Integrated report

Our leadership

Chair's review

It is disappointing to once again be reporting on a year when the dismal state of the South African economy has made life very difficult for business and the communities in which we operate.

Read chair's review

Adv. Kgomotso Moroka SC
Independent Chair

Other review

While overall 2019 was a bumpy year, both in terms of the negative impact of the poor state of the country's economy
on our operating environment and our own operational challenges, we were able to make good progress...

Read Chief Executive Officer's review

Steve Phiri
Chief Executive Officer

Our strategic objectives

Strategy 2020

More than

What we offer

Our strategy is to be a South African mining company producing PGMs and offering a clear value proposition to outperform the market. We aspire to achieve More than mining and are proud of our positive social impact as a transformation leader.

The market we operate in

We sell all our product to one major client who we rely on to process and market our product.

The way we work

Our performance-driven culture and our aspiration to achieve zero harm results in operational excellence. We manage our assets with high optionality and flexibility, which allows us to react quickly to changing market conditions. We grow organically through internal expansion and value enhancements. Within the industry we proudly contribute in leading industry roles both locally and internationally.

What we own

Our ore bodies are highly competitive and our processing plants are very efficient. We take pride in our people and our ability to use appropriate, proven technologies to our advantage. Our financial standing is very sound and we proudly represent the RBPlat brand.

Strategic pillar 1:
Towards operational excellence

Strategic pillar 2:
Build flexibility to ensure sustainability

Strategic pillar 3:
Grow organically — positioning RBPlat to compete over the
long term

Strategic pillar 4:
Pursue value enhancing opportunities


Our business in 2019

R28 743.0
Pt oz

Average basket price:

Metal contribution to revenue

  • Platinum (38.4%)
  • Palladium (30.0%)
  • Rhodium (17.2%)
  • Nickel (6.5%)
  • Gold (2.9%)
  • Iridium (1.7%)
  • Copper (1.6%)
  • Ruthenium (1.4%)
  • Cobalt (0.3%)

Royalty agreements with Impala Platinum Limited (Implats), give it the right to mine areas at the extremities of our ore bodies that are close to its shafts. These agreements have made it possible to bring forward cash flows from this Resource

What we own
  • Competitive ore bodies in the form of shallow, long life Merensky and UG2 resources
  • Efficient processing plants that provide us with operational flexibility
  • Maseve Mine, with a resource of 4.15Mt, which is on care and maintenance
Our mines BRPM Styldrift
Type of operation Conventional and hybrid mining with access via twin decline shafts (depth of less than 500m) Mechanised bord and pillar mining, accessed via a vertical Main shaft (753m) and a vertical Services shaft (723m)
Our concentrators BRPM concentrator Maseve concentrator
Type of operation 250ktpm capacity, traditional MF2 process with ultra-fine grinding circuit (IsaMill™) producing 2.7t of saleable concentrate per 100 tonnes of virgin rock processed 110ktpm capacity (upgradeable to 160ktpm), traditional mill float (MF1) process upgradeable to MF2 producing 2.6t of saleable concentrate per 100 tonnes of virgin rock processed
Read more on our business

Our product

Merensky reef prill split
64.68% platinum 26.74% palladium 4.34% rhodium 4.24% gold
UG2 reef prill split
59.16% platinum 29.28% palladium 11.00% rhodium 0.56% gold

Our business

Our business model







Financial capital
  • R883.5 million cash on hand generated by our operations
  • R1 715.9 million debt excluding R1.6 billion owing to Amplats for the acquisition of its 33% interest in the BRPM JV
  • R1 142.7 million in undrawn credit facilities
Manufactured capital
  • Competitive ore bodies at our BRPM and Styldrift mines made up 348Mt of shallow, long life Merensky and UG2 resources
  • Two efficient processing plants
  • Operational flexibility
Human capital
  • 9 508 employees
  • Transformed, skilled and stable workforce
  • Diverse and skilled Board and management
  • Commitment to our people’s development and well-being
  • Investment in safety leadership skills
Intellectual capital
  • Robust governance structures
  • Application of technology, use of machine learning and advanced data analytics to achieve increased efficiencies and effectiveness
Social capital
  • Established community engagement structures
  • R63.2 million investment in our social and labour plan in 2018
  • Focus on building sustainable doorstep businesses
  • Access to home ownership for our employees
Natural capital
  • Good stewardship of our Mineral Resources and Mineral Reserves
  • B score for both CDP climate change and water disclosures, which exceeded the industry average
  • Improved water use efficiency
  • Decrease in GHG emission intensity
Read more on our business model