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RBPlat Quarterly Review and Production Report for the period 1 January to 31 March 2013
ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
(“RBPlat” or the “Company”)
ROYAL BAFOKENG PLATINUM LIMITED (RBPLAT) QUARTERLY REVIEW AND PRODUCTION REPORT FOR THE PERIOD
1 JANUARY TO 31 MARCH 2013
Strong year-on-year performance in a challenging environment:
- LTIFR and SIFR improved by 17% and 20% respectively
- 2.0 million fatality-free shifts achieved 2nd April
- Improved production output
- milled tonnes increased by 8%
- built-up head grade improved by 2%
- 10% increase in 4E metals in concentrate produced
- Marginal increase of 0.2% in operating cash cost / Pt oz
- Expansion and replacement projects remain on track and within budget
Unaudited Unaudited
March 2013
quarter ended 31 quarter ended
Unit vs.
March 31 March March 2012
2013 2012
Safety
SIFR (/200,000 hrs) rate 0.36 0.45 20%
LTIFR (/200,000 hrs) rate 0.56 0.67 17%
Production
Tonnes delivered to concentrators kt 555 532 4%
4E built-up head grade (delivered) g/t 4.28 4.31 -1%
Total tonnes milled kt 554 512 8%
% UG2 of total tonnes milled % 17.9% 10.3% 74%
4E built-up head grade g/t 4.19 4.11 2%
4E built-up head grade - Mer g/t 4.31 4.22 2%
4E built-up head grade - UG2 g/t 3.63 3.15 15%
Metals in concentrate produced
4E koz 64.9 59.2 10%
Platinum koz 42.0 38.4 9%
Nickel kt 0.40 0.44 -9%
Copper kt 0.26 0.27 -6%
Cash operating costs
Operating cash cost / tonne milled R/t 886 874 -1.3%
Operating cash cost / 4E oz M&C R/oz 7 565 7 559 -0.1%
Operating cash cost / Pt oz M&C R/oz 11 677 11 648 -0.2%
Capital expenditure
Total capital R'm 203.0 249.2 19%
Expansion R'm 144.9 131.1 -10%
Replacement R'm 37.8 73.5 49%
SIB capital R'm 20.2 44.5 55%
SIB / Operating Cost % % 4% 10% 59%
SAFETY
RBPlat has recorded a 17% and 20% improvement in its lost time injury frequency rate (LTIFR) and serious injury
frequency rate (SIFR) respectively when compared to the same period in 2012. The LTIFR and the SIFR rates
improved by 27% and 43% respectively when compared to the fourth quarter of 2012.
Two Section 54 notices were issued during the quarter compared to seven in 2012. The stoppages resulted in a loss
of 5 production shifts.
Zero harm remains one of the primary goals of RBPlat’s strategic objective to achieve operational excellence.
PRODUCTION
Total tonnes delivered to concentrators increased by 4%, whilst milled tonnes increased by 8% and the built-up head
grade improved by 2% compared to the first quarter of 2012. The improvement in milled tonnes and built-up head
grade yielded a 10% increase in 4E ounces-in-concentrate on a year-on-year basis.
The improved performance is attributable to a reduction in safety related stoppages and benefits accrued from our
on-going operational flexibility strategy.
CASH OPERATING COSTS
The year-on-year increase in cash operating cost per platinum ounce-in-concentrate produced was contained to
0.2% at R11,677, mainly due to benefits accrued from the 8% increase in milled tonnes.
CAPITAL
Capital expenditure ended 19% lower for the period under review when compared to the same period in 2012, with
reduced replacement and stay-in-business (SIB) expenditure off-setting the increased expansion related expenditure.
Capital expenditure is aligned with the construction programmes of the various projects.
PROJECTS
Styldrift I Project (expansion)
Shaft sinking operations have progressed to a depth of 658m at the Main shaft and 642m below surface on the
Services shaft, with the stations at 600 and 642 levels being established at both shafts during the period under
review.
Lateral development on both 600 and 642 levels continued during the quarter, with a total of 479m developed and
34m of raise boring having been completed to date. The next key sinking milestone, reaching the 708L station is
planned for end April 2013.
Project surface construction has progressed according to plan, with the rock winder house, main substation and
central workshops reaching completion during the quarter.
The capital expenditure for the quarter totalled R138.02 million, with the 2013 year estimated expenditure at R728
million (including contingencies and escalations). Project to date commitment had reached R2.280 billion and
expenditure was R1.968 billion.
The overall project is on schedule, at 30.30% complete based on the revised project schedule resulting from the
project optimisation study.
BRPM Phase III Project (replacement)
The Phase III replacement project entails the extension of the North shaft access infrastructure and associated reef
infrastructure from level 10 to the boundary of the mine (level 15).
The overall project is 44% complete, and marginally ahead of schedule.
The project remains below budget, with expenditure for the quarter of R36.1 million and R446.3 million for the
project to date.
The information set out in this announcement has not been reviewed and reported on by the company’s external
auditors.
Johannesburg
18 April 2013
JSE Sponsor
Macquarie First South Capital (Pty) Limited
For further information, please contact:
Lindiwe Montshiwagae : Investor Relations Manager
+27 (0) 10 590 4517
lindiwe@bafokengplatinum.co.za.
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