply cuts from loss-making mines in 2018, limited platinum price upside 
can be expected. However, while further mine closures would aid the platinum market, they would curtail supply of all 
the other PGMs, leading to increased volatility of palladium, rhodium, iridium and ruthenium prices.

The palladium market is predicted to remain in deficit for 2018, though slightly softer than it was in 2017. The deficit is 
maintained by robust demand for palladium-based autocatalysts for gasoline and gasoline hybrid light vehicles in growth 
markets, set against lower supply from South Africa and Russia.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
as at 30 June 2018
                                                                                                               Full year     
                                                                                                             31 December     
                                                       30 June 2018      30 June 2017      2018 vs 2017             2017    
                                                           reviewed          reviewed                 %          audited    
                                            Notes        R (million)       R (million)           change       R (million)    
Assets                                                                                                                     
Non-current assets                                         20 245.7          18 133.9              11.6         18 448.3    
Property, plant and equipment                              13 589.4          11 113.6              22.3         11 912.2    
Mining rights                                               5 670.8           5 708.1              (0.7)         5 686.5    
Goodwill                                                          -             863.3            (100.0)               -    
Environmental trust deposit                                                                                
and guarantee investments                                     186.6             156.7              19.1            164.7    
Employee housing receivable                                   517.2             172.7             199.5            439.5    
Employee housing benefit                                      196.7              45.6             331.4            163.2    
Housing insurance investment                                   39.2              36.0               8.9             35.7    
Deferred tax asset                                             45.8              37.9              20.8             46.5    
Current assets                                              3 392.0           3 860.9             (12.1)         3 697.1    
Employee housing benefit                                       14.1               4.2             235.7             11.8    
Employee housing assets                                       653.7             578.3              13.0            579.3    
Inventories                                                   172.1              93.7              83.7            105.6    
Trade and other receivables                                 1 823.8           1 517.7              20.2          1 667.1    
Current tax receivable                                          0.4               2.5             (84.0)             0.2    
Cash and cash equivalents                       6             727.9           1 664.5             (56.3)         1 333.1    
Total assets                                               23 637.7          21 994.8               7.5         22 145.4    
Equity and liabilities                                                                                                     
Total equity                                               14 619.4          15 021.0              (2.7)        14 423.9    
Share capital                                                   2.0               1.9               5.3              1.9    
Share premium                                               9 824.2           9 643.2               1.9          9 643.2    
Retained earnings                                             677.5           1 425.4             (52.5)           701.5    
Share-based payment reserve                                   245.1             208.2              17.7            240.8    
Non-distributable reserve                                      82.5              82.5              (0.0)            82.5    
Non-controlling interest                                    3 788.1           3 659.8               3.5          3 754.0    
Non-current liabilities                                     6 582.8           5 297.8             (24.3)         5 837.7    
Deferred tax liability                                      3 812.4           3 697.2              (3.1)         3 774.3    
Convertible bond liability                      7             959.6             909.0              (5.6)           932.4    
Interest-bearing borrowings                     8             500.1                 -            (100.0)               -    
PIC housing facility                            9           1 132.9             592.0             (91.4)           975.0    
Restoration, rehabilitation and                                                                            
other provisions                                              177.8              99.6             (78.5)           156.0    
Current liabilities                                         2 435.5           1 676.0             (45.3)         1 883.8    
Trade and other payables                                      648.2             586.9             (10.4)           544.9    
Current tax payable                                               -               1.2             100.0              5.0    
RPM payable                                                 1 787.3           1 087.9             (64.3)         1 333.9    
Total equity and liabilities                               23 637.7          21 994.8               7.5         22 145.4    
The notes on pages 14 to 23 form an integral part of these condensed consolidated interim financial statements.                                                                                       


CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2018
                                                 For the six months ended
                                                                                                               Full year  
                                                                                                             31 December                                                                               
                                                       30 June 2018      30 June 2017      2018 vs 2017             2017 
                                                           reviewed          reviewed                 %          audited 
                                            Notes        R (million)       R (million)           change       R (million)
Revenue                                        10           1 659.6           1 593.9               4.1          3 498.5    
Cost of sales                                  11          (1 504.0)         (1 582.6)              5.0         (3 186.5)    
Cost of sales excluding depreciation, 
amortisation and movement in inventories                   (1 364.6)         (1 435.5)              4.9         (2 845.7)    
Depreciation and amortisation                                (178.3)           (166.1)             (7.3)          (361.3)    
Increase/(decrease) in inventories                             38.9              19.0             104.7             20.5    
Gross profit                                                  155.6              11.3             1 277            312.0    
Other income                                                   47.8              82.0             (41.7)           150.5    
Administration expenses                                      (152.5)           (161.0)              5.3           (256.2)    
Corporate office                                             (126.5)            (95.9)            (31.9)          (189.4)    
Housing project                                                (5.5)             (8.0)             31.3            (17.8)    
Maseve care and maintenance and 
operational readiness costs                                   (20.5)                -            (100.0)               -    
Restructuring costs                                               -             (57.1)           (100.0)           (49.0)    
Impairment of non-financial assets                            (27.3)             (0.5)         (5 360.0)          (864.3)    
Finance income                                                 42.5              66.5             (36.1)           137.4    
Finance cost                                                   (7.2)            (30.2)             76.6            (52.3)    
Profit/(loss) before tax                                       58.9             (31.9)            284.6           (572.9)    
Income tax (expense)/credit                    12             (48.8)              4.6          (1 160.9)           (84.1)    
Income tax expense                                            (10.1)            (11.3)             10.6            (31.5)    
Deferred tax (expense)/credit                                 (38.7)             15.9            (343.4)           (52.6)    
Net profit/(loss) for the period                               10.1             (27.3)            137.0           (657.0)    
Other comprehensive income                                        -                 -                 -                -    
Total comprehensive income/(loss)                              10.1             (27.3)            137.0           (657.0)    
Attributable to owners of the Company                         (24.0)            (28.8)             16.7           (752.7)    
Attributable to non-controlling interest                       34.1               1.5           2 173.3             95.7    
Basic (LPS)/EPS (cents/share)                  15             (12.4)            (15.0)             17.3           (390.6)    
Diluted (LPS)/EPS (cents/share)                15             (12.4)            (15.0)             17.3           (390.6)    
(HLPS)/HEPS (cents/share)                      15              (6.0)            (15.3)             60.8             56.4    
Diluted (HLPS)/HEPS (cents/share)              15              (6.0)            (15.3)             60.8             56.4    
The notes on pages 14 to 23 form an integral part of these condensed consolidated interim financial statements.                                                                                         


CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2018
                                                                                                                               Attribu-                     
                                                                                        Share-         Non-                    table to          Non-                     
                                                                                         based      distri-                      owners          con-                     
                                             Number      Ordinary          Share       payment      butable      Retained        of the      trolling                                 
                                                 of        shares        premium       reserve     reserves      earnings       Company      interest        Total                                                                                                                            
                                             shares    R (million)    R (million)   R (million)  R (million)   R (million)   R (million)   R (million)  R (million)                                                                                                                            
Balance at 1 January 2017 (audited)     192 277 990           1.9        9 400.8         216.2         82.5       1 454.2      11 155.6       3 658.3     14 813.9    
Share-based payment charge                        -             -              -          32.0            -             -          32.0             -         32.0    
2014 BSP shares vested in April 2017        590 851             -           40.0         (40.0)           -             -             -             -            -    
Convertible bond - equity portion                 -             -          202.4             -            -             -         202.4             -        202.4    
Total comprehensive loss                          -             -              -             -            -         (28.8)        (28.8)          1.5        (27.3)   
Balance at 30 June 2017 (reviewed)      192 868 841           1.9        9 643.2         208.2         82.5       1 425.4      11 361.2       3 659.8     15 021.0    
Share-based payment charge                        -             -              -          32.6            -             -          32.6             -         32.6 
Total comprehensive loss                          -             -              -             -            -        (723.9)       (723.9)         94.2       (629.7)   
Balance at 31 December 2017 (audited)   192 868 841           1.9        9 643.2         240.8         82.5         701.5      10 669.9       3 754.0     14 423.9    
Share-based payment charge                        -             -              -          30.8            -             -          30.8             -         30.8    
2015 BSP shares vested in April 2018        467 587             -           26.5         (26.5)           -             -             -             -            -    
Issue of shares - Maseve acquisition      4 871 335           0.1          154.5             -            -             -         154.6             -        154.6    
Total comprehensive (loss)/income                 -             -              -             -            -         (24.0)        (24.0)         34.1         10.1    
Balance at 30 June 2018 (reviewed)      198 207 763           2.0        9 824.2         245.1         82.5         677.5      10 831.3       3 788.1     14 619.4    


CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
for the six months ended 30 June 2018
                                                              For the six months ended
                                                                                                                    year ended  
                                                                                                                   31 December  
                                                             30 June 2018      30 June 2017      2018 vs 2017             2017 
                                                                 reviewed          reviewed                 %          audited 
                                                               R (million)       R (million)           change       R (million)
Cash flows from operating activities                                                                                              
Cash generated by operations                                        150.4             122.0              23.3            569.5    
Interest paid                                                        (0.4)             (0.5)            (20.0)           (42.8)    
Interest received                                                    57.1              58.3              (2.1)           114.7    
Dividend received                                                     0.9               1.6             (43.8)             2.1    
Tax refund                                                              -               1.1            (100.0)             2.4    
Tax paid                                                            (15.3)            (11.9)            (28.6)           (27.5)    
Net cash flow generated by operating activities                     192.7             170.6              13.0            618.4    
Cash flows from investing activities                                                                                              
Acquisition of property, plant and equipment                     (1 397.8)           (842.5)            (65.9)        (2 138.3)    
Acquisition of Maseve net of cash                                  (729.1)                -            (100.0)               -    
Styldrift on-reef development revenue receipts                      412.0             181.6             126.9            451.1    
Acquisition of housing assets                                      (165.8)           (183.3)              9.5           (493.9)    
Increase in insurance investment                                     (2.9)                -            (100.0)               -    
Deposit paid for Maseve acquisition                                     -                 -                 -            (41.4)    
Employee housing loan receivable repayments                           1.0                 -             100.0              1.3    
Increase in environmental trust deposits and guarantees             (13.8)             (6.5)           (112.3)            (9.8)    
Net cash flow utilised by investing activities                   (1 896.4)           (850.7)           (122.9)        (2 231.0)    
Cash flows from financing activities                                                                                              
Increase in amounts owing to RPM                                    453.5             198.1             128.9            444.2    
Proceeds from interest-bearing borrowings                           500.0                 -             100.0                -    
Proceeds from convertible bonds issued                                  -           1 200.0            (100.0)         1 200.0    
Cost relating to issue of convertible capitalised                       -             (29.0)            100.0            (29.0)    
Drawdown of PIC housing facility                                    185.0             140.0              32.1            535.0    
Repayment of PIC housing facility                                   (40.0)                -            (100.0)           (40.0)    
Net cash flow generated by financing activities                   1 098.5           1 509.1             (27.2)         2 110.2    
Net increase/(decrease) in cash and cash equivalents               (605.2)            829.0            (173.0)           497.6    
Cash and cash equivalents at beginning of the year                  1 333.1             835.5              59.6            835.5    
Cash and cash equivalents at end of the year                          727.9           1 664.5             (56.3)         1 333.1    
The notes on pages 14 to 23 form an integral part of these condensed consolidated interim financial statements.                                                                           


NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2018

1 Basis of preparation                                                                        
The condensed consolidated interim financial statements are prepared in accordance with and contain information
required by the International Financial Reporting Standard, IAS 34 Interim Financial Reporting, the SAICA Financial 
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council and the requirements of the Companies Act of South Africa. The accounting policies applied 
in the preparation of these interim financial statements are in terms of International Financial Reporting Standards 
and are consistent with those applied in the previous consolidated annual financial statements.

2 Accounting policies                                                                        
The condensed consolidated interim financial statements have been prepared under the historical cost convention. The
principal accounting policies used by the Group are consistent with those of the previous period, except for the
adoption of IFRS 9: Financial instruments and IFRS 15: Revenue from contracts with customers. The adoption of these 
standards had no material impact on the financial results of this review period.

3 Independent review by the auditors
These condensed consolidated interim financial statements have been reviewed by PricewaterhouseCoopers Inc., who expressed 
an unmodified conclusion thereon. A copy of the auditor's report on the condensed consolidated interim financial statements 
is available for inspection at the company's registered office, together with the financial statements identified in the 
auditor's report. The preparation of these interim financial statements was supervised by the Finance Director, 
Mr MJL Prinsloo, (CA)SA.

4 Capital commitments
Capital commitments relate to the Styldrift I and BRPM Phase III projects.

                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed    
for the six months ended                                                             R (million)       R (million)    
Contracted commitments                                                                  1 404.8             931.5    
Approved expenditure not yet contracted for                                             5 499.3           4 661.0    
Total                                                                                   6 904.1           5 592.5    

The capital commitments reflect 100% of the BRPM JV project commitments. In terms of the BRPM JV Agreement, Royal
Bafokeng Resources Proprietary Limited must fund 67% thereof and Rustenburg Platinum Mines Limited (RPM) the remaining 33%.

Should either party elect not to fund its share, its interest will be diluted according to the terms of the BRPM JV
Agreement.

5 Contingencies
5.1 Guarantees issued
                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed                                    
for the six months ended                                                             R (million)       R (million)                                                           
Eskom guarantee to secure power supply for the Styldrift I project                         17.1              17.1    
Eskom early termination guarantee for the Styldrift I project                              17.5              17.5    
Eskom connection charges guarantee for the Styldrift I project                             40.0              40.0    
Eskom security guarantee for power supply to the Styldrift I project                       42.7              42.7    
Anglo American Platinum guarantee for environmental rehabilitation liability*                 -              82.6    
DMR guarantee for environmental rehabilitation liability                                    1.3               1.3    
Rental guarantees                                                                           0.8               0.7    
Total bank guarantees issued at 30 June                                                   119.4             201.9    
DMR guarantee for the Styldrift II project (100% BRPM JV)                                  45.7              45.7    
DMR guarantee for environmental rehabilitation liability                                  260.4             150.7    
Total insurance guarantees issued at 30 June                                              306.1             196.4    
*During 2017, the bank guarantees issued for RBPlat's attributable 67% share of the BRPM JV environmental
 rehabilitation liabilities were replaced with insurance guarantees. The insurance guarantees were issued by 
 the BRPM JV to cover 100% of the BRPM JV environmental rehabilitation liability.

5.2 Guarantees received from Anglo American Platinum
                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed     
for the six months ended                                                             R (million)       R (million)                                                          
For Anglo American Platinum's 33% share of the Eskom guarantee               
to secure power supply for the Styldrift I project                                         (5.6)             (5.6)    
For Anglo American Platinum's 33% share of the Eskom early                           
termination guarantee for the Styldrift I project                                          (5.8)             (5.8)    
For Anglo American Platinum's 33% share of the Eskom connection                      
charges guarantee for the Styldrift I project                                             (13.2)            (13.2)    
For Anglo American Platinum's 33% share of the Eskom security                        
guarantee for power supply to the Styldrift I project                                     (14.1)            (14.1)    
Total guarantees received at 30 June                                                      (38.7)            (38.7)    

5.3 Contingencies                                                
The BRPM JV has exposure to remediate groundwater and soil pollution where the JV operates. The operations continue
to monitor and mitigate impacts if and when they arise. Our groundwater pollution plume model was updated in 2017 to
quantify the size and rate of the plume movement. Remediation recommendations are currently being reviewed to determine
the 2018 implementation plan.

The ultimate outcome of the matter cannot presently be determined and no liability has been raised in the interim
financial statements. BRPM's water treatment plant reduces our dependence on Magalies Water.

6 Available funds
RBPlat had cash and cash equivalents on hand at 30 June 2018 of R727.9 million. Included in this cash balance is
restricted cash of R52.5 million ring-fenced for the RBPlat housing project and R84 million earmarked for the payment 
of the convertible bond coupon. RBPlat has R2 billion debt facilities available as at 30 June 2018. The debt facilities
consist of a seven year term debt facility of R750 million bearing interest at JIBAR plus a margin of 3.7%, a five year
revolving credit facility of R750 million bearing interest at JIBAR plus a margin of 3.75% and 1 year general banking
facilities of R508 million bearing interest at prime less 0.25%. R119.4 million of the general banking facilities were 
utilised for guarantees while R500 million of the term debt facility was utilised to fund capital expenditure as at 
30 June 2018.

RBPlat's revolving credit facility remained undrawn at 30 June 2018.                                                                        

7 Convertible bonds                                                                                                                
RBPlat issued 120 000 7% senior unsecured convertible bonds for R1.2 billion on 15 March 2017. Shareholders' approval 
for the conversion of the convertible bonds was obtained on 8 May 2017. The bonds are convertible into ordinary shares 
of RBPlat at the option of the holder at an initial conversion price of R42.9438. The conversion price is subject to 
customary adjustments for reconstructions of equity. These customary adjustments maintain the relative rights of the 
bondholders. Interest on the bonds is payable semi-annually in arrears on 16 March and 16 September of each year for 
five years ending 16 September 2022.

The bonds are listed on the JSE Main Board under stock code number RBPCB.

The R1.2 billion convertible bond was initially recognised as a R300.6 million derivative liability and a R899.4 million 
liability.

                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed    
for the six months ended                                                             R (million)       R (million)    
7.1 Derivative - initial recognition                                                          -             300.6    
Less: Fair value up to date of shareholder approval                                           -             (19.5)    
Derivative fair value at date of shareholder approval (8 May 2017)                            -             281.1    
Less: Derivative derecognised                                                                 -            (281.1)    
Derivative balance at 30 June                                                                 -                 - 
   
7.2 Convertible bond equity                                                                                          
Equity recognised on date of shareholder approval (8 May 2017)                            281.1             281.1    
Less: Deferred tax recognised on equity portion                                           (78.7)            (78.7)    
Net equity recognised as per statement of changes in equity                               202.4             202.4 
   
7.3 Convertible bond liability                                                                                       
Opening balance                                                                           932.4                 -    
Liability - initial recognition                                                               -             899.4    
Less: Transaction costs capitalised                                                           -             (29.0)    
Plus: Fair value interest*                                                                 69.2              38.6    
Less: Interest paid                                                                       (42.0)                -      
Convertible bond liability at 30 June                                                     959.6             909.0    
* In 2018, R65.9 million of the fair value interest was capitalised at RBPlat Group level.

The carrying amount of the liability portion at initial recognition was measured as the difference between the cash 
proceeds and the fair value of the embedded derivative. The liability is subsequently recognised on an amortised 
cost basis until extinguished on conversion or maturity of the bonds using the effective interest rate method.                                          

8 Interest-bearing borrowings                                        
During the period under review, the term debt facility was utilised to fund capital expenditure requirements. The 
term debt facility is R750 million accruing interest at JIBAR plus a margin of 3.7%. RBPlat did not breach any 
convenants.

                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed     
for the six months ended                                                             R (million)       R (million)                                                            
Opening balance                                                                               -                 -    
Drawdowns during the period                                                               500.0                 -    
Interest charged                                                                            6.3                 -    
Repayments                                                                                 (6.2)                -    
Closing balance                                                                           500.1                 -    

9 PIC housing facility                                                                         
The PIC facility was used to fund the construction of houses for Phase 2 of the RBPlat housing project as well as 
the insurance investment. The PIC facility is a R2.2 billion facility accruing interest at CPI plus a margin of 1%. 
Security for the PIC facility is ring-fenced to the RBPlat housing project assets with no recourse to the BRPM JV 
business.                                        
                                                                                             
The Group recognises the difference between the fair value of the PIC housing facility at initial recognition and 
the transaction price as a fair value adjustment to the loan. The initial difference is amortised over the term of 
the PIC housing facility.                                        
                                                                                             
General and specific borrowing costs that are directly attributable to the acquisition, construction or production 
of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset 
for its intended use or sale. On this basis, the interest expense on the PIC housing facility is capitalised to 
employee housing assets.                                        
                                                                                                    
                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed    
for the six months ended                                                             R (million)       R (million)    
Opening balance                                                                           975.0             434.0    
Plus: Drawdowns                                                                           185.0             140.0    
Less: Repayment                                                                          (40.0)                 -    
Plus: Contractual interest charge capitalised to loan                                      32.6              17.3    
Plus: Fair value interest charge capitalised to loan                                        4.3               1.7    
Less: Amortisation of fair value adjustment to loan                                      (24.0)             (1.0)    
Closing balance                                                                         1 132.9             592.0    

10 Revenue                                                                                      
                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed    
for the six months ended                                                             R (million)       R (million)    
Concentrate sales - production from BRPM concentrator                                   1 486.4           1 373.7    
UG2 toll concentrate sales                                                                173.2             220.2    
Total revenue                                                                           1 659.6           1 593.9    
Styldrift on-reef development revenue not included above but credited against property, plant and equipment for the 
six months ended 30 June 2018 amounted to R476.5 million (2017: R187.3 million).                                        

11 Cost of sales                                                                                                        
                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed    
for the six months ended                                                             R (million)       R (million)    
Labour                                                                                    511.9             543.6    
Utilities                                                                                 129.6             122.5    
Contractor costs                                                                          411.5             396.1    
Materials and other mining costs                                                          270.6             337.0    
Materials and other mining costs for BRPM JV                                              304.2             367.1    
Elimination of intergroup charges                                                         (33.6)            (30.1)    
Movement in inventories                                                                   (38.9)            (19.0)    
Depreciation                                                                              158.7             144.9    
Amortisation                                                                               19.6              21.2    
Share-based payment expense                                                                12.9              14.2    
Social and labour plan expenditure                                                         19.4              14.8    
State royalties                                                                             7.1               6.0    
Other                                                                                       1.6               1.3    
Total cost of sales                                                                     1 504.0           1 582.6    

12 Income tax expense
                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed     
for the six months ended                                                             R (million)       R (million)                                                           
Income tax expense                                                                        (10.1)            (11.3)    
Current year                                                                              (10.1)            (11.3)    
Prior year                                                                                    -                 -    
Deferred tax (expense)/credit                                                             (38.7)             15.9    
Current year                                                                              (38.7)             15.9    
Prior year                                                                                    -                 -    
Total income tax (expense)/credit                                                         (48.8)              4.6    
Tax rate reconciliation:                                                                                             
Profit/(loss) before tax                                                                   58.9             (31.9)    
Tax credit/(expense) calculated at a tax rate of 28% (2017: 28%)                          (16.5)              8.9    
Non-taxable income - dividends                                                              0.3               0.4    
Non-taxable income - other                                                                  0.2               1.6    
Tax on BRPM JV - NCI share                                                                  4.9               4.2    
Capital gains tax                                                                           1.2                 -    
Transaction costs                                                                          (3.6)                -    
Legal fees                                                                                 (1.2)                -    
Other non-deductible expenses                                                              (1.9)             (0.6)   
Impairment                                                                                 (7.3)                -    
Prior year adjustment                                                                      (8.0)                -    
Tax losses not recognised                                                                 (16.9)             (9.9)    
                                                                                          (48.8)              4.6    
Effective tax rate                                                                          83%               14%    

13 Related party transactions
                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed    
for the six months ended                                                             R (million)       R (million)    
Amount owing by RPM for concentrate sales                                               1 579.4           1 342.0    
Amount owing to RPM for contribution to BRPM JV                                         1 948.7           1 249.1    
Amount owing by Impala Platinum Limited to BRPM JV                                         29.1              26.1    
Transactions during the six months:                                                                                  
Concentrate sales to RPM (including Styldrift on-reef development revenue)              2 136.1           1 781.2    
Impala Platinum Limited royalty income                                                     46.4              39.1    
Transactions with Fraser Alexander for rental of mining equipment,                   
maintenance of tailings dam and operation of sewage plant                                   5.2               5.5    
Royal Marang Hotel for accommodation and conferences                                        0.1               0.3    
Geoserve Exploration Drilling Company for exploration drilling                              0.1               2.4    
Trident South Africa (Pty) Ltd for steel supplies                                           4.1               0.7    
Mtech Industrial for supply and installation of heat pumps                                    -                 -    
The MSA Group for consulting services                                                       0.0               0.1    
Fees paid to non-executive directors (RBH/Mogs)                                             0.2               0.3    

14 Dividends
No dividends have been declared or proposed in the current period (2017: nil).

15 Basic and headline (loss)/earnings                                                                                    
                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed    
for the six months ended                                                             R (million)       R (million)    
Basic (loss)/earnings - attributable to owners of the Company R (million)                 (24.1)            (28.8)    
Adjustments net of tax                                                                     12.5              (0.6)    
Headline (loss)/earnings R (million)                                                      (11.6)            (29.4)    
Weighted average number of ordinary shares in issue for basic and headline  
earnings per share                                                                  193 866 262       192 425 299    
Weighted average number of ordinary shares in issue for diluted earnings and
diluted headline earnings per share                                                 221 809 760       202 619 383    
Basic (loss)/earnings per share (cents/share)                                             (12.4)            (15.0)    
Diluted (loss)/earnings per share (cents/share)*                                          (12.4)            (15.0)    
Headline (loss)/earnings per share (cents/share)                                           (6.0)            (15.3)    
Diluted headline (loss)/earnings per share (cents/share)*                                  (6.0)            (15.3)    
* Diluted earnings per share is the same as earnings per share as potential ordinary shares are anti-dilutive when 
  their conversion to ordinary shares would increase earnings per share or decrease loss per share from continuing 
  operations.  
                                        
16 Impairment review                                                                                                                                         
The impairment review process did not result in the identification of any impairment indicators, consequently, no 
impairment was noted. Included in the impairment of non-financial assets as disclosed in the statement of comprehensive 
income is an impairment amount of R25.9 million relating to the write-off of feasibility study costs previously 
capitalised in respect of the Styldrift 100ktpm concentrator plant, which was originally envisaged to be built as an 
addition to the BRPM concentrator plant and did not result from the impairment review process.                                          

17 Financial risk management
Financial risk factors: Fair value determination
The table below analyses financial instruments at fair value, by valuation method. The different levels have been 
defined as follows:
- Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities                                                       
- Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset and liability, 
           either directly (that is, as prices) or indirectly (that is, derived from prices)                                                       
- Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)                                                       
                                                                                                                         
The following table presents the financial assets and financial liabilities measured at fair value as well as the 
financial assets and financial liabilities measured at amortised cost but for which fair value disclosure are provided 
at 30 June:                                                       

                                                                    Level 1          Level 2          Level 3    
                                                                 R (million)      R (million)      R (million)    
2018                                                                                                             
Financial assets at fair value through profit or loss                                                            
Environmental trust deposits1                                             -             29.6                -    
Insurance investment2                                                     -             39.2                -    
Loans and receivables                                                                                            
Employee housing loan receivable4                                         -                -            517.2    
Financial liabilities at fair value through profit or loss                                                       
Forward exchange contracts3                                                                                      
Financial liabilities at amortised cost                                                                          
Convertible bond liability4                                               -                -            959.6    
PIC housing facility4                                                     -                -          1 132.9    
2017                                                                                                             
Financial assets at fair value through profit or loss                                                            
Environmental trust deposits1                                             -             97.3                -    
Insurance investment2                                                     -             36.0                -    
Loans and receivables                                                     -                                      
Employee housing loan receivable4                                         -                -            172.7    
Financial liabilities at fair value through profit or loss                -                                      
Forward exchange contracts3                                               -              0.3                -    
Financial liabilities at amortised cost                                   -                                      
Convertible bond liability4                                               -                -            909.0    
PIC housing facility4                                                     -                -            592.0    
                                                                                                                 
1 This was valued using the level 2 fair values which are directly derived from the Shareholders Weighted Top 40 
  Index (Swix 40) on the JSE and the CoreShare Green portfolio Exchange Traded Fund.
2 The fair value was determined using market prices for listed investments and discounted cash flow models for 
  unlisted investments.                                                       
3 The fair values of the forward exchange contracts and call options are based on mark-to-market values.
4 The fair value was determined using a discounted cash flow model.

Fair value measurements using significant unobservable inputs (level 3)
                                                                                   30 June 2018      30 June 2017    
                                                                                       reviewed          reviewed    
for the six months ended                                                             R (million)       R (million)    
Loans and receivables                                                                                                
Employee housing loan receivable*                                                                                     
Opening balance at 1 January                                                              439.5             167.2    
Plus/(less): Houses sold to employees during the period/(cancellation of sales)           131.2               2.7    
Plus: Interest capitalised (including fair value interest adjustment)                     (8.7)               5.4    
Less: Settlement of employee housing loan receivable                                      (1.0)             (0.9)    
Less: Impairment                                                                          (0.1)                 -    
Less: Employee housing benefit reallocation                                              (43.7)             (1.7)    
Closing balances at 30 June                                                               517.2             172.7    
Financial liabilities at amortised cost                                                                              
PIC housing facility**                                                                                                 
Opening balance at 1 January                                                              975.0             434.0    
Plus: Draw downs                                                                          185.0             140.0    
Plus: Contractual and fair value interest charges capitalised to the loan                  26.8              19.0    
Less: Repayment                                                                          (40.0)                 -    
Less: Amortisation of fair value adjustment to loan                                      (14.0)             (1.0)    
Closing balances at 30 June                                                             1 132.8             592.0    
*  Interest on employee housing loan receivable is charged at CPI plus 1% with a floor rate of 7%. The fair value 
   of the employee housing receivable is determined using a discounted cash flow model using the prime lending rate 
   (defined as the benchmark rate at which private banks lend out to the public”), adjusted for counterparty credit 
   risk.
** The contractual rate on the PIC loan is CPI plus 1%. The Group determined a market-related rate for the financial 
   liability based on the rate of debt funding available to the Group at that specific point in time. 

18 Business combination                                            
On 5 April 2018, RBPlat concluded the acquisition of the plant transaction (Phase 1) while on 26 April 2018, RBPlat 
concluded the acquisition of a 100% controlling interest of the share capital of Maseve Investments 11 Proprietary 
Limited (Maseve) (Phase 2) from Platinum Group Metals (RSA) Proprietary Limited and Africa Wide Mineral Prospecting 
and Exploration Proprietary Limited. Immediately before the acquisition of the controlling interest, PTM (RSA) and 
Africa Wide held 82.9% and 17.1% respectively. Accordingly, RBPlat and PTM (RSA) implemented a scheme of arrangement 
under sections 114 and 115 of the Companies Act where RBPlat acquired 100% of the issued share capital of Maseve 
Investments 11 Proprietary Limited. The combined transaction was for a total consideration of US$70 million 
(R891.9 million). The acquisition of the plant and shares was seen as one transaction and was classified as an 
acquisition of a business, in accordance with IFRS 3: Business Combinations.                                  
                                                                
Maseve Investments 11 Proprietary Limited is a mining company incorporated in South Africa operating in the North West 
province. The mine is currently on care and maintenance. In addition to the mining rights and other assets, the company 
owns a concentrator complex designed to process PGMs.

The business combination benefits the Group in that it provides RBPlat with immediate access to a concentrator plant 
which will be used to treat ore from Styldrift I as well as the strategic flexibility to extend the life of mine of 
South shaft Merensky. The mine business will be part of the head office segment while the concentrator complex will 
be part of the mining segment.

The following table summarises the consideration paid for the acquisition of Maseve:
                                                                                        As at     
                                                                                 30 June 2018       
                                                                                   R (million)   
Consideration                                                                                    
Cash                                                                                   (737.3)    
Equity interest in RBPlat*                                                             (154.6)    
Total consideration                                                                    (891.9)    
Less: cash balance acquired                                                               3.8    
                                                                                       (888.1)   
* 4 871 335 of RBPlat shares at R31.7366 per share were issued as part payment of the purchase consideration. The 
  fair value of the shares issued was based on the share price on the date the consideration was payable.                                  

The fair value of the identifiable assets and liabilities assumed has not been determined as at 30 June 2018. This is 
due to the technical nature of the fair value determination required. RBPlat cannot determine at this stage if we have 
goodwill or gains on bargain purchase. The values of assets acquired and liabilities assumed included in the consolidated 
interim financial statements are based on the book values of those assets and liabilities in the books of Maseve 
immediately before the acquisition (after the assets were impaired to net realisable values in Maseve's books).                                  

Acquisition-related costs                                       
Acquisition-related costs of R4 million were charged to operating expenses in profit or loss and included in operating 
cash flows for the year ended 30 June 2018. Total acquisition-related costs since the inception of the transaction 
amount to R12.9 million.                                  
                                                                        
The acquired business contributed revenues of Rnil and net loss of R1.5 million to the Group for the period from 
26 April 2018 to 30 June 2018. If the acquisition had occurred on 1 January 2018, consolidated revenue and consolidated 
loss after tax for the half-year ended 30 June 2018 would have been R1 659.6 and R0.7 respectively.  
                                
19 Subsequent events                                               
On 4 July 2018, Royal Bafokeng Resources Proprietary Limited (RBR), a wholly owned subsidiary of Royal Bafokeng 
Platinum Limited, concluded legally binding agreements with Rustenburg Platinum Mines Limited (RPM), a wholly owned 
subsidiary of Anglo American Platinum Limited, whereby RBR acquires RPM's 33% participation interest in the BRPM JV 
for a purchase consideration of R1 863 million. The purchase consideration will be settled through an up-front cash 
payment equal to the net proceeds that RBPlat will receive from the placement of 9 791 823 RBPlat shares (capital 
raising), estimated to raise approximately R200 million, with the remaining balance (deferred consideration) being 
settled in three equal tranches after 1.5 years, 2.5 years and 3.5 years. The deferred consideration will bear 
interest at a 2% premium above the average RBR bankers' lending rate and RBR has the option to elect to settle each 
of the three tranches of the deferred consideration in cash or through the issue of RBPlat shares to RPM. 

The transaction remains subject to a number of conditions precedent including RBPlat shareholders' approval, conclusion 
of the capital raising, RBR lenders' consent for the transaction and to increase its existing debt facilities from 
R2 billion to R3 billion, and section 11 consent from the Department: Mineral Resources.


SEGMENTAL INFORMATION
for the six months ended 30 June 2018
            
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance
of the operating segments, has been identified as the Executive Committee of the Company that makes strategic decisions.           

The Group is currently operating one mine with two decline shafts and the Styldrift I project. These operations are
located in the North West province of South Africa. BRPM and Styldrift (Styldrift I and II) are shown as separate
segments. In addition, due to the different nature and significance of the employee home ownership scheme, it was decided to
show housing as a separate segment. Currently Styldrift I and II are aggregated into a single reportable segment as it is
one mining right. The Styldrift II pre-feasibility study has been completed. Once a feasibility study is completed, it
will move into development phase and may then be reported on as a separate segment.

Segmental statement of comprehensive income            

                                                                                   For the six months ended                                                                                                                 
                                                       BRPM JV                                                               
                               BRPM     Styldrift       mining                                   Consoli-                    
                             mining        mining      segment       RBPlat        RBPlat          dation           2018     
                            segment       segment         2018      housing     corporate     adjustments          total                  
                         R (million)   R (million)  R (million)  R (million)   R (million)     R (million)    R (million)                                                                  
Revenue                      1659.6             -      1 659.6        118.7          56.5          (175.2)       1 659.6     
Cost of sales              (1 511.3)         (0.3)    (1 511.6)      (118.3)        (26.7)          152.6       (1 504.0)    
Cash cost of                                                                  
sales excluding                                                               
depreciation and                                                              
amortisation               (1 391.8)            -     (1 391.8)      (118.3)         (7.1)          152.6       (1 364.6)    
Depreciation                 (158.4)         (0.3)      (158.7)           -             -               -         (158.7)    
Amortisation                      -             -            -            -         (19.6)              -          (19.6)    
Movement in                                                                   
inventories                    38.9             -         38.9            -             -               -           38.9     
Gross profit/(loss)                                                           
per segment and                                                               
total                         148.3          (0.3)       148.0          0.4          29.8           (22.6)         155.6     
Other income                   45.0             -         45.0          2.6           0.8            (0.6)          47.8     
Total administration                                                          
expenditure                       -         (19.1)      (19.1)         (5.5)       (118.0)           (9.9)        (152.5)    
Impairment of                                                                 
non-financial assets              -         (25.9)       (25.9)        (1.4)            -               -          (27.3)    
Net finance income              6.6           2.6          9.2         11.5         (57.6)           72.2           35.3     
Profit/(loss) before                                                          
tax per segment and total     199.9         (42.7)       157.2          7.6        (145.0)           39.1           58.9     
Taxation                                                                                                           (48.8)    
Profit/(loss) after tax                                                                                             10.1     
Attributable to owners                                                        
of the Company                                                                                                     (24.0)    
Attributable to                                                               
non-controlling interest                                                                                            34.1     

Segmental statement of comprehensive income continued           

                                                                    For the six months ended
                                                         BRPM JV                                    
                               BRPM     Styldrift         mining                                      Consoli-          
                             mining        mining        segment         RBPlat          RBPlat         dation          2017     
                            segment       segment           2017        housing       corporate    adjustments         total
                         R (million)   R (million)    R (million)    R (million)     R (million)    R (million)   R (million)
Revenue                     1 593.9             -        1 593.9            4.2               -           (4.2)      1 593.9    
Cost of sales              (1 585.4)         (0.1)      (1 585.5)          (3.1)          (27.2)          33.2      (1 582.6)    
Cash cost of                                                                                                      
sales excluding                                                                                                   
depreciation and                                                                                                  
amortisation               (1 459.6)            -       (1 459.6)          (3.1)           (6.0)          33.2      (1 435.5)   
Depreciation                 (144.8)         (0.1)        (144.9)             -               -              -        (144.9)    
Amortisation                      -             -              -              -           (21.2)             -         (21.2)    
Movement in                                                                                                       
inventories                    19.0             -           19.0              -               -              -          19.0    
Gross profit/(loss)                                                                                               
per segment and                                                                                                   
total                           8.5          (0.1)           8.4            1.1           (27.2)          29.0          11.3    
Other income                   50.2           1.8           52.0            2.0            27.3            0.7          82.0    
Total administration                                                                                              
expenditure                   (57.1)            -          (57.1)          (8.0)         (101.7)           5.8        (161.0)    
Impairment of                                                                                                     
non-financial assets              -             -              -           (0.5)              -              -          (0.5)    
Net finance income              6.1           0.6            6.7           14.2             3.1           12.3          36.3    
Profit/(loss) before                                                                                              
tax per segment and total       7.7           2.3           10.0            8.8           (98.5)          47.8         (31.9)    
Taxation                                                                                                                 4.6    
Profit/(loss) after tax                                                                                                (27.3)    
Attributable to owners                                                                                            
of the Company                                                                                                         (28.8)    
Attributable to                                                                                                   
non-controlling interest                                                                                                 1.5       
                                                        

Segmental statement of financial position
                                                                                              For the six months ended                 
                                                                                     BRPM JV                                                              
                                                             BRPM     Styldrift       mining                                   Consoli-                   
                                                           mining        mining      segment       RBPlat        RBPlat          dation           2018    
                                                          segment       segment         2018      housing     corporate     adjustments          total    
                                                       R (million)   R (million)  R (million)  R (million)   R (million)     R (million)    R (million)   
Non-current assets                                        5 138.5       8 522.2*    13 660.7       757.0**     16 963.3       (11 135.3)      20 245.7         
Allocation of mineral rights                                742.2       4 924.7      5 666.9           -       (5 666.9)              -              -       
Non-current assets after allocation of mineral rights     5 880.7      13 446.9     19 327.6       757.0       11 296.4       (11 135.3)      20 245.7       
Current assets                                            1 984.9         436.7      2 421.6       739.9          555.5          (325.0)       3 392.0       
Total assets per statement of financial position          7 865.6      13 883.6     21 749.2     1 496.9       11 851.9       (11 460.3)      23 637.7       
Non-current liabilities                                      98.0          14.1        112.1     1 198.6        5 321.2           (49.1)       6 582.8       
Current liabilities                                       6 125.0         294.2      6 419.2        49.2          126.9        (4 159.8)       2 435.5       
Total liabilities per statement of financial position     6 223.0         308.3      6 531.3     1 247.8        5 448.1        (4 208.9)       9 018.3       
*  Includes Styldrift II exploration and evaluation costs.                                                                                                                                                                                                                                               
** Employee housing loan receivable is classified as non-current as repayment of the capital portion of these receivables is 
   expected to commence after 12 months from date of statement of financial position.                                                                                                 
   
Segmental statement of financial position continued
                                                                                            For the six months ended
                                                                                        BRPM JV                                    
                                                              BRPM     Styldrift         mining                                      Consoli-          
                                                            mining        mining        segment         RBPlat          RBPlat         dation          2017                  
                                                           segment       segment           2017        housing       corporate    adjustments         total                
                                                        R (million)   R (million)    R (million)    R (million)     R (million)    R (million)   R (million)                
Non-current assets                                         4 504.3       6 910.8       11 415.1          258.1        16 436.0       (9 975.3)     18 133.9    
Allocation of mineral rights                                 934.1       4 774.0        5 708.1              -        (5 708.1)             -             -    
Non-current assets after allocation of mineral rights      5 438.4      11 684.8       17 123.2          258.1        10 727.9       (9 975.3)     18 133.9    
Current assets                                             1 525.8         252.4        1 778.2          665.5         1 426.7           (9.5)      3 860.9    
Total assets per statement of financial position           6 964.2      11 937.2       18 901.4          923.6        12 154.6       (9 984.8)     21 994.8    
Non-current liabilities                                       85.2          13.1           98.3          593.3         7 568.6       (2 962.4)      5 297.8    
Current liabilities                                        3 994.8         101.9        4 096.7          102.2           183.2       (2 706.1)      1 676.0    
Total liabilities per statement of financial position      4 080.0         115.0        4 195.0          695.5         7 751.8        5 668.5       6 973.8    
*  Includes Styldrift II exploration and evaluation costs.                                                                                                                                                                                                                                                        
** Employee housing loan receivable is classified as non-current as repayment of the capital portion of these receivables is 
   expected to commence after 12 months from date of statement of financial position.                                                                                                                                                                                                                                                        


Segmental statement of cash flows
                                                                                   For the six months ended                                                                                                  
                                                                                           BRPM JV                                          
                                                                   BRPM     Styldrift       mining                                          
                                                                 mining        mining      segment       RBPlat        RBPlat          2018 
                                                                segment       segment         2018      housing     corporate         total 
                                                             R (million)   R (million)  R (million)  R (million)   R (million)   R (million)
Net cash flow generated/(utilised) by operating activities        256.5           2.6        259.1          9.8         (76.2)        192.7 
Net cash flow generated/(utilised) by investing activities        (95.9)     (1 628.7)    (1 724.6)      (167.7)         (4.1)     (1 896.4)
Net cash flow generated/(utilised) by financing activities       (242.6)      1 626.1      1 383.5        145.0        (430.0)      1 098.5 
Net (decrease)/increase in cash and cash equivalents             (82.0)             -        (82.0)       (12.9)       (510.3)       (605.2)
Cash and cash equivalents at beginning of period                  571.2             -        571.2         65.4         696.5       1 333.1 
Cash and cash equivalents at end of period                        489.2             -        489.2         52.5         186.2         727.9 

Segmental statement of cash flows continued
                                                                                       For the six months ended
                                                                                            BRPM JV
                                                                  BRPM     Styldrift         mining                                        
                                                                mining        mining        segment         RBPlat         RBPlat          2017  
                                                               segment       segment           2017        housing      corporate         total  
                                                            R (million)   R (million)    R (million)    R (million)    R (million)   R (million)                                                                                                                                                                                                                   
Net cash flow generated/(utilised) by operating activities        42.6           1.2           43.8           72.0           54.8         170.6    
Net cash flow generated/(utilised) by investing activities       (71.1)       (596.1)        (667.2)        (183.3)          (0.2)       (850.7)    
Net cash flow generated/(utilised) by financing activities         5.5         594.9          600.4          140.0          768.7       1 509.1    
Net (decrease)/increase in cash and cash equivalents             (23.0)            -          (23.0)          28.7          823.3         829.0    
Cash and cash equivalents at beginning of period                 370.5             -          370.5           39.0          426.0         835.5    
Cash and cash equivalents at end of period                       347.5             -          347.5           67.7        1 249.3       1 664.5    


There have been no restatements to the previously published interim financial statements and the interim results have also 
been made available for inspection at http://www.bafokengplatinum.co.za/interim-results.php


ADMINISTRATION
Shareholders' diary
Financial year-end:
31 December of each year

Interim period-end:
30 June of each year

Administration
Company registered office
Royal Bafokeng Platinum Limited
Registration number: 2008/015696/06
Share code: RBP
ISIN: ZAE000149936

The Pivot
No 1 Monte Casino Boulevard
Block C
4th Floor
Fourways
Johannesburg
2021
South Africa

PO Box 2283
Fourways
2055
South Africa

Company Secretary
Lester Jooste
Email: lester@bafokengplatinum.co.za
Telephone: +27 10 590 4519
Telefax: +27 086 572 8047

Investor relations
Lindiwe Montshiwagae
Email: lindiwe@bafokengplatinum.co.za
Telephone: +27 10 590 4517
Telefax: +27 086 219 5131

Public Officer
Reginald Haman
Email: Reginald@bafokengplatinum.co.za
Telephone: +27 10 590 4533
Telefax: +27 086 219 5131

Independent external auditors
PricewaterhouseCoopers Inc.
4 Lisbon Lane
Waterfall City
Jukskei View
2090
South Africa

Transfer secretaries
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank
Johannesburg
2196

PO Box 61051
Marshalltown
2107
South Africa
Telephone: +27 11 370 5000
Telefax: + 27 11 688 5200

Sponsor
Merrill Lynch South Africa Proprietary Limited
1 Sandton Drive
Sandhurst
Johannesburg
2196
South Africa

6 August 2018

www.bafokengplatinum.co.za


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