African Rainbow Minerals (ARM) says headline earnings per share (HEPS) for the six months to the end of December are expected to have increased between 272% and 288%, compared with the previous comparable half-year. On Tuesday, the mining group said it expected HEPS to be between 867c and 903c, compared with 233c in the first half of the previous year. ARM said its interim headline earnings were boosted by an increase in the average dollar prices for most of the commodities the group produces, compared with the average dollar prices achieved during the previous corresponding period. "Most operations, except Goedgevonden Coal Mine and Nkomati Nickel Mine, achieved unit cost increases below inflation. Sales volumes for Nkomati were lower than those in first-half of 2016 as a result of production challenges," the group said.
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