Headline earnings decreased by 21% to R8 981 million or R45.81 per share (F2022: R11 338 million or R57.87 per share).
A final dividend of R12.00 per share is declared (F2022: R20.00 per share).
We maintained a robust financial position, with net cash of R9 779 million at 30 June 2023 (30 June 2022: R11 175 million).
SAFETY AND HEALTH
Regrettably, Two Rivers Mine had a fatality when a contractor employee was injured and later succumbed to his injuries. We extend our deepest condolences to his family, friends and colleagues.
The group lost-time injury frequency rate (LTIFR) improved to 0.27 per 200 000 man-hours (F2022: 0.31).
The group total recordable injury frequency rate (TRIFR) improved to 0.62 (F2022: 0.69).
GROWTH
ARM continues to be confident about the long-term profitability of Bokoni. Good progress has been made in advancing the DFS. The project remains robust and is expected to be attractive in terms of industry cost competitiveness. The DFS will now advance to bankable feasibility and then be presented to the board for approval.
The Black Rock Project was completed in September 2022 and within the approved budget of R7.4 billion. The Black Rock Project was completed with 1.4 million fatality-free shifts and a lost-time injury frequency rate (LTIFR) of 0.219.
Gloria Project’s Raise Section achieved construction completion in June 2023. Project close-out is underway, and the project is forecasted to be formally closed out within the approved budget of R3 billion.
OPERATIONAL
Iron ore, manganese ore and thermal coal volumes were negatively impacted by logistics challenges.
Unit production costs remained under pressure due to lower production volumes and above-inflation increases in the costs of explosives, diesel, electricity, consumables, and maintenance costs.
ENVIRONMENTAL
Progress was made towards developing decarbonisation pathways to meet the long-term target to achieve net-zero greenhouse gas (GHG) emissions (scope 1 and 2) from mining by 2050.
ARM, as a member of the International Council on Mining and Metals (ICMM), published its progress towards conformance with the Global Industry Standard on Tailings Management (GISTM) on 5 August 2023.
