African Rainbow Minerals profit up 19% on higher platinum prices

A logo of the African Rainbow Minerals (ARM) is seen at the company’s offices in Sandton, South Africa March 7, 2024. REUTERS

Sept 4 (Reuters) – African Rainbow ​Minerals (ARM)  posted on Friday ‌a 19% increase in annual profit, as strong ​platinum group metal ​prices offset the impact ⁠of lower income ​from its coal, iron ​ore and manganese divisions.

The diversified South African miner’s headline ​earnings came in ​at 3.201 billion rand ($200.31 million) in ‌the ⁠year ended June 30, compared with 2.695 billion rand previously.ARM ​said it ​will ⁠pay a final dividend of ​7 rand per ​share, ⁠up from a payout of 6 rand ⁠per ​share last year.

Reporting by Nelson Banya; ​Editing by Muralikumar Anantharaman