SA's Royal Bafokeng Platinum considers job cuts

Royal Bafokeng Platinum could cut jobs as its first-half profits dropped by 60%. (Gallo)

Royal Bafokeng Platinum could cut jobs as its first-half profits dropped by 60%. (Gallo)

RBPlat, the latest platinum miner to be squeezed by the industry's downturn, said first-half 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% 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.

Platinum miners have been struggling to overcome higher costs and sharply falling prices for the precious metal.

Shares of the company are down 12% this year. – Reuters

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