Loading...
See More

African Rainbow Minerals profit falls

Feb 26 2013 08:19 Reuters

Patrice Motsepe, CO of African Rainbow Minerals.

Related Articles

Motsepes to donate half their billions

Num to strike at ARM/Anglo mine

ARM earnings lifted by sales

Norilsk eyes SA platinum sector

Anglo's struggle showcases platinum woes

Slight earnings increase for ARM

 

Johannesburg - South African diversified miner African Rainbow Minerals [JSE:ARM] said on Tuesday that its first-half earnings had dropped by a third, hurt by a fall in iron ore prices and by rising costs.

ARM, which has interests in nickel, coal, platinum, iron ore, chrome and manganese, said headline earnings per share for the six months to end-December had fallen to 654 cents a share, from a restated 937c per share a year earlier.

Sales of iron ore increased 10% to 7.4 million tonnes, but the company received less for each tonne as dollar prices for the steel-making ingredient fell 28%.

Ferrous metals, which include iron ore, are the largest contributors to the earnings of the group, which has a market value of R42bn.

ARM's board has approved the start of a R5.8bn project that will expand its Black Rock Mine manganese production from 3 to 4 million tonnes a year over the next four years.

ARM said it is focusing on growth of production in iron ore, nickel, coal and copper.

"A positive development since the end of the reporting period has been the recovery in iron ore, platinum group and manganese ore prices," the company said.

ARM's shares have gained 1.6% in the last 12 months, outperforming the Johannesburg bourse's resources index , which has lost 8.2% over the same period.  

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

african rainbow minerals  |  mining  |  iron ore
NEXT ON FIN24X

 
 
 

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

New forms of digital technology are changing the very ways in which entrepreneurs run their businesses.
 
 

6 life hacks you simply have to know

A few simple tricks can make your life so much easier!

 
 

For chic geeks...

Device lets disabled people talk through their nose
It’s THIS easy for someone to steal your ATM pin!
This is why you should install iOS 8
17 photo illusions that look so real

Money Clinic

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