Royal Bafokeng Platinum (RBPlat) has announced a record interim dividend payout of R1.5 billion ($104.9 million).
Cash increased year-on-year by about R2.9 billion ($202.9 million) to close on June 30 at R3.63 billion ($254 million), Mining MX reported.
This H1 2021 profit is attributed to healthy growth in production and a 50-percent improvement in the average rand-denominated 4E PGM* to R42,600 ($2,981) per ounce for the six-month period.
According to the company’s financial statement, the dividend was declared from retained earnings and will be subject to a dividend withholding tax of 20 percent for all shareholders who are not exempt from or do not qualify for a reduced withholding tax rate.
The payout was for its maiden interim dividend of 535 cents, equal to R1.5 billion ($104.9 million), which came on the back of headline share earnings of 1,831.9 cents.
Higher prices saw the year-on-year increase in revenue contribute R1.79 billion ($125.29 million) to the company’s headline earnings of R1.8 billion ($125.9 million), which underscores the contribution of the current market.
According to Mining MX, the so-called minor metals played a major role in the composition of the group’s revenue, with rhodium comprising 45 percent of the total compared to 30 percent in the previous financial period. The rhodium price averaged $25,388 per ounce in the period compared to an average price of $8,463 per ounce a year ago.
RBPlat is a mid-tier platinum group metals producer that originated from a joint venture between Anglo American Platinum and Royal Bafokeng Holdings, known as the Bafokeng Rasimone Platinum Mine (BRPM) JV.
The company on April 1, 2010 appointed leading South African C-suite mining expert Steve Phiri to the board as CEO of RBPlat. He chairs the Executive Committee and the BRPM Joint Venture Management Committee and attends all committee meetings as an invitee.
*4E (four elements) refers to a group of precious metals known for their silver-white appearance, catalytic qualities and scarcity. 4E includes four precious metals, platinum, palladium, rhodium and gold, but the abbreviation PGM is more common.
