AFRICAN RAINBOW MINERALS LIMITED - Updated trading statement in respect of the six months ended 31 December 2015

Updated trading statement in respect of the six months ended 31 December 2015

African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
(“ARM” or the “Company”)


Updated trading statement in respect of the six months ended
31 December 2015


Shareholders are referred to the trading statement released
on the Stock Exchange News Service of the JSE Limited on 11
December 2015 whereby shareholders were advised that
headline earnings and basic earnings to be reported on for
the six months ended 31 December 2015 (1H F2016) would be at
least 20% lower than those of the previous corresponding
period.

The Company and its directors are satisfied that a
reasonable   degree   of   certainty   exists   to   provide
shareholders with an update of the likely range by which the
Company’s headline earnings per share and basic earnings per
share are expected to decrease.

ARM’s 1H F2016 headline earnings were negatively affected by
a decline in US Dollar commodity prices for all the
commodities which ARM produces. The lower US Dollar prices
were partly offset by a weaker average Rand/US Dollar
exchange rate. Most of ARM’s operations delivered good unit
cost control.

Accordingly, ARM announces that headline earnings per share
for 1H F2016 are expected to decrease by between 50% and 53%
to between 222 cents and 238 cents (1H F2015: 473 cents).

ARM’s 1H F2016 basic earnings were largely impacted by the
following special item:
    -   An impairment of assets at the Lubambe Copper Mine
        mainly as a result of a revision to (i) the short to
        medium term copper price outlook, (ii) the mining
        plan and (iii) the discount rate used in the
        valuation.

Basic earnings per share are therefore expected to decline
by between 219% and 242% to a basic loss per share of
between 440 cents and 525 cents (1H F2015: 369 cents
profit).

The financial information on which this trading statement is
based has neither been reviewed nor reported on by the
external auditors of ARM.
The Company’s 1H F2016 results will be released on 11 March
2016.


ENDS


For all investor relations queries please contact:

Jongisa Magagula
Corporate Development and Head of Investor Relations
Tel:      +27 11 779 1507
E-mail:   jongisa.magagula@arm.co.za

Johannesburg
3 March 2016

Sponsor: Deutsche Securities (SA) Proprietary Limited

Date: 03/03/2016 05:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.