SALES INCOME
Rand expected to benefit iron ore producer Assore
Iron ore producer Assore expects to benefit from the weaker rand, which slid past R15.50 to the dollar on Tuesday. The currency was reacting to news that the SA economy had entered a recession after it experienced negative economic growth in the first and second quarters of 2018. The weaker currency works in favour of Assore, which also produces manganese and chrome, because it means mostly cheaper costs and higher income from sales. The rand fell further on Wednesday to R15.69. On Thursday evening it was trading at R15.32. "The business itself remains insulated from the SA economy and sells 95% of its product into global markets," said Assore CEO Charles Walters. "Obviously as SA citizens we are concerned about reasons for the blowout and local economic woes we struggle with … mine community issues and the like," he said. Assore, which is the equal partner in Assmang with African Rainbow Minerals, on Thursday reported profit for the year to end-June of R5.175bn, up from R5.138bn. T...
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