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African Rainbow declares maiden interim dividend after swing to profit in H1'18

African Rainbow Minerals Ltd. declared a maiden interim dividend of 2.50 South African rand per share following a year-over-year swing to profit in the first half of its fiscal 2018 ended Dec. 31, 2017.

The company's profit jumped to 1.89 billion rand, compared to a loss of 283 million rand in the same period a year ago. It booked EPS of 8.96 rand, compared to a year-ago loss per share of 1.3 rand.

Results included a loss of 179 million rand on the disposal of the Lubambe mine, according to a March 16 release.

The year-ago loss included an impairment of 711 million rand on the Nkomati mine and 734 million rand on the Modikwa mine in South Africa and an impairment loss of 422 million rand within the Assmang joint venture related to the sale of the Dwarsrivier mine.

Revenue in the half increased to 5.02 billion rand, compared to 4.95 billion rand a year earlier.

CapEx increased 23% on a yearly basis to 603 million rand.

Iron ore sales volumes increased 4% year over year to 9.1 million tonnes, and manganese ore sales jumped 10% to 1.6 million tonnes.

Platinum group metals production rose 3% year over year to 422,104 ounces as higher production from the Modikwa mine was offset by lower output from the Two Rivers project.

Nickel output from the Nkomati mine increased 2% year over year to 6,733 tonnes, while copper production declined 3% to 9,380 tonnes.

Coal production of ARM attributable salable tonnes increased to about 2.6 million tonnes, compared to about 2.5 million tonnes produced a year ago.