High prices have helped African Rainbow Minerals Coal to pay off debt to Glencore - loans originally amounting to R5 billion - that date back to 2010.
Patrice Motsepe, founder and chair of African Rainbow Minerals.
Soaring export coal prices have allowed African Rainbow Minerals to fully settle decade-old loans owing to Glencore Operations South Africa, unlocking potential returns from the coal division in the years to come. "Significantly higher export coal" prices drove a R1.17 billion increase in ARM Coal headline earnings to R928 million for the year ended in June – up from a R250 million headline loss in 2021, the company reported on Thursday.
ARM Coal's stand out earnings performance was partially offset by lower sales volumes mainly due to Transnet railing challenges.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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