African Rainbow Minerals
Company type | Public |
---|---|
Traded as | JSE: ARI |
Industry | Mining |
Headquarters | Sandton, Johannesburg , South Africa |
Number of locations | South Africa, DRC, Zambia |
Key people | Patrice Motsepe (Chairman) Phillip Tobias (CEO) |
Products | PGMs, Ferrous Metals, Coal, Copper |
Revenue | R9.6 Billion (FY 2017)[1]: 21 |
R3.475 Billion (FY 2017) [1]: 21 | |
Net income | R1.432 Billion (FY 2017)[1]: 21 |
Total assets | R26.388 Billion (FY 2017)[1]: 20 |
Total equity | R24.04 Billion (FY 2017)[1]: 20 |
Number of employees | 24,016 (includes contractors)[1] |
Website | www.arm.co.za |
African Rainbow Minerals Limited is a mining company based in South Africa. ARM has interests in a wide range of mines, including platinum and platinum group metals (PGMs), iron, coal, copper, and gold.[2] ARM's Goedgevonden coalmine near Witbank is a flagship of their joint venture with Xstrata, and produces 6.7 million tons of coal per year.[3] Production is expanding at the Two Rivers platinum mine in Mpumalanga.[4] ARM owns 20% of Harmony Gold, the 12th largest gold mining company in the world with three mining operations in South Africa.[5] Patrice Motsepe is the executive chairman; Phillip Tobias is CEO.[6]
History
ARM was founded by Patrice Motsepe[7] as South Africa's first black-owned mining company.[8][9] Motsepe founded ARMGold in 1997, which went on to list on the Johannesburg Stock Exchange (JSE) in 2002.[10]
In 2003 ARMGold entered a merger with Harmony Gold Mining and Anglovaal, previously owned by Richard and Brian Menell, and became the largest group controlled by black entrepreneurs.[11] The 2003 ARMGold merger with Harmony Gold Mining formed the world’s 5th largest gold producer.[10] The ARMGold merger with Anglovaal Mining (Avmin) came after.[citation needed]
In 2009, ARM joined the International Council on Mining and Metals.[12] In 2009, ARM was reported to be planning $1.12 billion investments in mining in Zimbabwe.[13][14] In August 2010, ARM entered a $380 million joint venture with Vale to build a copper mine in Zambia, which was expected to produce 100,000 tons of copper.[15][16] In February 2016, ARM put a further $148 million bail out in place to preserve their broad-based black economic empowerment (B-BBEE) status.[17] In March 2016, ARM reported that profits had been halved due to lower commodity prices.[18] ARM also has had a 50% stake in Morobe Mining Joint Ventures (MMJV) of Papua New Guinea. MMJV has operations in Hidden Valley and Wafi-Golpu in Morobe Province approximately 50 kilometers south-west of Lae, Papua New Guinea.[citation needed]
See also
- List of companies traded on the JSE
- List of companies of South Africa
- List of mining companies
- Economy of South Africa
References
- ^ a b c d e f "African Rainbow Minerals Integrated Annual Report 2017" (PDF). African Rainbow Minerals (published 30 June 2017). 24 April 2018.
- ^ "Corporate Summary" (PDF). 2009-10-23. Retrieved 2010-09-13.
- ^ "Goedgevonden mine to supply Eskom's Majuba coal-fired plant". Gold Newswire. Archived from the original on 2011-07-23. Retrieved 2010-09-13.
- ^ "Two Rivers plant improvement on track". Mining Weekly. Retrieved 2010-09-13.
- ^ ARM company website, retrieved 3 February 2011
- ^ "African Rainbow Minerals Ltd (ARIJ.J) People". Reuters. Archived from the original on 2017-07-09. Retrieved 2017-01-08.
- ^ "African Rainbow Minerals - The African Business Journal". Archived from the original on 14 September 2010. Retrieved 2010-09-13.
- ^ Adams, Susan (2008-03-24). "The Prince of Mines - Forbes.com". Archived from the original on 31 August 2010. Retrieved 2010-09-13.
- ^ "SA pushes mining firms for greater black ownership - Yahoo! News". Archived from the original on 18 September 2010. Retrieved 2010-09-13.
- ^ a b Creamer, Terence. "Harmony-ARMGold to merge to form world's fifth biggest gold producer". Mining Weekly. Retrieved 2017-01-08.
- ^ H de Beer, Johan (1 January 2016). The History of Geophysics in Southern Africa. African Sun Media. pp. 459–460.
- ^ "African Rainbow Minerals joins the International Council on Mining and Metals". ICMM. Archived from the original on 2010-01-07. Retrieved 2010-09-13.
- ^ "African Rainbow Minerals, Allocate R8 Billion Mining Investment In Zimbabwe - Mineral Exploration - Mining Exploration News". Archived from the original on 2010-06-17. Retrieved 2010-09-13.
- ^ "ARM to invest ZAR 8 billion in Zimbabwe". Archived from the original on 2011-07-11. Retrieved 2010-09-13.
- ^ "allAfrica.com: South Africa: Arm in Copper Joint Venture in Zambia". 2010-09-13. Archived from the original on 1 September 2010. Retrieved 2010-09-13.
- ^ "African Rainbow and Vale start construction on $380m Zambia mine". Retrieved 2010-09-13.
- ^ "Business Day". www.bdlive.co.za. Retrieved 2017-01-08.
- ^ "African Rainbow Minerals to cut jobs as profits halve". Fin24. Retrieved 2017-01-08.
External links
- African Rainbow Minerals website
- News articles on African Rainbow Minerals
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