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# Platinum lifted African Rainbow Minerals' earnings, and the rand took some of it back
- URL: https://www.businessbagel.com/african-rainbow-minerals-fy2026-trading-statement/
- Published: 2026-08-24T10:00:00.000Z
- Updated: 2026-08-24T09:59:59.000Z
- Description: The miner told the market its core earnings should land between R3.02bn and R3.29bn for the year to June, with full results due on 4 September.
- Author: Christian Maidman
- Tags: Companies, Business Bagel News

Platinum prices did most of the work in African Rainbow Minerals' financial year, and a stronger rand took some of it back. The miner told the market on Friday that its core earnings for the year to 30 June should land between R3 018 million and R3 288 million, 12% to 22% above the R2 695 million of the year before. Per share that works out at 1 544c to 1 682c, against 1 379c. The statement went out because JSE rules require one as soon as a company is reasonably certain its next set of results will differ by at least 20% from the previous corresponding period.

## Platinum up, iron ore down

The company puts the increase primarily down to higher US dollar prices for the basket of platinum group metals it mines, partly offset by lower average realised rand iron ore prices as the rand firmed against the dollar.

Basic earnings move on a different scale altogether, up between 1 105% and 1 115% to between R3 977 million and R4 010 million, from R330 million. Most of that gap belongs to the prior year, which carried a R2 209 million impairment on property, plant and equipment at Bokoni Mine with no tax effect. This year adds a R241 million profit on disposing of ARM's investment in the Sakura ferroalloys business and a R462 million gain on remeasuring its pre-existing 50% interest in Nkomati. None of the figures have been reviewed or reported on by the company's external auditor.

## What ARM is doing with platinum next

Bokoni is where the money is going. In July the company approved a R15.2 billion investment in developing the Limpopo platinum project after completing a definitive feasibility study, Business Day reports. The plan refurbishes an existing 60 000-tonne-a-month concentrator and builds a new 120 000-tonne-a-month one, with first production targeted for the first half of the 2028 financial year and steady-state output of about 350 000 to 400 000 ounces of platinum group metals a year from 2032\. ARM had suspended mining and milling at Bokoni in 2025 while it reassessed the mine's economics and development plan.

Nkomati is restarting as well. The company has approved a return to open-pit mining and nickel concentrate production at the Mpumalanga operation, on care and maintenance since 2021, at a cost of about R753 million, with an offtake agreement with Swedish metals producer Boliden providing the route to market once production resumes. Both decisions sit inside a plan to bring assets back into production and widen ARM's exposure to platinum group metals and nickel.

The full results are due on 4 September. Platinum was quoted at $1 895.70 an ounce and the rand at 16.0195 to the dollar as this was written.