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Johannesburg - Diversified mining group African Rainbow Minerals reported a 66% rise in headline earnings on Friday, as higher prices and a weaker rand boosted its ferrous unit.
The South African-based company also said a solid operational performance from its platinum arm contributed to its higher earnings.
Headline earnings per share for the six months to the end of December increased by two-thirds to 1 084 cents per share from 654c in the same period a year earlier.
"ARM Ferrous headline earnings increased 108 percent, buoyed by higher dollar prices as well as a 19 percent weakening of the rand versus the dollar," the group said.
Domestic mining companies benefit from softness in the rand because their product is priced in dollars.
A damaged excavator and lower prices hit the group's coal unit, which recorded a headline loss of R34m compared to a profit of R105m in the same period in 2013.
The company said it would be funding exploration for a second year with a partner in northern Mozambique, where some of the world's largest untapped coal resources are found, and has identified occurrences of copper, zinc and nickel in the region.
The South African-based company also said a solid operational performance from its platinum arm contributed to its higher earnings.
Headline earnings per share for the six months to the end of December increased by two-thirds to 1 084 cents per share from 654c in the same period a year earlier.
"ARM Ferrous headline earnings increased 108 percent, buoyed by higher dollar prices as well as a 19 percent weakening of the rand versus the dollar," the group said.
Domestic mining companies benefit from softness in the rand because their product is priced in dollars.
A damaged excavator and lower prices hit the group's coal unit, which recorded a headline loss of R34m compared to a profit of R105m in the same period in 2013.
The company said it would be funding exploration for a second year with a partner in northern Mozambique, where some of the world's largest untapped coal resources are found, and has identified occurrences of copper, zinc and nickel in the region.
