African Rainbow Minerals profit rises 10% on platinum
African Rainbow Minerals reported a 10 percent rise in half-year profit to 1.67 billion rand. Higher platinum prices offset lower income from iron ore and coal.
AFRICAN RAINBOW MINERALS LTD announced a 10% rise in half-year profits on Friday, buoyed by stronger pricing for platinum group metals (PGM). The improvement in this sector helped the company mitigate the effects of lower earnings from its iron ore, manganese, and coal operations.
The South Africa-based mining group reported headline earnings of 1.67 billion rand ($100.59 million) for the six months ending December 31. This figure is up from the 1.52 billion rand achieved during the same period in the previous year. The results demonstrate the resilience of the company's diversified asset base in a fluctuating global commodity market.
