Select your default regional edition of MiningWeekly.com

Note: When you select a default region you will be directed to the MiningWeekly.com home page of your choice whenever you visit miningweekly.com. This setting is controlled by cookies and should your cookies be re-set you will then be directed to the regional edition associated with the geographic location of our IP address. Should your cookies be reset then you may again use the drop-down menu to select a default region.

Click on the button below to clear your default MiningWeekly.com regional edition

Note: When you clear your default region you will be directed to the MiningWeekly.com home page regional edition associated with the geographic location of our IP address.

Note: Search is limited to the most recent 250 articles. To access earlier articles, click Advanced Search and set an earlier date range. To search for a term containing the '&' symbol, click Advanced Search and use the 'search headings' and/or 'in first paragraph' options.

Please enter the email address that you used to subscribe on Mining Weekly. Your password will be sent to this address.

separate emails by commas, maximum limit of 4 addresses

Royal Bafokeng looking to R1.6bn off-balance-sheet spend on 98 MW solar plant

To play this media please enable JavaScript, and consider upgrading to a web browser that supports HTML5 media

Embed VideoPopup VideoInstagram

DownloadBuy Photos     Watch on YouTube

10th August 2022 By: Martin Creamer Creamer Media Editor

ARTICLE ENQUIRY      SAVE THIS ARTICLE      EMAIL THIS ARTICLE

JOHANNESBURG (miningweekly.com) – Platinum group metals (PGMs) mining company Royal Bafokeng Platinum (RBPlat) is looking to off-balance-sheet capital expenditure of R1.6-billion for a 98 MW solar power plant.

The photovoltaic (PV) plant will further buffer RBPlat and the region from load-shedding into the future should it prove economically viable, CEO Steve Phiri said during the JSE-listed company’s presentation of half-year financial results covered by Mining Weekly. (Also watch attached Creamer Media video.)

Construction of the modular PV plant is part of steady progress being made by RBPlat to embed incremental improvements in the business, along with the optimisation of Styldrift’s life-of-mine, improvements at the Maseve and Bafokeng Rasimone platinum mine concentrator plants, and the building of an overland conveyor to the Maseve concentrator.

For the PV plant, steady phase detailed design of the technical parameters is required, said RBPlat COO Neil Carr, who added that steps were being taken to obtain environmental impact assessment approvals over the next six months.

Sufficient land is available for the 98 MW capacity plant and the costs are indicated at about R1.6-billion capital spend, which will be off RBPlat's balance sheet

“We’ll be going to market to get third-party funders, who will construct and operate the plant in future,” Carr explained.

Fielding questions during question time was RBPlat investor relations head Lindiwe Montshiwagae, and in response to a question on local content, Carr said: “We’ll certainly have a lot of local content in the construction, when we’ll use local labour to capacitate our communities around our operations.

“I do believe a lot of key infrastructure, certainly energy inverters and potentially solar panels will have offshore content, but we’ll maximise local content to the best of our ability.

“I do believe that funding will be local. We’ll be going to local institutions to be the funding to construct, build and operate this PV plant.”

In her maiden presentation of the financial results, new interim CFO Rotshidzwa Manenzhe said that since listing on the Johannesburg Stock Exchange in 2010, RBPlat had not only assumed responsibility for generating returns to shareholders, but had also set out to build a business that benefits all stakeholders.

As a result, the financial results showed more than just the bottom line and included all the activities aimed at benefiting all stakeholders.

With 2022 characterised by operational challenges, declining PGMs prices, as well as inflationary pressures, Manenzhe described the half-year performance as reflecting RBPlat’s resilience to the lower basket price, which saw revenue declining by 14.7% to R8.2-billion.

Mainly owing to increased production volumes and inflation higher than the consumer price index, the cost of sales increased by 22.1% to R5.4-billion.

“There’s no doubt that, like many in the industry, our business has been impacted by the challenging market conditions, as well as global economic uncertainty, but despite these economic challenges, our balance sheet remains robust and our liquidity and funded position remain strong,” Manenzhe emphasised.

Edited by: Creamer Media Reporter EMAIL THIS ARTICLE      SAVE THIS ARTICLE ARTICLE ENQUIRY

To subscribe email subscriptions@creamermedia.co.za or click here To advertise email advertising@creamermedia.co.za or click here

Mining Weekly is a product of Creamer Media. www.creamermedia.co.za

Other Creamer Media Products include: Engineering News
Research Channel Africa Polity

Sign up for our FREE daily email newsletter Receive daily sector news alerts

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

Advertising on MiningWeekly.com is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za