African Rainbow Minerals' full-year profit falls 47%
African Rainbow Minerals (ARM) said its full-year profit fell 47%, mainly due to lower iron ore and coal prices.
Image credit: Reuters
ARM posted headline earnings of R2.695bn in the year ended 30 June, compared to R5.08bn last year.
The diversified miner said lower thermal coal and iron ore prices, as well as a stronger rand against the US dollar, had offset the impact of marginal increases in manganese ore and alloy prices.
ARM declared a final dividend of R6 per share, lower than the R9 per share payout last year.