Reuters reported Royal Bafokeng Platinum (FRA:7BF) saw a 60 percent drop in first-half earnings, hit by the slump in platinum prices and reduced production as it looks for ways to cut costs.
As quoted in the market news:
RBPlat, the latest platinum miner to be squeezed by the industry’s downturn, said headline earnings per share totalled 43 cents in the six months to end-June, from 105 cents a year earlier.
Platinum group metal production dropped 9 percent to 128,847 ounces. The company said it expects full-year production to come in at around 270,000 ounces of platinum group metals and 175,000 ounces of platinum.