RBPlat Faces Tough Times: Safety & Financial Setbacks

  • RBPlat's interim results for H1 2023 reveal a challenging operating environment.
  • Safety metrics experienced setbacks with a 184.6% deterioration in the serious injury frequency rate.
  • Financial performance saw an 85.1% decrease in EBITDA and a 29.0% decline in revenue compared to H1 2022.
royal bafokeng

Royal Bafokeng Platinum Limited (RBPlat) recently released its interim results for the first half of 2023, showing a tough operating environment that negatively impacted both safety and financial performance.

Safety Setbacks

RBPlat faced a disappointing safety performance during the first half of 2023, as evidenced by a 184.6% deterioration in the serious injury frequency rate compared to the same period in 2022. The company also experienced a tragic fatality at its BRPM operation, extending its deepest condolences to the family, friends, and colleagues of the affected individual.

The safety metrics for the period under review were as follows:

MetricUnit30 June 202330 June 2022% Change
Serious Injury Frequency Rate-184.6%
Lost Time Injury Frequency Rate-96.6%
Total Injury Frequency Rate+17.7%

Financial Performance

The operating environment for the first half of 2023 was marked by declining basket prices and ongoing inflationary pressure on RBPlat’s operating costs, leading to a significant 85.1% decrease in EBITDA to R507.4 million. The company reported a 29.0% decline in revenue, which amounted to R5,805.4 million compared to R8,173.4 million in the same period in 2022.

The financial highlights for the first half of 2023 were as follows:

MetricUnit30 June 202330 June 2022% Change
EBITDA Margin%8.741.7-79.1%
Headline (Loss)/EarningsR’m(330.3)2,218.0-114.9%
(Loss)/Earnings per Sharecents/share(117.0)765.4-115.3%
Headline (Loss)/Earnings per Sharecents/share(113.8)767.3-114.8%
Dividends per Sharecents/share245.0

Operational Statistics:

RBPlat’s operational performance saw a 1.5% decrease in total reef tonnes hoisted, which amounted to 2,299kt, and a 2.5% decrease in 4E (Platinum Group Elements) ounces produced, resulting in 219.8koz. However, tonnes milled increased by 2.4% to 2,360kt.

The key operational statistics for the period under review were as follows:

MetricUnit30 June 202330 June 2022% Change
Total Reef Tonnes Hoistedkt2,2992,334-1.5%
Tonnes Milledkt2,3602,307+2.4%
4E Ounces Producedkoz219.8225.5-2.5%
4E Built-Up Head Gradeg/t3.643.75-2.9%

Company’s Response and Future Strategy:

In response to the challenging operating environment, RBPlat emphasized its commitment to cost management to navigate the difficult market conditions and ensure the sustainability of its operations. The company also expressed its focus on safety improvements, aiming to establish an Agile Safety culture and work towards the objective of achieving zero harm.

RBPlat aims to enhance overall performance by maintaining a focus on safe ore generation through building flexibility, optimizing resource efficiencies, and quality enhancement.


Despite facing significant challenges in both safety and financial performance, RBPlat remains determined to address the issues and focus on creating sustainable value. As the company continues to navigate the current operating environment, investors are encouraged to refer to the full interim results and financial statements for informed decision-making.

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