South African ARM Financial Year earnings down

On Monday, South African diversified miner African Rainbow Minerals (JNB:ARIM) reported a 26 percent drop in full-year headline earnings, hit by a strong rand and lower prices for iron ore and manganese.

The press release is quoted as saying:

ARM, which has interests in nickel, coal, iron ore, platinum, chrome and manganese, said headline earnings per share for the full year fell to 807 cents from 1,094 cents the previous period. During the year, ARM completed the expansion of its Khumani iron ore mine to 10 million tonnes per year, commissioned a 375,000 tonnes per month plant at the Nkomati nickel operations, and its Goedgevonden coal mine is ramping up to its name plate capacity of saleable 6.7 million tonnes per year.

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