Johannesburg - Shares in African Rainbow Minerals (ARM) on Friday slid 5.01 percent after it said its headline earnings for June would be hurt by a decline in the average US dollar prices realised for all the commodities which ARM produced.
This would partly be offset by the positive impact of a weaker average rand-to-US dollar exchange rate, it said.
Controlling costs had resulted in unit production costs at most operations being contained and in some instances being reduced compared to the previous period.
Headline earnings per share were expected to decrease by between 36 percent and 41 percent to between 475c and 510c from 803c the previous year.
Basic earnings were affected by an attributable impairment of the Lubambe Copper Mine assets of R1.4 billion after non-controlling interest, reported in the results for the six months to December 2015.
Earnings per share were expected to decline to a basic loss per share of between 255c and 275c from 48c.
ARM shares closed at R97.74 on the JSE on Friday.
BUSINESS REPORT