Loading...
See More

ARM earnings lifted by sales

Feb 27 2012 08:34 Reuters

Related Articles

Wage deal ends strike at ARM

Motsepe is SA's richest man

Norilsk eyes SA platinum sector

African Rainbow Minerals doubles profit

Motsepe is SA's richest man

Motsepe: Nationalisation does not work

 

Johannesburg - Diversified mining group African Rainbow Minerals [JSE:ARM] said on Monday its earnings increased by 24% as sales volumes for all of its key commodities rose.

Sales were 30% higher at R8.72bn with volume increases in iron ore, manganese ore, manganese alloys, platinum group metals, nickel, chrome concentrate and thermal coal, which is sold to power utility Eskom.

The company is targeting growth through the development of its four major projects in iron ore, nickel, coal and copper. Key among these is the ramp-up of iron ore production to 16 million tonnes per annum at the Khumani Mine in South Africa.

Nickel production at Nkomati is being increased to 20 500 tonnes per annum and the Goedgevonden Mine is moving towards 7.0 million tonnes per annum.

Copper output at the Konkola North Copper project in Democratic Republic of Congo is forecast to be 45 000 tonnes per annum at full production.

“We are making substantial progress with our growth projects and are excited about government’s stated commitment to allocate huge resources to upgrade rail, port and electricity infrastructure,” said ARM executive chairperson Patrice Motsepe.

ARM warned of above-inflation increases particularly in labour, electricity and diesel but believes commodity prices will remain robust over the medium to long term.

Headline earnings per share were 912 cents for the six months to end-December from 734c a year ago.

ARM’s share price is up around 11% in the year to date, outpassing a 7.3% rise in the Johannesburg bourse’s benchmark Top 40 - (Tradeable) [JSE:J200] index.

 
african rainbow minerals  |  mining
NEXT ON FIN24X

Lonmin completes BEE credits

2014-11-26 15:46

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

Goalkeeper saves five penalties with his FACE!

Nothing, and we mean nothing, will keep goalkeeper Scott Stirling from stopping the ball!

 
 

Men24.com

This invention makes farts smell like chocolate!
11 things men don’t know about their clothes
Hilarious mortal kombat elevator prank!
Hottie of the day: Nicole Meyer!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...