ARI reported HEPS up 19% to 1,660c, 3% above its 1,613c guidance midpoint. Revenue increased 25% to R16.32bn, with higher PGM prices driving stronger earnings. PGM prices rose sharply, while a stronger rand, lower iron ore volumes and weaker coal prices weighed on results. Iron ore production fell 9% to 13.2m tonnes, while PGM production declined marginally at Two Rivers and 3% at Modikwa, with unit cash costs rising 13% and 8%.
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