African Rainbow Minerals (ARM), which paid a record full-year dividend, is in an “external growth” phase, actively looking for copper investments outside the Zambian copper belt, where it has just burnt its fingers. ARM swung into a substantial profit for its 2017 financial year, prompting it to pay its highest dividend of R6.50 per share compared to 225c the year before. ARM, chaired by billionaire Patrice Motsepe, reported a R1.4bn profit for the year to end-June compared to a R757m loss the year before, with its 50% share in the Assmang iron and manganese business contributing handsomely to the results. Net debt fell to R1.27bn, from R4.24bn previously. Since the end of its financial year in June, the company received a R1bn dividend payment from Assmang, its equally held and cash-flush joint venture with Assore. By the end of June, ARM held R1.488bn in cash, up from the R1.29bn it held a year earlier. This figure excludes the attributable cash of R3.17bn held by ARM Ferrous, the...

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