Motsepe’s ARM: Iron’s in the sweet spot but plat’s flat
African Rainbow Minerals raised headline earnings 9% as Ferrous division thrives and platinum struggles
Any company mining iron ore is sitting pretty of late thanks to the high metal price, and Patrice Motsepe’s African Rainbow Minerals (ARM) is no exception.
Record iron ore earnings for the year ended June 2019 helped the diversified miner’s headline earnings increase 9% to R5.2bn. A final dividend of R9 per share was declared, bringing the total dividend for the past financial year to R13 per share, a 30% increase on the previous year.
The performance was driven by the Ferrous business, which flourished as average iron ore prices increased 34%...