Image credit: Royal Bafokeng
South African platinum group metals (PGM) miner Royal Bafokeng’s revenue jumped 78.6% to 13.38 billion rand ($871.97 million) in the year ended December 31, 2020, from R7.5 billion, a year earlier.
Prices of platinum and sister metals firmed last year by more than 80% since a crash around mid-March, according to Reuters. The increase was driven by strong demand from the auto industry as a result of tight supply.
Royal Bafokeng, which produces platinum, palladium and rhodium said its headline earnings per share (HEPS) - the main profit measure in South Africa - leapt to 1,354 cents in 2020 from 50 cents the previous year.
The company also declared its maiden dividend of 575 cents per share for the year.
Meanwhile, Royal Bafokeng said it was suspending any expansion plans.
“We will be very cautious of trying to run before we walk properly,” company chief executive Steve Phiri said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
