African Rainbow Minerals reported HEPS down -47% to 1,379c, vs (recent) midpoint guidance of 1,296c. Revenue rose 1% to R13.0bn, supported by manganese but offset by weaker iron ore & coal prices & higher costs at Bokoni. Results were hit by a R2.2bn impairment at Bokoni & increased mechanised development costs, while net cash declined to R6.6bn from R7.2bn. FY25 dividend -30% to 1,050c.
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