African Rainbow Minerals expects 138% headline earnings jump in FY 2021
(Kitco News) - African Rainbow Minerals (ARM), a leading South African diversified mining and minerals company, reported today that its headline earnings for the financial year ended 30 June 2021 (FY 2021) are expected to increase by between 130% and 138% compared to FY 2020, to between R12,728 million and R13,171 million.
The company said that this significant increase in earnings was underpinned by higher iron ore and platinum group metals (PGM) prices, coupled with an increase in export iron ore and PGM sales volumes.
Basic earnings for FY 2021 are expected to increase by between 210% and 220% compared to FY 2020 to between R12,292 million and R12,688 million (FY 2020: R3,965 million). The company explained that basic earnings for the comparative financial year FY 2020 included an attributable impairment (after tax) of the ARM Coal assets of R1,524 million.
African Rainbow Minerals is a leading South African diversified mining and minerals company with long-life, low unit cost operations. ARM mines and beneficiates iron ore, manganese ore, chrome ore, platinum group metals, nickel and coal. ARM also produces manganese and chrome alloys, and has an investment in gold through its shareholding in Harmony.