Mining
S.Africa's ARM pivots to chrome and copper after platinum price slump
African Rainbow Minerals (ARM) is pursuing chrome and copper opportunities after weaker platinum group metal (PGM) and coal prices drove its annual profit 43% lower, the diversified miner said on Friday.
ARM's headline earnings slumped to 5.08 billion rand ($286.89 million) in the year ended June 30, from a restated 8.98 billion the previous year, mainly due to lower PGM and coal prices.
The company's board has approved the construction of a chrome recovery plant at its Bokoni platinum mine, where the platinum ramp up will be "phased and measured" due to the lower prices.
The basket price of PGMs fell about 40% last year and the slide has continued into 2024.
South African platinum miners are increasingly turning to chrome, which is a by-product of their primary production, to offset the impact of low PGM prices.
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