Diversified miner Assore reported a big jump in first-half profit on Wednesday‚ bolstered by a recovery in commodity prices and the weaker rand. Headline earnings rose 194.2% to R2.2bn in the six months to December from the same period in the previous year‚ as demand for crude steel in China boosted that for iron ore‚ pushing its average price to $65 per tonne from $51. Prices of other commodities the company produces‚ notably manganese alloys‚ rose in the revenue period‚ bolstered in part by logistical concerns over the manganese export facilities at Port Elizabeth‚ which created pressure on supply. "The prices of our products recovered over the first half of the financial year and combined with the weaker rand/dollar exchange rate the group recorded considerably higher earnings than expected‚" chairman Desmond Sacco said. Assore‚ which has as its key asset a 50% stake in Assmang‚ which it shares with African Rainbow Minerals‚ increased its interim dividend per share 200% to 600c. ...
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