ARM delivers higher interim earnings
JOHANNESBURG (miningweekly.com) – Higher realised dollar prices for iron-ore and a weak rand have resulted in higher first-half earnings for African Rainbow Minerals (ARM), the JSE-listed group said on Friday.
ARM expected to post headline earnings a share of 1 025c and 1 130c apiece for the six months to December, compared with the 654c a share recorded during the six months to December 2012.
The company pointed out that the rise in earnings was partially offset by reduced contribution from the group’s participating coal business operations on the back of lower production and above-inflation cost increases.
Further, ARM pointed out that delays experienced in the ramp-up of the Lubambe copper mine, in Zambia, had also negatively impacted the results for the period under review.
An unrealised mark-to-market loss on ARM’s Harmony Gold investment impacted the miner’s basic earnings, which were expected to reach between 760c and 820c apiece but were still higher than the 654c reported during the prior corresponding period.
ARM planned to publish its interim results on March 7.
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