FINANCIAL
  • Headline earnings for the six months ended 31 December 2024 (1H F2025) decreased by 49% to R1 520 million or R7.75 per share (1H F2024: R2 955 million or R15.07 per share)
  • An interim dividend of R4.50 per share is declared (1H F2024: R6.00 per share)
  • We maintained a robust financial position, with net cash of R6 073 million at 31 December 2024 (30 June 2024: R7 197 million)
  • Basic earnings were R1 394 million or R7.11 per share (1H F2024: R1 216 million or R6.20 per share) and include attributable impairments of R136 million after tax (1H F2024: R1 739 million after tax).
OPERATIONAL
  • Iron ore production volumes were lower in 1H F2025 when compared to 1H F2024 mainly due to reduced offtake from ArcelorMittal South Africa (AMSA)
  • Unit costs remained under pressure due to lower production volumes and above-inflation increases in costs at the iron ore and coal operations
  • PGM production volumes rose marginally due to an increase in ounces at Bokoni Platinum Mine (Bokoni), however, mining development costs were higher due to the mine being in ramp-up phase, leading to higher operational losses
  • The lower average realised export iron ore prices and stronger rand/US dollar exchange rate were partially offset by higher manganese ore and alloy prices.
SAFETY AND HEALTH
  • Regrettably, Mr Tshepo Tebele was fatally struck by a winch rope during a night shift cleaning operation at Modikwa Platinum Mine (Modikwa). We extend our deepest condolences to his family, friends and colleagues
  • Group lost-time injury frequency rate (LTIFR) increased to 0.32 per 200 000 man-hours (1H F2024: 0.24) and group total recordable injury frequency rate (TRIFR) increased to 0.52 (1H F2024: 0.50).
ENVIRONMENTAL
  • Construction of ARM Platinum’s 100MW solar photovoltaic (PV) facility is progressing on schedule, with the first power delivery expected in August 2025
  • The definitive feasibility study for renewable energy at ARM Ferrous was completed in December 2024. Various funding models and energy mix options are being reviewed
  • The water supply deficit from Vaal Central Water Board (VCWB) continues to pose a risk to the Khumani Mine operations.
GROWTH
  • Post 31 December 2024, mechanised development for expansion at Bokoni was scaled back, due to the weak PGM price environment, shifting focus to conventional stoping to reduce operational losses. The ramp-up of mechanised development for expansion will depend on a sustained price recovery.