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JOHANNESBURG Aug 20 (Reuters) – South African junior miner
Royal Bafokeng Platinum reported a 60 percent drop in
first-half earnings on Monday, hit by the slump in platinum
prices and reduced production and said it will accelerate its
cost cuts.
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.
Platinum miners have been struggling to overcome higher
costs and sharply falling prices for the precious metal.
Shares of the company are down 12 percent this year.
(Reporting by Sherilee Lakmidas; editing by David Dolan)
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