Diversified miner African Rainbow Minerals (ARM) reported on Monday a 21% decline in annual profit, attributed to rail logistics problems, lower production and weaker commodity prices.
ARM’s headline earnings per share (HEPS) – the common profit measure in South Africa – was 48.51 rand ($2.59) in the full year to June 30, compared with 57.87 rand the previous year.
The miner said its iron ore, manganese ore and thermal coal volumes were negatively impacted by logistics challenges blamed on South Africa’s state-owned freight rail operator Transnet, which is struggling with locomotive shortages, cable theft and vandalism.
Source: Reuters
