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African Rainbow Minerals halts Bokoni platinum mine operations amid significant earnings drop.
African Rainbow Minerals (ARM) has halted operations at its unprofitable Bokoni platinum mine in South Africa to revise its mining plan.
The company’s annual earnings dropped significantly, with basic earnings falling to 330 million rand, down from 3.1 billion rand the previous year.
ARM attributes the decline to lower coal and iron ore prices and a stronger rand.
The company has also written down the Bokoni mine by 2.2 billion rand, citing delays and changes in mining methods.
A feasibility study for a smaller-scale operation is in progress.
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African Rainbow Minerals detiene las operaciones de la mina de platino de Bokoni en medio de una caída significativa en las ganancias.