JOHANNESBURG (miningweekly.com) – JSE-listed African Rainbow Minerals (ARM) expects its headline earnings for the year ended June 30 to decline by between 36% and 41%, hit by a contraction in the average US dollar commodity prices realised, partially offset by the weaker rand.
Headline earnings a share are anticipated to decrease from 803c in 2015 to between 475c and 510c for the year under review.
A R1.4-billion impairment of the Lubambe copper mine assets pushed basic earnings a share into a loss, falling from a profit of 48c in 2015 to a basic loss a share of between 255c and 275c in 2016.
ARM expects to release its 2016 financial results on September 8.