cost are in rand and fall as rand depreciates

The cash costs at Smokey Hills of US$350/oz 4E PGM are based on a Rand : US$ of 7:1 at the current Rand : US$ exchange rate of 10:1 cash costs are actually around US$200/oz with smelting and refining charge adding a further ~US$150/oz. So the US$ costs do reduce if the Rand depreciates.

So if rand costs are about R3500 per oz and the basket price is US$600 per oz ie R6000 per oz then there is a surplus of R 2500 per which improves seriously with the hedging of Platinum US2000 per oz (Now R20000 per oz) and
paladium US$400 per oz(R4000 Per oz). So PLA will get through the next couple of years.