https://www.miningweekly.com
Coal|Export|Financial|Gold|Iron Ore|Platinum|Equipment
Coal|Export|Financial|Gold|Iron Ore|Platinum|Equipment
coal|export|financial|gold|iron-ore|platinum|equipment

ARM warns of lower interim earnings on the back of lower prices

An image showing ARM's Two Rivers operation

ARM incurred various impairments for the period under review, including a R1.07-billion impairment of property, plant and equipment at Two Rivers

28th February 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

Diversified miner African Rainbow Minerals (ARM) says it expects its headline earnings for the six months ended December 31 to have decreased by between 40% and 50% year-on-year to between R2.59-billion and R3.10-billion.

Headline earnings per share (HEPS) are expected to be between R13.19 and R15.83.

The decrease in headline earnings and HEPS was primarily owing to a 43% decline in average dollar platinum, palladium, rhodium, iridium, ruthenium and gold (6E) platinum group metals basket prices, as well as lower thermal coal prices.

This was partially offset by a weaker average rand:dollar exchange rate and higher average realised export iron-ore prices.

Further, basic earnings for the six-month period are expected to decrease by between 70% and 80% to between R878-million and R1.32-billion, while basic earnings a share are expected to be between R4.48 and R6.71.

ARM incurred various impairments for the period under review, including a R1.07-billion impairment of property, plant and equipment at Two Rivers; a R376-million impairment of property, plant and equipment at the Modikwa platinum mine; a R288-million impairment of property, plant and equipment at the Beeshoek iron-ore mine; and a R5-million impairment of property, plant and equipment at Cato Ridge ferromanganese works.

ARM’s financial results for the six-month period will be released on March 8. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.192 0.232s - 108pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: