Subscribe & Follow

Advertise your job vacancies

ARM sales growth reduces impact of drop in iron ore prices

28 Feb 2013

JOHANNESBURG: Diversified miner African Rainbow Minerals (ARM) has revealed a 30% drop in headline earnings to R1.41 billion, with headline earnings per share falling to 654 cents, in the six months ended 31 December 2012.

Announcing its interim results here, the company said the reduction in its earnings had resulted mainly from the 46% decline in the contribution by the ARM Ferrous division. This was largely due to iron ore prices received being 28% lower in dollar terms, partly offset by an 11% weakening of the Rand/US Dollar exchange rate. Manganese earnings reduced by 51% due to lower production volumes and higher costs.

Read the full article on www.miningreview.com.