African Rainbow Minerals reported a 10% increase in half-year profit on Friday, supported by stronger prices for platinum group metals (PGMs), which helped balance weaker earnings from its iron ore, manganese and coal operations.
According to Reuters, the South African diversified mining company said headline earnings reached 1.67 billion rand ($100.59 million) for the six months ended December 31, up from 1.52 billion rand in the same period previously.
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Earnings from the company’s platinum operations rose sharply during the period. Headline earnings at the Two Rivers Mine and Modikwa Mine each increased by more than 200%, driven by higher metal prices, which climbed 44% and 47% respectively.
The strong performance from the platinum division helped offset weaker results in other parts of the business. Earnings from the company’s iron ore and manganese divisions fell by 34%, while its coal operations recorded a loss.
Despite the mixed performance across its portfolio, the company declared an interim dividend of 5 rand per share, up from 4.50 rand previously.
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Image Credit: Reuters
