South Africa’s Northam Platinum Holdings posted a 60% jump in 50 %-12 months income on Thursday, as firmer platinum group metallic (PGM) selling prices aided offset a dip in creation that was triggered by work stoppages and Covid-19 absenteeism.
Northam’s headline earnings per share (HEPS) – the principal earnings measure for South African firms – came in at R96.15 ($6.62) for the 6 months finished December 2021, in contrast with R59.99 a yr previously.
The company did not declare a dividend for the period of time, which it explained as extremely challenging.
Refined metallic output dipped by a marginal .4% owing to two fatalities and Covid-linked absences at its Zondereinde operations, while group unrest in the jap Bushveld region led to production interruptions at Booysendal.
Lessen production volumes and the affect of higher typical mining inflation on charges additional pressure, expanding the device money cost for each equivalent refined platinum ounce by 18.6%.
Throughout the period of time below evaluate, Northam obtained a 34.65% shareholding in mid-tier PGM producer Royal Bafokeng Platinum, triggering a bidding war with bigger rival Impala Platinum Ltd, which retains 35.31% of RBPlat.
Northam Chief Govt Officer Paul Dunne stated the company’s investment decision in RBPlat was intended to progress its strategic development ambitions.
“It aligns completely with our advancement, sustainability and diversification tactic, and the consequent introduction of RBH as a substantial shareholder even more strengthens our empowerment credentials,” Dunne reported in a assertion.
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