AFRICAN RAINBOW MINERALS LIMITED - Trading Statement in respect of the six months ended 31 December 2017 (1H F2018)

Release Date: 27/02/2018 14:30
Code(s): ARI
 
Wrap Text
Trading Statement in respect of the six months ended 31 December 2017 (1H F2018)

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”)


TRADING STATEMENT IN RESPECT OF THE SIX MONTHS ENDED
31 DECEMBER 2017 (1H F2018)


In terms of paragraph 3.4(b) of the Listings Requirements of the
JSE Limited, a listed company is required to publish a trading
statement as soon as it is satisfied that a reasonable degree of
certainty exists that the financial results for the period to be
reported on next will differ by at least 20% from those of the
previous corresponding period.

ARM’s basic earnings per share for 1H F2018 are expected to improve
to between 912 and 930 cents compared to the basic loss per share
of 134 cents reported for the comparative six months ended
31 December 2016 (1H F2017).

The basic loss reported for 1H F2017 included the following special
items:

     -    an attributable impairment of the Nkomati assets of
          R711 million after tax;
     -    an attributable impairment of the Modikwa assets of
          R734 million after tax and non-controlling interest; and
     -    an impairment loss of R422 million within the Assmang joint
          venture related to the sale of Dwarsrivier Mine.

Headline earnings for 1H F2018 have been positively affected by an
increase in average realised US Dollar commodity prices for most
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of the commodities that ARM produces, which was partly offset by a
stronger average realised Rand/US Dollar exchange rate.

Headline earnings per share for 1H F2018 are expected to increase
by between 10% and 16% to between 986 and 1 037 cents (1H F2017;
893 cents).

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 F2018 financial results will be released on
16 March 2018.

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
27 February 2018


Sponsor: Deutsche Securities (SA) Proprietary Limited




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