Audited Annual Results

for the year ended 31 December

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Key features of our performance in 2019

Balance sheet optimisation

through rights offer and gold streaming agreement

Headline earnings per share of

50.4 cents

(2018: 25.0 cents)


of capital expenditure funded from cash generated by operations (2018: 37.3%)

Net debt1 position of

R491.3 million

(2018: R832.4 million)

Cash position2 of

R814.2 million

(2018: R883.5 million)

Key features of our performance in 2019


increase in tonnes delivered to 3 829kt (2018: 3 395kt)


increase in Styldrift built-up head grade to 3.77g/t (4E) (2018: 3.45g/t (4E))


increase in tonnes milled to 3 847kt (2018: 3 420kt)


increase in 4E metals in concentrate to 401koz (2018: 368koz)


year-on-year increase in BRPM cost per tonne milled to R1 361 (2018: R1 213)

Key features of our performance in 2019

Two fatalities


improvement in RBPlat's SIFR year-on-year


improvement in RBPlat's LTIFR year-on-year


improvement year-on-year in total training and development costs

Key features of our performance in 2019


increase year-on-year in local HDSA procurement spend to R1.7 billion

R65.8 million

investment in our social and labour plan (2018: R63.2 million)

Key features of our performance in 2019


CDP B scores

for our voluntary disclosure in the CDP water and climate change 2019

R7.3 million

cost savings in potable water using our water treatment plant



increase in GHG emissions due to inclusion of Maseve data and increased production at Styldrift



RBPlat witnessed a recovery and strengthening of the macro-PGM market fundamentals, resulting in a healthy basket price. However, the domestic environment remained challenging given the general elections in May 2019; the local union leadership elections; wage negotiations; an unpredictable Eskom power grid; a dearth of trackless competence and skills; and the expectations of our doorstep communities. From an operational perspective, the year represented a continued transitionary phase across the Group as Styldrift moved from a project environment to commercial operating status, and BRPM was required to maintain steady results despite a rapidly depleting South shaft Merensky reserve.

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