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We are committed to confronting climate change – ARM

African Rainbow Minerals interim results presentation covered by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

8th March 2024

By: Martin Creamer

Creamer Media Editor

     

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JOHANNESBURG (miningweekly.com) – African Rainbow Minerals (ARM) executive chairperson Dr Patrice Motsepe said during Friday’s presentation of dividend-yielding results that his diversified mining company is committed to confronting climate change.

“Our policies are part of what we call a just and a fair transition,” said Motsepe of the Johannesburg Stock Exchange-listed company, which is engaged in iron-ore, manganese, platinum group metals and coal mining.

On being in Miami two weeks ago at the meeting of the International Council on Mining and Metals (ICMM) with the CEOs of the largest mining companies in the world, Motsepe expressed great pride in the work that the ICMM is doing and the commitment to partnering with community stakeholders.

“Our commitment to ESG and climate change is to a large extent expressing the principles of the top mining companies of the world that are part of the ICMM – BHP, Rio Tinto, Anglo American, Vale and many others.

“The clear commitment of the transition to zero emissions, which is the ultimate objective over time, also entails the training, educating and the transition of those currently dependent on the coal industry who will be needing new training, new jobs, new opportunities and a good future,” said Motsepe.

Regarding local coal logistics requiring much improvement, ARM is encouraged by the appointment of the new CEO of Transnet, Michelle Phillips, which the company sees as emphasising what it has often reiterated.

“You have to employ the smartest and the brightest and the best. Meritocracy is non-negotiable and we have to make sure that some of the top positions are occupied by the smartest women in this country and we’ve got equally smart black, white, Indian and coloured South Africans.

“If you grow up in a business, you have a solid understanding of what the challenges are and we have to focus on those, particularly during this time that we have now to make sure that those who have got the experience, those who have got the track record, get the jobs, and I think we are moving in the right direction,” said Motsepe.

He described Transnet and Eskom as being crucial to the entire mining industry and the ability of ARM to create value for its shareholders.

“An efficient Eskom that sells the cheapest possible electricity is very important for industry as well as South Africa’s poor people and it is critically important that all of us work together to protect Eskom and to make sure that it is world-class.  

“Of course, Eskom is very important for business but in my view, Eskom is crucial for the poor, who need electricity that is as cheap and as reliable as possible. The issue about the private sector and the independent power producers in particular is in relation to the technology that has been developing and that will have an impact on utilities such as Eskom and others.

“But the bottom line is, we all have to work together and to make sure that Eskom is a competitive provider of electricity and, as I said, the single most important issue for me in relation to Eskom is the poor,’ Motsepe emphasised during the presentation covered by Mining Weekly.

ARM’s headline earnings for the first half of its 2024 financial year to December 31 decreased by 43% to R3-billion and an interim dividend of R6 a share has been declared.

The company’s financial position remains robust with net cash of R8-billion.

Edited by Creamer Media Reporter

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