MININGMINING
African Rainbow Minerals predicts interim profit
ARM expects to post higher basic earnings per share, putting 2017’s impairments behind it
African Rainbow Minerals (ARM), a diversified mining company chaired by billionaire Patrice Motsepe, expects to report an interim profit, veering away from a loss at the same time in 2017. ARM forecast it would post basic earnings per share for the six months to end-December of between 912c and 930c compared with a loss of 134c a year earlier, with stronger prices for the commodities the company produces. The previous year’s interim results were skewed by impairments of more than R1.8bn against its Nkomati nickel mine and its Modikwa platinum mine, as well as a write-down within its Assmang joint venture with Assore related to the sale of the Dwarsrivier chrome mine. Its headline earnings, which strip out one-off items to give a like-for-like comparison number, were forecast at between 986c and 1,037c per share from headline earnings of 893c the year before. Giving good guidance on what to expect from ARM’s performance, Assore has already reported results showing a 17% increase in r...
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