African Rainbow Minerals reports 27% fall in first-half headline earnings
A drop in iron prices, a stronger rand and transport woes weighed on the miner’s profits
03 March 2022 - 09:36
African Rainbow Minerals (ARM), founded and chaired by Patrice Motsepe, reported a 27% drop in first-half headline earnings as iron prices came off the boil in line with a slowdown in steel production in China and rand strength against the dollar.
The diversified miner was also not able to take full advantage of record high international coal prices, and the energy shortage in the northern hemisphere because of the bottlenecks that bedevilled state-owned Transnet Freight Rail...
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