South Africa's Royal Bafokeng reports platinum group metals production increase in Q1 2022
South African platinum group metals producer Royal Bafokeng Platinum (JSE: RBP) announced today that in Q1 2022, its 6E and 4E PGM metals in concentrate production increased by 7.7% and 7.5% respectively to 124.4koz and 110.6koz compared to the 2021 reporting period.
The company said that a strong operational performance from BRPM and improved Styldrift performance yielded a 11.4% increase in hoisted tonnes for the reporting period compared to 2021.
The company added that total cash operating costs increased by 21.7% to R2,022 million for the reporting period compared to 2021, primarily due to the increased production and industry-related inflation.
As at 31 March 2022, the company was in a net cash position of R6,508 million, compared to a net cash position of R4,898 million as at 31 December 2021.
RBPlat mines platinum group metals in the Merensky and UG2 reefs on the Boschkoppie, Styldrift and Frischgewaagd farms in the Rustenburg area, South Africa, which have been identified as hosting the last undeveloped Merensky reef on the Western limb of the Bushveld complex.
The company indicated that its assets are the only known significant shallow high grade Merensky resources and reserves still available for mining in South Africa.