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Assore Ltd (ASRJ.J)

ASRJ.J on Johannesburg Stock Exchange

19 Jan 2018
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-1,301.00 (-3.10%)
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Latest Key Developments (Source: Significant Developments)

Assore Ltd - African Rainbow Minerals Ltd Minerals cuts jobs as H1 profits halve - Reuters News
Friday, 11 Mar 2016 

Assore Ltd:Diversified mining group African Rainbow Minerals (ARM) said on Friday its first-half profit halved due to sharply softer commodity prices, prompting layoffs and costs cuts to stay afloat - RTRS.Headline earnings per share, a measure that strips off certain one off items, in the six months to December reached 233 cents from 473 cents a year earlier.ARM, which has interests in platinum, iron ore, coal, copper, and gold saw lower prices in all of its commodities except for chrome."ARM has responded proactively to the commodity price downturn and has implemented operating and capital cost reduction initiatives at all its operations," the company said in a statement.The company operates joint ventures with Anglo American Platinum, Assore, Impala Platinum, Glencore and Vale.ARM cut planned spending for the first half of 2016 by 15 percent to 1.4 billion rand ($92 million) mainly from curtailments in the ferrous metals Black Rock Project, which is its most capital intensive venture.The company said it would cut jobs at its platinum mines Modikwa and Nkomati, Beeshoek iron ore mine and Khumani chrome mines but did not say how many positions were on the line.  Full Article

UPDATE 1-S.Africa's ARM doubles profit helped by higher metal prices

JOHANNESBURG, Sept 7 African Rainbow Minerals (ARM) reported a 166 percent rise in full-year profit on Thursday helped by higher commodity prices.