David Noko
JOHANNESBURG (miningweekly.com) – Diversified mining company African Rainbow Minerals (ARM) on Wednesday announced the appointment of two new nonexecutive directors.
They are David Noko, who has been appointed as an independent nonexecutive director, and Jan Steenkamp, who has been appointed as a nonexecutive director.
Noko, a former MD of De Beers Consolidated Mines, serves on the boards of many companies, and Steenkamp is the former CE of ARM Ferrous.
Headed by executive chairperson Patrice Motsepe, ARM mines and beneficiates iron-ore, manganese ore, chrome ore, platinum-group metals, copper, nickel and coal, and produces manganese alloys. It also has an investment in gold through its shareholding in Harmony Gold.
ARM last month reported a 189%-higher dividend of 650c a share, which is the company’s highest dividend to date and its eleventh consecutive yearly dividend declaration.
ARM CEO Mike Schmidt emphasised to Mining Weekly Online at last month’s presentation of company results that environmental controls in China and efficiency objectives at Chinese steel mills, have resulted in a notable increase in premiums being paid on products that ARM produces, with higher levels of crude steel production resulting in a marked improvement in manganese ore prices.