Patrice Motsepe Executive Chairman of African Rainbow Minerals. Picture: FREDDY MAVUNDA
The diversified miner was also not able to take full advantage of record high international coal prices because of the bottlenecks that bedevilled state-owned Transnet Freight Rail. As a result, headline earnings fell 27% to R3.7bn in the six months to end-December, as iron ore prices fell 7% to $116 a tonne on average from $125 and the rand strengthened 8% against the dollar.
However, the manganese division shot the lights out with a 308% increase in headline earnings, driven by higher average manganese ore and manganese alloy prices.
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