South Africa's Royal Bafokeng Delays Projects, Swings To FY Loss

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JOHANNESBURG (Reuters) - South Africa's Royal Bafokeng Platinum Ltd (RBPlat) said on Tuesday it would delay major capital projects due to sustained depressed commodity prices as it swung into a full-year loss.

Headline loss per share - a popular measure that strips off certain one-off items - totalled 83.2 cents in the year to December from earnings of 238.6 cents in the prior period.

Platinum has fallen to multi-year lows due to oversupply and lack of demand forcing producers of the commodity to abandon projects, sell mines and cut jobs.

RBPlat said it would scale down on the development of its Styldrift project and defer the other projects due to the slump in platinum prices with the view to resume work when commodity prices improve.

"The material reduction in PGM prices experienced during the first half of the year and the view that the PGM market is likely to remain depressed in the medium term influenced this decision," the company said in a statement.

The mid-tier producer said it anticipated platinum group metal prices to remain depressed at least for the next 12 months.

(Reporting by Zandi Shabalala; Editing by Anand Basu)

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