African Rainbow Minerals Integrated annual report 2022

  • ARM in 2022
  • Our business
  • Governance
  • Creating, protecting
    and preserving value

Integrated annual report suite 2022



F2022 in review and investment case

ARM’s quality diversified portfolio enabled the company to navigate volatility and challenges in F2022 well, delivering an improved net cash position and higher dividends.

Key features of F2022 illustrate the effectiveness of our strategy and actions in navigating short-term impacts while preserving longer-term value.

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Dr Patrice Motsepe: Executive chairman

Executive chairman's report

ARM's quality diversified portfolio enabled us to improve our financial position despite lower prices for iron ore and platinum group metals (PGMs).

Our net cash increased from R8.2 billion to R11.2 billion enabling ARM to continue investing in our existing business, pay dividends and pursue value-enhancing growth.

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African Rainbow Minerals (ARM) is a leading South African diversified mining and minerals company with operations in South Africa and Malaysia. ARM mines and beneficiates iron ore, manganese ore, chrome ore, platinum group metals (PGMs), nickel and coal. It also produces manganese alloys and has a strategic investment in gold through Harmony Gold Mining Company Limited (Harmony Gold).

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Stakeholders – hot topics in F2022

Our ability to achieve our strategic goals depends on the value we create for others. Equally, the sustainability of our operations requires that we balance stakeholder needs, interests and expectations with those of the company.

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Protecting value through good governance

Adhering to the highest standards of corporate governance is fundamental to the sustainability of our business. Our business practices are conducted in good faith, in the interests of the company and all its stakeholders, with due regard for the principles of good corporate governance.

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Summarised Mineral Resources and Mineral Reserves report

Extracting optimal value from the Mineral Resources and Mineral Reserves in our portfolio is fully aligned to ARM’s purpose of delivering competitive returns and creating sustainable value for all our shareholders through its strategic objectives.

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Mike Schmidt: Chief executive officer (CEO)

Chief executive officer's report

In a year that presented multiple challenges, our operations delivered and improved safety performance reducing the group LTIFR by 24%. The total recordable injury frequency rate improved by 15% to 0.69 (F2021: 0.81). This performance was, however, marred by the loss of two colleagues in F2022.

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Creating, protecting and preserving value

The value created by our activities is distributed to a range of stakeholders. In F2022, R27.1 billion of financial value on a segmental basis was distributed as illustrated below.

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Dr Rejoice Simelane: Chairman of the social and ethics committee

Social and ethics committee chairman's report

ARM’s strategic priorities to operate safely, responsibly and efficiently, and to partner with communities and other stakeholders, are founded on responsible environmental, social and governance (ESG) practices and our commitment, as ICMM members, to mining with principles.

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Position on climate change

Climate-change considerations are continually integrated into our business strategy. Climate risks influence our short-term strategy through the need to manage related operating costs (including through reduced energy consumption). Our long-term strategy incorporates expected climate-related changes in regulation that will affect costs (particularly energy costs in geographies where fossil fuels have traditionally been dominant), energy supply and the availability of water.

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