African Rainbow Minerals annual profit drops 13% on higher costs (updated)

Platinum Metals

01/09/2022 07:22

(Adds details)
    Sept 1 (Reuters) - South Africa's African Rainbow Minerals
 ARIJ.J  posted a 13% drop in its full-year profit on Thursday,
hurt by lower iron ore and platinum group metal (PGM) prices and
higher mining costs.
    The company's headline earnings per share (HEPS) - the most
common profit measure in South Africa - fell to 57.87 rand
($3.37)for the year ended June 30 from 66.88 rand last year.
    The diversified miner said its iron ore division was
negatively impacted by lower average realised U.S dollar prices,
lower sales volumes and higher freight rates. 
    Platinum group metal prices also came off record highs seen
during the first part of 2021.
    The decline in iron ore and PGM earnings was partially
offset by high coal and manganese prices, ARM said.
    Costs rose across the company's operations, driven by
increases in the prices of diesel, freight, explosives and other
goods.
    ARM declared a final dividend of 20 rand per share, bringing
the total to 32 rand per share for the year.
    ($1 = 17.1703 rand)

 (Reporting by Nelson Banya; editing by Sherry Jacob-Phillips
and Jason Neely)
 ((Nelson.Banya@thomsonreuters.com;))