Assore, a tightly held resources company, continued to build its cash pile after a strong interim period in which its iron ore and manganese interests benefited from higher prices. Assore reported a R10/share dividend for the six months to end-December, in line with its interim dividend from the year before. In its 2018 financial year, it paid out a record R22/share in total dividends. Interim post-tax profit of R2.93bn was higher than the previous year’s R2.48bn, as revenue grew to R3.95bn from R3.84bn. Cash of R8.75bn on its balance sheet by the end of December left Assore in a net cash position of R7.65bn. Assore has a 50% stake in Assmang, which it shares with African Rainbow Minerals (ARM). The Assore results give an early look at one of the main pillars of ARM’s business portfolio, which includes platinum group metals, nickel and coal. Assmang has iron ore and manganese mines in the Northern Cape as well as manganese alloy smelters. It reported headline earnings for R4.29bn fo...

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