ARM defers Bokoni after writing down PGMs for R1 4bn miningmx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miningmx.com Daily Mail and Mail on Sunday newspapers.
Diversified mining company African Rainbow Minerals (ARM) has reiterated its commitment to transitioning from coal to renewable energy, with its executive chairperson Patrice Motsepe describing the global commitment to the green economy as being not only important but crucial. Motsepe was speaking against the background of coal contributing an increased R351-million to ARM headline earnings of R3.7-billion in the six months ended December 31, well up on the R222-million headline loss in the corresponding period of 2021 and representing 8% of earnings before interest tax depreciation and amortisation (Ebitda). Significant combined contributions from PGMs and iron-ore made up 88% of ARM’s Ebitda in the half year.
African Rainbow Minerals says the Bokoni Platinum Mine is a "natural strategic fit" with its current platinum group minerals portfolio on the Eastern Limb of the Bushveld Complex, and its restart will created approximately 5 000 jobs
The Bokoni mine in Limpopo is jointly operated by Amplats, a unit of Anglo American and Atlatsa Resources Corporation, a black empowerment platinum group metals producer. The mine was mothballed in 2017.