2025
Integrated
annual report
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).
1 ARM's effective interest in Modikwa Mine is 41.5%; local communities hold an effective 8.5% interest.
2 Nkomati Mine is on care and maintenance. The sale agreement, which provides for the acquisition by ARM of Norilsk Nickel Africa Proprietary Limited's 50% participation interest in the Nkomati Mine, was successfully closed in July 2025.
3 ARM owns Machadodorp Works, which is currently being used to develop more cost-effective and energy-efficient ways of smelting.
4 ARM's effective interest in PCB is 20.2%, and in GGV Mine is 26%.
ARM’s quality, diversified portfolio, together with effective management of factors within our control, underpinned resilience during a volatile and challenging period, enabling the group to maintain a robust financial position.
Key features of F2025 illustrate the effectiveness of our strategy and actions in managing short-term impacts while preserving longer-term value.
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Deliver competitive returns and sustainable value
Our longer-term strategy is unchanged but we continually review short-term issues – to prioritise our strategic objectives and integrate emerging issues, particularly decarbonisation – into our short, medium and longer-term view.
ARM once more benefited from its resilient diversified portfolio which enabled us to maintain a robust financial position despite volatile commodity prices, challenges with logistics and above-inflation costs. The company continued to pay competitive dividends while investing in its existing businesses and value-enhancing growth projects. We also strengthened our portfolio by divesting from Cato Ridge and Sakura as they were loss-making.
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ARM has a world-class management team and board. Our skilled and experienced directors are committed to good governance and ethical practices. Equally, their contribution is invaluable to ARM achieving its strategic objectives for the sustainable benefit of our shareholders and stakeholders.
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Our strategic objectives can only be delivered with the foresight, dedication and hard work of our employees. At the same time, we compete in a small talent pool for a limited set of skills in the South African and global mining industries.
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We have navigated the headwinds from lower commodity prices through a relentless focus on operational efficiency, cost management and disciplined and prudent capital allocation. We are confident that our proactive strategies in these key areas will position us to capitalise on market recoveries.
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Our ERM strategic pillars are aimed at integrating various risk management disciplines that will ultimately drive us towards a desired position.
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Our headline earnings for F2025 decreased by 47%, largely attributed to a decrease in the average realised export US dollar iron ore prices and increased mechanised development costs at Bokoni. ARM declared a final dividend of R6.00 per share.
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Key features for F2025
World-class safety performance
Robust free cash flow generation
Iron ore contributed 77% to the group segmental EBITDA
Total iron ore production volumes were up 3%
Average realised export iron ore price down 15%
Total manganese ore production was up 4%up 4%
Key features for F2025
Regrettable fatalities at Bokoni Platinum Mine and Modikwa Mine
Unit cost increases at Two Rivers Mine and Modikwa Mine in line with inflation
42% decrease in headline earnings
Early ounces mining operations at Bokoni suspended in July 2025
Key features for F2025
Dividends paid to ARM of R462 million
Realised coal prices decreased by 8%
GGV saleable production was down 7% and PCB was down 9% to align with logistics constraints
A holistic assessment of ARM's ability to create sustainable value, with relevant extracts from the 2025 suite of reports.
The audited annual financial statements have been prepared according to IFRS® Accounting Standards.
A detailed review of our performance on key environmental, social and governance matters. The ESG report includes the full remuneration report and should be read in conjunction with the GRI Index.
A detailed review of our performance on key climate change and water matters, in line with the Task Force on Climate-related Financial Disclosures (TCFD) and IFRS S2 Climate-related financial disclosure.
A summary of how ARM implements the principles and practices in King IV to achieve the governance outcomes envisaged.
In line with JSE Listings Requirements, ARM prepares Mineral Resources and Mineral Reserves statements for all its mining operations as per SAMREC Code (2016) guidelines and definitions.
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