JSE-listed African Rainbow Minerals (ARM) expects its headline earnings for the financial year ended June 30 to be between 130% and 138% higher year-on-year, at between R12.73-billion and R13.17-billion (F2020: R5 534-million).
This is underpinned by higher iron-ore and platinum group metal (PGM) prices, coupled with an increase in export iron-ore and PGM sales volumes.
Headline earnings a share are expected to be between R65.55 and R67.83.
Basic earnings for the period are expected to increase by between 210% and 220% year-on-year to between R12.29-billion and R12.69-billion.
Basic earnings include an attributable impairment (after tax) of R169-million of Assmang’s equity-accounted investment in Sakura Ferroalloys, as previously reported in the company’s interim results for the six months ended December 31, 2020, as well as impairments to the South African manganese alloy businesses.
Basic earnings a share for the period are therefore expected to be between R63.30 and R65.34.
The company’s results will be released on September 6.