File picture: IOL

JOHANNESBURG - Mining company African Rainbow Minerals (ARM) said on Friday its headline earnings increased by 15 percent to R1.945 billion in the half year ended December 2017, mainly as a result of improved earnings from its manganese division, ARM Coal, Modikwa Mine and ARM Copper.

Headline earnings per share climbed to 1,023 cents in the six months, versus 893 cents over the same period in 2016 and ARM declared a maiden interim dividend of 250 cents per share.

The company said the disposal of ARM and Vale’s 80 percent interest in Lubambe Mine was completed on 22 December 2017, while ARM’s interest in Two Rivers Mine increased to 54 percent from 9 November 2017 after the mine’s amended mining right was executed by the department of mineral resources.

- African News Agency (ANA)