There was a concerted push at Friday’s annual results presentation from African Rainbow Minerals (ARM) for the board to communicate a dividend policy, something executive chair Patrice Motsepe skirted around. Analysts put pressure on Motsepe and his team to put in place a dividend policy as the company generated strong cash, swinging to a net cash position of R995m from net debt of R1.3bn. It paid a total dividend of R10 a share for the year. With the failed $400m investment in Lubambe in Zambia with Brazilian partner Vale behind it and eyes on potential merger and acquisitions in the copper space, analysts are jittery about how the company will determine rewards for shareholders if there is demand on capital. ARM has also triggered the R2.7bn modernisation project at the Gloria manganese mine held jointly in Assmang by ARM and Assore. Johann Pretorius from Renaissance Capital wanted an assurance that ARM would not waste money on a "value destructive project or acquisition". Tim Cla...

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