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Operational Update: Beeshoek Iron Ore Mine to be placed on Care and Maintenance
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")
OPERATIONAL UPDATE: BEESHOEK IRON ORE MINE TO BE PLACED ON CARE
AND MAINTENANCE
ARM advises shareholders that Assmang Proprietary Limited
("Assmang"), jointly owned by ARM and Assore South Africa
Proprietary Limited ("Assore"), has taken the decision to place
the Beeshoek Iron Ore Mine ("Beeshoek Mine") on care and
maintenance. This follows the cessation of iron ore offtake by
its sole customer, ArcelorMittal South Africa Limited ("AMSA"),
and an extensive review of operational, commercial and financial
alternatives.
Beeshoek Mine is an ageing mine with legacy infrastructure and
a cost base that is dependent on sales to AMSA. AMSA has
significantly reduced its offtake from Beeshoek over the past
five years and, following the expiry of the supply contract on
30 June 2024, continued to purchase iron ore on a month-to-month
basis with deliveries to AMSA ceasing on 27 July 2025. No further
sales to AMSA are expected for the remainder of the year.
Assmang undertook an extensive assessment of potential
alternatives to avoid a shutdown of Beeshoek Mine, none of which
options proved economically viable. In the absence of a
sustainable offtake arrangement, Beeshoek Mine is no longer
economically feasible to operate. Mining operations at Beeshoek
Mine therefore ceased at the end of October 2025.
Assmang has concluded a structured and comprehensive
consultation process in accordance with section 189(3) of the
Labour Relations Act. In parallel, a notification in terms of
section 52(1) of the Mineral and Petroleum Resources Development
Act was submitted to the Department of Mineral and Petroleum
Resources on 21 August 2025.
Approximately 622 permanent workers will be retrenched effective
30 November 2025. Assmang is providing the affected employees
with the necessary support, including access to wellness
programmes, financial planning and budgeting support, curriculum
vitae writing assistance, employment-seeking opportunities,
reskilling programme options, and entrepreneurship training.
The Company will continue to engage with all affected
stakeholders and keep shareholders informed of material
developments.
In parallel with the care-and-maintenance process, Assmang is
evaluating further options for Beeshoek Mine.
For more information please contact:
Ms Thabang Thlaku
Executive: Investor Relations and New Business Development
Tel: +27 11 779 1300
Email: thabang.thlaku@arm.co.za
Sandton
05 November 2025
Sponsor: Investec Bank Limited
Date: 05-11-2025 04:20:00
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