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Assore sees earnings doubling

Johannesburg - Mining holding company Assore (ASR), whose principle investment is a 50% interest in Assmang, said on Tuesday that positive market conditions meant it expected its headline earnings per share (HEPS) to more than double in the year to end June 2007.

The company, which has increased sales volumes and increased US dollar and euro prices achieved for all products, said it expected headline earnings of between R26.50 and R28, compared with last year's R11.69. This represents an increase of between 126.7% and 139.5%.

Earnings per share are anticipated to be between 60.5% and 78.7% higher at between R28 and R29.50 versus the R16.51 per share reported in the year to end June 2006.

The group, through its various joint venture entities and subsidiary companies, is involved in the mining of manganese, iron and chrome ores together with other industrial minerals and the manufacture of manganese and chrome alloys.

Assore's joint venture partner in Assmang is African Rainbow Minerals (ARI).

The group's final results will be published early in September.

- I-Net Bridge

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