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Quarterly Review and Production Report for the period 1 January to 31 March 2018
ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2008/015696/06)
JSE Equity share code: RBP ISIN: ZAE000149936
JSE Debt Share Code: RBPCB ISIN: ZAE000243853
(“RBPlat” or the “Company”)
ROYAL BAFOKENG PLATINUM LIMITED QUARTERLY REVIEW AND PRODUCTION REPORT FOR THE PERIOD
1 JANUARY TO 31 MARCH 2018
SOLID PRODUCTION AND COST PERFORMANCE
OVERVIEW
- No fatal accidents during the quarter
- 1.9% increase in tonnes delivered
- 9.9% increase in tonnes milled
- 4.2% improvement in 4E built-up head grade
- 13.0% increase in platinum ounce production
- 6.6% reduction in cash operating costs
- 5.4% reduction in cash operating cost per platinum ounce
- 61.7% increase in capital expenditure
SAFETY
No fatal accidents were recorded during the reporting period. A total of 11 serious and 14 lost time injuries were recorded
during the quarter resulting in our serious injury and lost time injury frequency rates deteriorating by 95.8% and 13.3%
to 2.571 and 3.272 per million hours respectively, compared to the first quarter of 2017. In contrast, our total injury
frequency rate (TIFR) for the period improved by 15.0%.
Notwithstanding the disappointing increase in our lost time and serious injury frequency rates, we are encouraged by
the progress achieved with our safety strategy as evidenced in the improvement in our TIFR and having achieved
three million fatality free shifts on 4 February 2018.
Fostering a resilient operating culture is fundamental in securing meaningful year-on-year improvements in our key
safety metrics, operational excellence and ultimately achieving our goal of zero harm. As such RBPlat’s management
and employees remain fully committed to our safety strategy.
PRODUCTION
Total tonnes delivered to concentrators increased by 1.9% to 735kt with BRPM contributing 535kt and Styldrift 200kt
representing a 10.4% decrease and a 61.3% increase from the operations respectively. The reduction in tonnes delivered by
BRPM is mainly attributable to the suspension of UG2 mining at South shaft with the increase in tonnes delivered by Styldrift
being in line with its ramp-up schedule.
Total tonnes milled for the quarter increased by 9.9% to 758kt with BRPM contributing 551kt and Styldrift 207kt. The UG2
contribution to overall tonnes milled reduced by 27.3% from 20.5% to 14.9% commensurate with lower UG2 volumes from
BRPM and increased Merensky volumes from Styldrift. The 23kt variance between delivered and milled tonnes is
attributable to a reduction in surface run-of-mine stocks.
The built-up head grade for the reporting period improved by 4.2% from 3.79g/t (4E) to 3.95g/t (4E).
The increase in tonnes milled and improved built-up head grade yielded a 12.2% and 13.0% increase in 4E and platinum
ounce production to 81.1koz and 52.3koz respectively.
CASH OPERATING COSTS
Cash operating costs for the reporting period amounted to R655 million, equating to a 6.6% reduction compared to the
comparative period in 2017. The reduction is attributable to lower BRPM production volumes and benefits accrued from
the restructuring process embarked on during 2017. Cash operating cost per tonne milled and per platinum ounce ended
3.1% and 5.4% lower at R1 189 and R16 004 compared to the first quarter of 2017.
CAPITAL
Total capital expenditure for the reporting period increased by 61.7% to R599.3 million. The key contributor is the
increased Styldrift project development and construction activities in line with the ramp-up schedule, with expansion
capital related expenditure increasing by 63.6% to R566.2 million. Replacement capital expenditure increased by
R8.1 million to R10.6 million in line with our BRPM Phase III project construction activities. Stay-in-business capital
expenditure increased marginally from R22.0 million to R22.5 million, equating to approximately 3.4% of operating costs.
PROJECTS
Styldrift I project (expansion)
Mining and infrastructure construction related activities during the quarter remain aligned with the project ramp-up
schedule. Key project milestones completed during the quarter included the commissioning of the Services shaft and
overland conveyor belt to the BRPM concentrating facility.
Other project activities during the quarter focussed on:
- On-going decline access development on both 600 and 642 levels to the north and south to establish the
required stoping sections and associated section ore-handling infrastructure
- Construction of section conveyor belts, workshops, stores and installation of services related to water and power
reticulation
- Mining and construction activities required to complete life of mine rock and water handling infrastructure on
642 and 708 levels (Settler 1, Silo 3 and Silo 4)
Capital expenditure for the quarter amounted to R566.2 million, bringing project expenditure to date to R9.03 billion.
BRPM Phase III project (replacement)
Project expenditure for the quarter amounted to R10.6 million bringing project expenditure to date to R1.08 billion.
Project progress and expenditure remains aligned with the construction schedule required to complete the scope of
work related to ore handling infrastructure on 14 and 15 levels.
MASEVE ACQUISITION
In line with the terms announcement on 6 September 2017 for the two phase acquisition of Maseve Investments 11
Proprietary Limited, focus was placed on finalising the conditions precedent in order to conclude the first phase (Plant
Transaction) of the transaction during the reporting period.
The first phase was concluded on 6 April 2018 resulting in all surface rights and plant assets relating to the Plant
Transaction being transferred into the name of Royal Bafokeng Resources (Pty) Ltd (“RBR”), a wholly-owned
subsidiary of RBPlat.
Unaudited Unaudited
March 2018 vs.
Description Unit quarter ended 31 quarter ended 31
March 2017
March 2018 March 2017
Safety
TIFR (/1 000 000 hrs)* rate 10.049 11.817 15.0%
SIFR (/1 000 000 hrs)* rate 2.571 1.313 (95.8%)
LTIFR (/1 000 000 hrs)* rate 3.272 2.889 (13.3%)
Production
Tonnes delivered to concentrators kt 735 721 1.9%
BRPM kt 535 597 (10.4%)
Styldrift kt 200 124 61.3%
Total tonnes milled kt 758 690 9.9%
BRPM kt 551 571 (3.5%)
Styldrift kt 207 119 73.9%
% UG2 of total tonnes milled % 14.9 20.5 27.3%
4E built-up head grade g/t 3.95 3.79 4.2%
BRPM g/t 4.21 4.07 3.4%
Styldrift g/t 3.24 2.47 31.2%
Merensky g/t 3.90 3.76 3.7%
UG2 g/t 4.21 3.94 6.9%
Recovery (4E) total concentrating % 84.33 85.93 (1.9%)
Recovery (4E) BRPM concentrator % 84.63 86.93 (2.6%)
Metals in concentrate produced
BRPM JV
4E koz 81.1 72.3 12.2%
Platinum koz 52.3 46.3 13.0%
Palladium koz 21.7 19.5 11.3%
Rhodium koz 4.6 4.3 7.0%
Gold koz 2.5 2.1 19.0%
Iridium koz 1.5 1.4 7.1%
Ruthenium koz 7.8 7.1 9.9%
Nickel kt 0.534 0.425 25.6%
Copper kt 0.329 0.272 21.0%
BRPM
4E koz 63.5 64.7 (1.7%)
Platinum koz 40.9 41.4 (1.2%)
Palladium koz 17.0 17.5 (2.9%)
Rhodium koz 3.7 3.9 (5.1%)
Gold koz 1.9 1.9 -
Iridium koz 1.2 1.3 (7.7%)
Ruthenium koz 6.2 6.5 (4.6%)
Nickel kt 0.389 0.348 11.8%
Copper kt 0.246 0.225 9.3%
Styldrift
4E koz 17.6 7.6 131.6%
Platinum koz 11.4 4.9 132.7%
Palladium koz 4.7 2.0 135.0%
Rhodium koz 0.9 0.4 125.0%
Gold koz 0.6 0.2 200.0%
Iridium koz 0.3 0.1 200.0%
Ruthenium koz 1.6 0.6 166.7%
Nickel kt 0.145 0.077 88.3%
Copper kt 0.083 0.048 72.9%
Unaudited Unaudited
March 2018 vs.
Description Unit quarter ended 31 quarter ended 31
March 2017
March 2018 March 2017
Cash operating costs (Excl Styldrift incidental production)
Cash operating costs R'm 655 701 6.6%
Cash operating cost / tonne milled R/t 1 189 1 227 3.1%
Cash operating cost / 4E oz R/oz 10 310 10 823 4.7%
Cash operating cost / Pt oz R/oz 16 004 16 922 5.4%
Capital expenditure
Total capital expenditure R'm 599.3 370.6 (61.7%)
Expansion R'm 566.2 346.1 (63.6%)
Replacement R'm 10.6 2.5 (324.0%)
Stay-in-business (SIB) R'm 22.5 22.0 (2.3%)
SIB as a percentage of operating cost % 3.4 3.1 (9.7%)
* As of 2018 RBPlat will report injury frequency rates per 1 000 000 man hours to align with industry best practice
The information set out in this announcement has not been reviewed and reported on by the company’s external
auditors.
Johannesburg
17 April 2018
JSE Sponsor:
Merrill Lynch South Africa (Pty) Ltd
For further information, please contact:
Investors: Media:
Lindiwe Montshiwagae Mpueleng Pooe
Executive: Investor Relations Executive: Corporate Affairs
+27 (0) 10 590 4510 +27 (0) 10 590 4515
lindiwe@bafokengplatinum.co.za mpueleng@bafokengplatinum.co.za
Date: 17/04/2018 01:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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