Thursday, 19th August 2004 (2962 views)

African Rainbow Minerals (ARM) mining group has revealed its basic earnings for the year have increased to R1.4 billion, as it announced its latest results.

The firm works with gold mining, as well as ferrous metals, nickel and platinum.

The company commented: "It has been a year of fundamental change...ARM is now in a position to focus on maximising the value of its existing operations and in-house projects, where there are prospects for growth and attractive financial returns, and to focus on rolling out its growth strategy."

Additional figures also showed that operating profit saw considerable growth during the six months to December 31 2003 to R409 million, whilst cash flow from operating activities was up by R8 million.

The firm changed its name to ARM following a restructuring and asset swap between Anglovaal Mining and Harmony Gold.

 

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