African Rainbow Minerals' earnings drop 47% despite operational shifts

African Rainbow Minerals (ARM) reported a 47% decrease in headline earnings for the financial year ended June 30, 2025, totaling R2,695 million (R13.79 per share), down from R5,080 million (R25.91 per share) in F2024. Revenue saw a modest 1% increase to R13,027 million. The company declared a final dividend of R6.00 per share, bringing the total dividend for F2025 to R10.50 per share, a decrease from R15.00 per share in F2024. ARM maintained a robust financial position with net cash of R6,609 million.

The decline was primarily attributed to lower average realised export US dollar iron ore prices and increased mechanised development costs at Bokoni. ARM Platinum recorded a headline loss of R1.3 billion, largely due to higher operational losses at Bokoni, which suspended early ounces mining operations at the end of F2025. ARM Ferrous headline earnings were 31% lower at R3,472 million.

Safety performance saw three fatalities recorded in F2025, compared to one in F2024. The group's lost-time injury frequency rate (LTIFR) regressed to 0.31 per 200,000 man-hours. Operationally, ARM increased its stake in Surge Copper Corp to 19.9% and completed the construction of a solar plant for its platinum operations.