Message Sam 22 Aoû 2009 17:27

ARM warns 2009 earnings will be lower

by Pangaea - Agust 21, 2009
JSE listed diversified miner African Rainbow Minerals (ARM) has advised shareholders that its headline earnings a share for the 2009 financial year could fall by between 39% and 46%.
Headline earnings a share were likely to decrease to between R10,25 a share and R11,50 a share, compared with the R19,06 a share recorded in 2008.
Basic earnings a share were expected to be higher than headline earnings a share, mainly owing to a large exceptional gain recognised on the Teal Exploration & Mining Exploration (Teal) restructuring transaction with Companhia Vale do Rio Doce, and will be in the range of between R12,75 a share and R14,30 a share, compared with the 2008 figure of R21,31 a share.
The company said in a statement that the financial results have been impacted on by US dollar commodity prices, which decreased as a result of the global economic recession, as well as lower sales volume in most commodities, except iron-ore and platinum group metals.
The financial results were also impacted by the increased expenditure and restructuring costs at Teal, as well as the fluctuations in exchange rates, which included a strengthening of the rand against the US dollar during the last 2 months of the financial year.
The financial results will be released on August 31.
TEAL Exploration & Mining Incorporated (TEAL) is mineral development and exploration company with development projects and exploration areas in the Democratic Republic of Congo (DRC), Zambia, Namibia and Mozambique. It has a portfolio of base and precious metal development projects and complementary exploration area.
It has interest in Konkola North Copper Project in Zambia; the Kasonta Lupoto Mines s.p.r.l. (Kalumines) Lupoto Copper Project in the DRC, and the Otjikoto Gold Project in Namibia. In March 2009, TEAL completed the plan of arrangement involving African Rainbow Minerals Limited (ARM) and Companhia Vale do Rio Doce (Vale). As a result, ARM and Vale each hold a 50% indirect interest in TEAL Minerals (Barbados) Incorporated (TEAL Minerals), which was previously a wholly owned subsidiary of TEAL.
TEAL Minerals holds directly or indirectly substantially all of TEAL's former assets and liabilities, and ARM and Vale will operate and develop such assets as a 50:50 joint venture

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