JOHANNESBURG (miningweekly.com) - Diversified miner African Rainbow Minerals (ARM) expects its earnings a share for the six months to December 31 to improve to between 912c and 930c, compared with the basic loss a share of 134c reported for the six months to December 31, 2016.
The prior period's basic loss included a R711-million attributable impairment of the Nkomati assets; a R734-million attributable impairment of the Modikwa assets; and a R422-million impairment loss within the Assmang joint venture, related to the sale of Dwarsrivier mine.
Headline earnings for the first half of the current financial year have been positively affected by an increase in average realised dollar commodity prices for most of the commodities that ARM produces, which was partly offset by a stronger average realised rand/dollar exchange rate.
Headline earnings a share were expected to increase by between 10% and 16% to between 986c and 1 037c.
The company's interim financial results will be released on March 16.