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Johannesburg - African Rainbow Minerals [JSE:ARM] reported a surge in full-year headline earnings on Wednesday, supported by higher commodity prices, and said it expects prices to remain robust in the medium term.
ARM, which has interests in nickel, coal, iron ore, platinum, chrome and manganese, said headline earnings per share for the full year to end-June rose to 1 559c from 807c a year earlier.
Sales for the year rose 35% to R14.9bn.
The company said it expected commodity prices to remain strong in the medium term, lifted by demand from China, India and other emerging economies.
"In addition, it is likely that supply constraints from producers will also bolster prices," it said in a statement.
ARM also said it plans to spend more than R10bn over the next three years on growth projects.
The company said during the year it completed the expansion of its Khumani iron ore project to 16 million tonnes per year from 10 million tonnes, and that its Goedgevonden coal mine was at full production.
It also said its Konkola North copper project was progressing on budget and was on schedule to produce its first copper in December 2012.
ARM declared a dividend of 450c per share, up from 200c in the comparable period.
The company's shares have fallen 14% so far this year, compared with a 5% fall in the JSE's blue chip Top-40 index.
ARM, which has interests in nickel, coal, iron ore, platinum, chrome and manganese, said headline earnings per share for the full year to end-June rose to 1 559c from 807c a year earlier.
Sales for the year rose 35% to R14.9bn.
The company said it expected commodity prices to remain strong in the medium term, lifted by demand from China, India and other emerging economies.
"In addition, it is likely that supply constraints from producers will also bolster prices," it said in a statement.
ARM also said it plans to spend more than R10bn over the next three years on growth projects.
The company said during the year it completed the expansion of its Khumani iron ore project to 16 million tonnes per year from 10 million tonnes, and that its Goedgevonden coal mine was at full production.
It also said its Konkola North copper project was progressing on budget and was on schedule to produce its first copper in December 2012.
ARM declared a dividend of 450c per share, up from 200c in the comparable period.
The company's shares have fallen 14% so far this year, compared with a 5% fall in the JSE's blue chip Top-40 index.
