AFRICAN RAINBOW MINERALS LIMITED - Trading Statement for the six months ended 31 December 2023 (1H F2024)

Trading Statement for the six months ended 31 December 2023 (1H F2024)

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 FOR THE SIX MONTHS ENDED 31 DECEMBER 2023
(1H F2024)

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.

Headline earnings for 1H F2024 are expected to decrease by between
40% and 50% compared to the corresponding six months ended 31
December 2022 (1H F2023) to between R2 586 million and
R3 103 million (1H F2023: R5 172 million restated(¹)). Headline
earnings per share are therefore expected to be between 1 319 cents
and 1 583 cents (1H F2023: 2 639 cents restated(¹)).

The decrease in 1H F2024 headline earnings was primarily due to a
43% decline in average US Dollar 6E PGM basket prices and the lower
thermal coal prices. This was partially offset by a weaker average
rand/US Dollar exchange rate and higher average realised export
iron ore prices.

Basic earnings for 1H F2024 are expected to decrease by between
70% and 80% to between R878 million and R1 316 million (1H F2023:
R4 388 million restated(¹)) while basic earnings per share are
expected to be between 448 cents and 671 cents (1H F2023: 2 239
cents restated(¹)) and include the following impairments (after tax,
on an attributable basis):

-    An impairment of property, plant and equipment at Two Rivers
     of R1 070 million after tax and non-controlling interests;
-    An impairment of property, plant and equipment at Modikwa of
     R376 million after tax and non-controlling interests;
-    An impairment of property, plant and equipment at Beeshoek
     Mine of R288 million after tax; and
-    An impairment of property, plant and equipment at Cato Ridge
     Works of R5 million after tax.
                                                                 
The financial information on which this trading statement is based
has not been reviewed or reported on by ARM's external auditors.

The Company's 1H F2024 financial results will be released on 8 March 2024.

Footnote
1 Comparative information for the six months ended 31 December 2022 have been
restated for the adoption of IFRS 17 Insurance Contracts.

ENDS
For all investor relations queries please contact:

Thabang Thlaku
Executive: Investor relations and new business development
Office: +27 11 779 1300 | Email: thabang.thlaku@arm.co.za

Sandton
28 February 2024
Sponsor: Investec Bank Limited




                                                                            

Date: 28-02-2024 11:16:00
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