JOHANNESBURG – Higher platinum prices helped African Rainbow Minerals increase first-half earnings by seven times, boosting shares in South Africa’s biggest black-owned diversified mining group.
African Rainbow Minerals and LionOre Mining International , which is listed in Canada and Australia, also unveiled expansion plans to boost output at their jointly owned Nkomati nickel mine. The company also forecast long-term growth in output of its portfolio of various metals, with a doubling of production in key commodities by year 2010.Headline earnings per share (EPS) rose to an expected 64 cents for the six months to December versus 9 cents in the comparable period of 2004, while headline earnings jumped to 131 million rand from 19 million.At the Nkomati nickel mine in northern South Africa, a new 100 000-tonnes-per-month concentrator plant, tailings dam and related infrastructure to mine from a new ore body, the Main Mineralised Zone (MMZ), will be built at a cost of 384 million rand over the next 18 months.- Nampa-ReutersThe company also forecast long-term growth in output of its portfolio of various metals, with a doubling of production in key commodities by year 2010.Headline earnings per share (EPS) rose to an expected 64 cents for the six months to December versus 9 cents in the comparable period of 2004, while headline earnings jumped to 131 million rand from 19 million.At the Nkomati nickel mine in northern South Africa, a new 100 000-tonnes-per-month concentrator plant, tailings dam and related infrastructure to mine from a new ore body, the Main Mineralised Zone (MMZ), will be built at a cost of 384 million rand over the next 18 months.- Nampa-Reuters
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