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African Rainbow Min. (ARB)

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Monday 12 September, 2005

African Rainbow Min.

Final Results


African Rainbow Minerals - Provisional Results for the year ended 30 June 2005

African Rainbow Minerals Limited

(Incorporated in the Republic of South Africa)

(Registration number 1933/004580/06)

JSE Share code: ARI & LSE Share code: AGM

ISIN: ZAE000054045

('ARM' or the 'Company')

Provisional Results for the year ended 30 June 2005

www.arm.co.za

SHAREHOLDER INFORMATION

Number of shares in issue               204 436 557                            
                                                                               
Market capitalisation                   R6,95 billion                          
                                                                               
Share price                             R34,00 as at 9 September 2005          
                                                                               
Primary listing                         JSE - 'ARI'                            
                                                                               
Number of employees                     6 041                                  
                                                                               
Number of shareholders                  3 276                                  
                                                                               
*Local                                  88%                                    
                                                                               
* International                         12%                                    

HIGHLIGHTS

  * Record revenues increasing by 41% to R5,5 billion
   
  * Operating profit up from R528 million to R1,6 billion
   
  * Headline earnings of R350 million, up from R47 million
   
  * Excellent progress on existing projects
   
  * Significant growth opportunities ahead
   
ARM is a niche diversified mining company with excellent long life, low
operating cost assets in key commodities. We own and operate our assets,
supported by an entrepreneurial and experienced management team.

COMMENTARY

The past year's performance has benefited from the buoyant markets as is
reflected in the excellent results for the financial year ended 30 June 2005.
ARM has increased its revenue by 41% to R5,5 billion and operating profit from
operations by more than 200% to R1,6 billion. This resulted in a significant
increase in headline earnings from R47 million in the previous year to R350
million for the year under review. ARM significantly increased cash flows
generated from operating activities to R1,6 billion. The company's highly
satisfactory results were built mainly on increased sales volumes, good cost
control and higher metal prices, especially for manganese, iron ore and nickel.
These results are especially pleasing while Rand strength continues.

During the past six months we also announced the introduction of a new partner
at Nkomati Nickel, the commissioning of the Two Rivers Platinum Project, and
succeeded in further reducing our existing cost base, all aligned with the
company's growth strategy. Furthermore, we have been able to simplify the group
structure, and are in the process of further broadening ARM's shareholder base.
Our strategy of doubling production in key commodities by 2010 is on track and
we are building six new mines and upgrading two existing operations in order to
achieve our aggressive organic growth targets, whilst retaining operating
efficiencies and global competitiveness.

In April of this year, Harmony announced that it had disposed of 14% of its
investment in ARM to the ARM Broad-Based Economic Empowerment Trust ('the
Trust'). The Trust has been established for the purpose of warehousing the
shares to further facilitate broad-based empowerment in ARM's shareholder base.
ARM's empowerment shareholding is now at 57%. We are in the process of
populating the Trust, a process that we expect to have substantially completed
by calendar year-end.

ARM's investment in Harmony reduced from 20% to 16% during November 2004 when
Harmony increased its issued share capital. ARM equity accounted its Harmony
investment up to that date, whereafter Harmony is treated as an investment and
not as an associated company. For the year under review, on an equity accounted
basis, Harmony made a loss of R150 million. We are excited about the growth and
value opportunities that lie ahead for Harmony post the completion of its
restructuring process at its South African mines.

Operations Review

ARM Ferrous

The ARM Ferrous operations, which are held through its 50,4% investment in
Assmang Limited (`Assmang'), consist of three divisions, iron ore, manganese
and chrome.

Assmang reported an increase of 33% in its turnover for the year ended 30 June
2005 to R4,4 billion. Earnings increased by 335% to R949 million resulting in
increased headline earnings of R959 million, up 348% from the R214 million
reported for the comparative year.

The significant improvement in ARM Ferrous' results can mainly be attributed to
increases in US Dollar commodity prices across all of Assmang's products,
particularly manganese alloys which peaked during the year. Increase in sales
volumes for manganese (from 1,4 to 1,8 million tons) and iron ore (from 5,5 to
5,8 million tons), together with the weakening of the Rand against the US
Dollar towards the latter part of the financial year, also impacted positively
on the years' results. In addition, cost of sales was contained through
operational efficiencies and effective unit cost control programmes.

As a result of Assmang's improved results, a final dividend of R34,00 per share
(2004: R7,50 per share) has been declared by Assmang after year end, bringing
the total dividend received from Assmang for the 2005 calendar year to R93
million.

Earnings for Assmang

Continued strong world demand for iron ore resulted in a US Dollar price
increase of 71,5% for the period April 2005 to March 2006. Sales volumes of
iron ore for the year increased by 2,8% to 5 776 000 tons.

Global demand and improved availability of logistical capacity through the port
of Port Elizabeth resulted in manganese ore sales volumes increasing by 26%.
Strong demand, principally in China resulted in the benchmark price in Japan
increasing by 63%. However, Assmang anticipates that the manganese ore market
could come under pressure in the coming year due to potential oversupply.

ARM is continually working with Spoornet and The South African Port Operations
to increase both iron and manganese ore logistical capacity on railway lines
and at the harbours.

                                                      2005                 2004
                                                                               
                                                      '000                 '000
                                                                               
Assmang product sales volumes                  metric tons          metric tons
                                                                               
Iron ore                                             5 776                5 460
                                                                               
Manganese ore (excluding deliveries                  1 811                1 438
to                                                                             
                                                                               
the Cato Ridge alloy operation)                                                
                                                                               
Manganese alloys                                       197                  218
                                                                               
Charge chrome                                          262                  295

Assmang continued with its capital expenditure programme and spent R699 million
(2004: R494 million) during the year. Of this, R203 million was spent on
completing the new shaft complex at the Nchwaning manganese mine, which has
commenced production and is fully operational, and thereby increasing total
capacity to 3,5 million tons per annum. A further R82 million was spent on the
construction of the Dwarsrivier underground mine, which is expected to be
completed by the end of calendar 2005 at a total capital cost of R222 million.
Assmang is completing a feasibility study for the establishment of a new iron
ore mine, adjacent to Sishen, on the Bruce, King and Mokaning properties.
Construction is expected to commence during the first half of calendar 2006,
pending Board consideration in November 2005.

ARM Platinum

ARM Platinum consists of 41,5% of Modikwa Platinum Mine, 50% of the Nkomati
Mine, 55% of the Two Rivers Platinum Project, and 100% of Kalplats Exploration.
Significant progress has been made at Modikwa, which remains in a build-up
phase to full production, targeted for the end of calendar year 2005. Modikwa
has reported cash operating profits of R21 million for the last four months of
the financial year. As the mine is in a commissioning phase, figures are
compared to the immediately preceding six months as opposed to the comparative
period in the previous year.

Modikwa - 100% basis

Six months ended                             30 June   31 December            %
                                                                               
                                                2005          2004    Increase/
                                                                               
                                              (tons)        (tons)   (decrease)
                                                                               
Tons milled                million tons         1,32          1,14           16
                                                                               
Head grade (4E)                     g/t         4,13          4,35          (5)
                                                                               
Platinum in concentrate              oz       66 112        60 000           10
                                                                               
Cash cost                         R/ton          346           373          (7)
                                                                               
Capex                         R million           50            54          (8)

After careful technical and financial evaluation the decision was made to
change the mining method from down dip mining with reef drives to breast mining
with footwall drives. The change will be effected over the next 18 months.

Nkomati

Nkomati treated a total of 346 000 tons (2004: 344 000 tons) of ore, producing
59 140 tons (2004: 56 800 tons) of concentrate at an average nickel grade in
concentrate of 9,36% (2004: 9,82%). The Nkomati Nickel mine has been
consistently operating above its maximum design capacity at an average 28 830
tons of run-of-mine ore per month and the objective is to maintain the overall
nickel grade while minimising costs. Nkomati continues to optimise the
exploitation of the various ore bodies and 21% of the total run-of-mine ore
comprised of ore mined from the Nkomati Expansion Project property ('MMZ').
Excluding nickel, other metals contributed 25% (2004: 29%) of the mine's total
revenue making Nkomati one of the lowest cost nickel producers in its sector.
However, cash cost after by-products increased by 31% to 149 c/lb, mainly as a
result of the increased MMZ component and the production of concentrate for the
Activox test work at Tati.

Nkomati's revenue for the year increased by 5,1% to R642 million (2004: R611
million), despite the strengthening of the Rand, as a result of the stronger US
Dollar nickel price and record levels of nickel production during the year.
Year on-year unit cash operating costs increased from R260 million to R271
million or 4,2%, which is in line with inflation. Cost of sales increased by
4,2% to R299 million (2004: R287 million) as a result of increased production.
The focus on cost minimisation and efficiency during the year resulted in
productivity improvements - operating profit increased by 0,6% to R321 million
(2004: R319 million). Profit before tax increased by 10,2% to R335 million
(2004: R304 million). The current mine is expected to continue at present
production levels until the third quarter of 2007. Life of mine could be
extended by an Interim Phase, mining higher tons from the MMZ ore body,
although at lower metal production levels.

On 2 February 2005, ARM announced the formation of a 50:50 unincorporated joint
venture with LionOre Mining International Limited at its Nkomati nickel mine.
This transaction closed at the beginning of June 2005. Results reported
therefore comprise 100% of Nkomati for 11 months of the year and 50% of Nkomati
for June 2005. The partners are currently reviewing the feasibility study of
2002 further, confirming the viability of the Nkomati Expansion Project and
assessing pit optimisation, Activox plant design, PGM recovery processes and
financial reviews. The expansion project would increase production
significantly to about 16 500 tonnes of nickel per annum for an additional 16
years. Expansion capital expenditure was estimated at US$310 million (using
exchange rates at the time of the 2002 feasibility study). The expansion study
is currently being re- scoped with the input of both partners and will be
presented to the respective boards during the next financial year.

Nkomati - 100% basis

                                                           2005            2004
                                                                               
Cash operating profit                    R million          349             346
                                                                               
Tons treated                                ('000)          346             344
                                                                               
Grade                                   (% nickel)         2,01            2,02
                                                                               
On-mine cash cost tons treated             (R/ton)          369             361
                                                                               
Market sales                                                                   
                                                                               
Nickel                                        tons        5 291           4 920
                                                                               
Copper                                        tons        3 260           3 300
                                                                               
Cobalt                                        tons           97              62
                                                                               
PGMs                                            oz       39 370          39 000

Two Rivers The 220 000 oz PGMs per year Two Rivers Platinum Project was
officially released for construction on 1 June 2005. Two Rivers is held 55% by
ARM and 45% by Implats. The company has contracted ARM to manage the project,
while Implats will undertake the processing and refining. Two Rivers' capital
expenditure is estimated to be R1,3 billion to commissioning. Project finance
of R700 million has been secured with the balance of the funding being
contributed by the two partners in their respective shareholding ratios.

The decision to proceed follows a successful trial mining phase to test all
critical project assumptions. The mining and stockpiling of nearly 300 000 tons
at 4,4 g/t, 6E of UG2 ore by year-end, as well as extensive access development
has substantively validated geological and mining feasibility parameters. A
platinum to palladium ratio of 5:3 significantly adds to the attractiveness of
this project.

The conveyor decline below the reef horizon has advanced 700 metres with the
access declines on reef having advanced 380 metres. All major contractors are
on the construction site and are committed to achieve full milling capacity by
December 2006, as planned.

Kalplats PGM Exploration Project

ARM and Platinum Australia Limited have signed an agreement as joint venture
partners to determine through further exploration and feasibility studies
whether the construction of a new PGM mine can be justified. Part of the
feasibility work will be the application of the Panton Process, a patented PGM
recovery process, to enhance the recovery of PGMs. Pre-feasibility level
results will be available during the next financial year.

ARM Exploration

ARM's portfolio of quality exploration development assets in southern Africa
comprises mainly gold, copper/cobalt, zinc and nickel. The project maturity
scale ranges from early phase to advanced exploration stage properties. The
four projects that we regard as particularly promising and close to production
are the Otjikoto gold project in Namibia and the Konkola North copper project
in Zambia, both wholly owned by ARM; the Mwambishi Copper project, also in
Zambia and 70% owned by ARM; and the Kalumines copper/ cobalt project in the
DRC, 60% owned by ARM.

Our aim is to generate increased value from these assets, raise funds for
further exploration and ultimately move qualifying projects into the mine
development phase.

Safety and health

The Lost Day Injury Frequency Rate (LDIFR) for the year was 6,1 cases per
million man hours worked. Although this figure is marginally higher than the
2004 LDIFR of 4,2 cases per million man hours worked, this year's rate includes
our joint venture operations - Modikwa and Two Rivers Platinum Mines - which
did not previously form part of our reporting.

We are particularly pleased to report that Black Rock achieved a million
fatality free shifts during the year.

Regrettably, five people lost their lives at our operations this year. Four of
the fatalities occurred at Modikwa and one fatality occurred at Nkomati. The
board, management and employees of ARM extend their condolences to the bereaved
families and friends.

Outlook

International demand for our products remains fairly buoyant and volumes are
expected to approximate those of the year under review. However, demand and
prices for Assmang's ferromanganese and ferrochrome products could come under
pressure due to an oversupply in the international market. We expect the
majority of commodity prices to remain at similar or slightly stronger levels
in US Dollar terms for the remainder of calendar 2005, while the US Dollar/Rand
exchange rate is not expected to be materially different.

ARM will focus on organic growth through its new projects whilst continually
improving on efficiencies and costs at our existing operations. We will
continue to pursue attractive assets through mergers or acquisitions in South
Africa and expect exciting growth, mainly through ARM Exploration, in Africa.

Dividends

The company currently is involved in a high expansion phase with a significant
and exciting project pipeline as well as a number of other growth
opportunities. As a result the Board of Directors has decided to conserve
resources and not to declare a dividend for the year ended 30 June 2005.

Review by independent auditors

The financial information has been reviewed by Ernst & Young whose unqualified
review opinion is available for inspection at the company's registered office.
The annual report containing a detailed review of the operations of the company
together with the audited financial statements will be posted to shareholders
by mid-October 2005.

Signed on behalf of the board

PT Motsepe                              AJ Wilkens                             
                                                                               
Executive Chairman                      Chief Executive Officer                

Johannesburg

8 September 2005

BALANCE SHEETS at 30 June 2005

                                                   Reviewed             Audited
                                                                               
                                                       2005                2004
                                                                               
                                                         Rm                  Rm
                                                                               
ASSETS                                                                         
                                                                               
Non-current assets                                                             
                                                                               
Tangible assets                                       5 025               4 674
                                                                               
Intangible assets                                         5                   5
                                                                               
Deferred tax assets                                      68                   7
                                                                               
Environmental rehabilitation trust                       29                  29
funds                                                                          
                                                                               
Investment in associates                                  -               4 338
                                                                               
Other investments                                     3 708                   3
                                                                               
                                                      8 835               9 056
                                                                               
Current assets                                                                 
                                                                               
Inventories                                           1 144                 914
                                                                               
Trade and other receivables                           1 528               1 162
                                                                               
Cash and cash equivalents                               259                 328
                                                                               
                                                      2 931               2 404
                                                                               
Total assets                                         11 766              11 460
                                                                               
EQUITY AND LIABILITIES                                                         
                                                                               
Capital and reserves                                                           
                                                                               
Ordinary share capital                                   10                  10
                                                                               
Share premium                                         3 497               3 495
                                                                               
Other reserves                                        (783)               (193)
                                                                               
Retained earnings                                     3 787               3 316
                                                                               
Shareholders' interest in capital and                 6 511               6 628
reserves                                                                       
                                                                               
Minority interest                                     1 461               1 326
                                                                               
Total shareholders' interest                          7 972               7 954
                                                                               
Non-current liabilities                                                        
                                                                               
Long-term borrowings                                    962                 857
                                                                               
Deferred tax liabilities                                814                 853
                                                                               
Long-term provisions                                    190                 151
                                                                               
                                                      1 966               1 861
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                                861                 567
                                                                               
Provisions                                               51                  41
                                                                               
Taxation                                                304                  63
                                                                               
Overdrafts and short-term borrowings                    612                 974
                                                                               
                                                      1 828               1 645
                                                                               
Total equity and liabilities                         11 766              11 460

INCOME STATEMENTS for the year ended 30                                        
June 2005                                                                      
                                                                               
                                                   Reviewed             Audited
                                                                               
                                                       2005                2004
                                                                               
                                                         Rm                  Rm
                                                                               
Revenue                                               5 485               3 885
                                                                               
Cost of sales                                       (3 743)             (3 064)
                                                                               
Gross profit                                          1 742                 821
                                                                               
Other operating income                                  273                  73
                                                                               
Other operating expenses                              (408)               (343)
                                                                               
Retrenchment costs                                      (8)                (23)
                                                                               
Profit from operations                                1 599                 528
                                                                               
Income from investments                                  22                  26
                                                                               
Finance costs                                         (172)                (80)
                                                                               
Loss from associate                                   (150)               (120)
                                                                               
Profit before taxation and exceptional                1 299                 354
items                                                                          
                                                                               
Exceptional items                                       155               1 148
                                                                               
- Profit on disposal of discontinued                      -               1 057
operations                                                                     
                                                                               
- Other exceptional items                               155                  91
                                                                               
Profit before taxation                                1 454               1 502
                                                                               
Taxation                                              (530)               (291)
                                                                               
Profit after taxation                                   924               1 211
                                                                               
Minority interest                                     (451)               (103)
                                                                               
Basic earnings                                          473               1 108
                                                                               
Additional information                                                         
                                                                               
Headline earnings                                       350                  47
                                                                               
Headline earnings per share (cents)                     171                  37
                                                                               
Basic earnings per share (cents)                        231                 865
                                                                               
Fully diluted earnings per share                        231                 860
(cents)                                                                        
                                                                               
Fully diluted headline earnings per                     171                  36
share (cents)                                                                  
                                                                               
Number of shares in issue at end of                 204 437             204 208
year (thousands)                                                               
                                                                               
Weighted average number of shares in                204 370             128 115
issue (thousands)                                                              
                                                                               
Weighted average number of shares used              204 794             128 876
in                                                                             
                                                                               
calculating fully diluted earnings per                                         
share (thousands)                                                              
                                                                               
Net asset value per share (cents)                     3 185               3 246

STATEMENT OF CHANGES IN EQUITY for the year ended 30 June 2005

                                                      Share         Revaluation
                                                                               
                                                capital and         of land and
                                                                               
                                                    premium           buildings
                                                                               
Group                                                    Rm                  Rm
                                                                               
Balance at 30 June 2003                                  85                   6
                                                                               
Basic earnings                                            -                   -
                                                                               
Investment sold                                           -                   -
                                                                               
Revaluation of listed investments                         -                   -
                                                                               
Share options exercised                                  54                   -
                                                                               
Shares issued for acquisitions                        3 366                   -
                                                                               
Share of associate's other reserves                       -                   -
                                                                               
Other                                                     -                   -
                                                                               
Balance at 30 June 2004                               3 505                   6
                                                                               
Basic earnings                                            -                   -
                                                                               
Revaluation of listed investments                         -                   -
                                                                               
Share options exercised                                   2                   -
                                                                               
Deferred tax on revaluation of listed                     -                   -
investment                                                                     
                                                                               
Reversal of associate's other reserves                    -                   -
                                                                               
Other                                                     -                 (6)
                                                                               
Balance at 30 June 2005                               3 507                   -

                                                        Retained               
                                                                               
                                           Other        earnings          Total
                                                                               
Group                                         Rm              Rm             Rm
                                                                               
Balance at 30 June 2003                      212           2 208          2 511
                                                                               
Basic earnings                                 -           1 108          1 108
                                                                               
Investment sold                            (133)               -          (133)
                                                                               
Revaluation of listed                       (45)               -           (45)
investments                                                                    
                                                                               
Share options exercised                        -               -             54
                                                                               
Shares issued for acquisitions                 -               -          3 366
                                                                               
Share of associate's other                 (235)               -          (235)
reserves                                                                       
                                                                               
Other                                          2               -              2
                                                                               
Balance at 30 June 2004                    (199)           3 316          6 628
                                                                               
Basic earnings                                 -             473            473
                                                                               
Revaluation of listed                      (961)               -          (961)
investments                                                                    
                                                                               
Share options exercised                        -               -              2
                                                                               
Deferred tax on revaluation of               140               -            140
listed investment                                                              
                                                                               
Reversal of associate's other                235               -            235
reserves                                                                       
                                                                               
Other                                          2             (2)            (6)
                                                                               
Balance at 30 June 2005                    (783)           3 787          6 511
                                                                               

Basis of preparation and accounting policies The financial information for the
year ended 30 June 2005 has been prepared adopting the same accounting policies
used in the most recent annual financial statements which are in accordance
with South African Statements of Generally Accepted Accounting Practice and
International Financial Reporting Standards. The accounting policies are
consistent with the year ended 30 June 2004. These condensed financial
statements are prepared on the historical cost basis except as otherwise
indicated in the accounting policies.

CASH FLOW STATEMENTS for the year ended 30 June 2005

                                                     Reviewed           Audited
                                                                               
                                                         2005              2004
                                                                               
                                                           Rm                Rm
                                                                               
CASH FLOW FROM OPERATING ACTIVITIES                                            
                                                                               
Cash receipts from customers                            5 297             3 838
                                                                               
Cash paid to suppliers and employees                  (3 667)           (3 235)
                                                                               
Cash generated from operations                          1 630               603
                                                                               
Interest received                                          22                24
                                                                               
Interest paid                                           (183)              (70)
                                                                               
Dividends received                                         19                 1
                                                                               
Dividends paid to minorities                             (45)              (13)
                                                                               
Taxation paid                                           (168)              (70)
                                                                               
Net cash inflow from operating activities               1 275               475
                                                                               
CASH FLOW FROM INVESTING ACTIVITIES                                            
                                                                               
Additions to fixed assets to maintain                   (705)             (472)
operations                                                                     
                                                                               
Additions to fixed assets to expand                     (297)             (101)
operations                                                                     
                                                                               
Net cash effects of acquisitions                            -              (32)
                                                                               
Proceeds on disposal of fixed assets                       39                 7
                                                                               
Proceeds on disposal of investments                        24               167
                                                                               
Net cash effects of disposal of 50 per                    136                 -
cent of Nkomati                                                                
                                                                               
Investments acquired                                        8                 -
                                                                               
Purchase of remaining portion in Nkomati                    -             (260)
                                                                               
Net cash outflow from investing                         (795)             (691)
activities                                                                     
                                                                               
CASH FLOW FROM FINANCING ACTIVITIES                                            
                                                                               
Proceeds on exercise of share options                       2                54
                                                                               
Funding received from minority                              -                42
shareholders                                                                   
                                                                               
Long-term borrowings raised                               110               280
                                                                               
Long-term borrowings repaid                             (215)             (127)
                                                                               
Increase/(decrease) in short-term                       (446)                31
borrowings                                                                     
                                                                               
Net cash inflow/(outflow) from financing                (549)               280
activities                                                                     
                                                                               
Net increase/(decrease) in cash and cash                 (69)                64
equivalents                                                                    
                                                                               
Cash and cash equivalents at beginning of                 328               264
year                                                                           
                                                                               
Cash and cash equivalents at end of year                  259               328
                                                                               
Cash generated from operations per share                  798               471
(cents)                                                                        

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2005

                                                     Reviewed           Audited
                                                                               
                                                         2005              2004
                                                                               
                                                           Rm                Rm
                                                                               
EXCEPTIONAL ITEMS                                                              
                                                                               
Profit on disposal of Avgold                              265             1 075
                                                                               
Loss on disposal of Chambishi                               -              (18)
                                                                               
Impairment on immovable property                         (35)              (44)
                                                                               
Surplus on disposal of Assore shares                        -               135
                                                                               
Loss on disposal of 50% in Nkomati                       (82)                 -
                                                                               
Other                                                       7                 -
                                                                               
Exceptional items per income statement                    155             1 148
                                                                               
Taxation                                                 (41)             (106)
                                                                               
Minority interest                                           5               (3)
                                                                               
Profit on sale of fixed assets                              -                 5
                                                                               
Profit on sale of fixed assets in                           4                 9
associate                                                                      
                                                                               
Profit on dilution in associate                             -                 8
                                                                               
Net exceptional items                                     123             1 061
                                                                               
HEADLINE EARNINGS                                                              
                                                                               
Earnings per income statement                             473             1 108
                                                                               
- Loss on sale of Chambishi                                 -                18
                                                                               
- Profit on sale of Avgold                              (265)           (1 075)
                                                                               
- Surplus on disposal of investments and                  (4)             (135)
mineral rights                                                                 
                                                                               
- Impairment of mineral rights and land                    35                44
and buildings                                                                  
                                                                               
- Loss/(profit) on dilution of associate                    2               (8)
                                                                               
- Loss/(profit) on sale of fixed assets                    10               (5)
                                                                               
- Loss on disposal of 50% in Nkomati                       82                 -
                                                                               
- Other                                                  (19)               (9)
                                                                               
                                                          314              (62)
                                                                               
- Taxation                                                 41               106
                                                                               
- Minority interest                                       (5)                 3
                                                                               
Headline earnings                                         350                47

SEGMENTAL INFORMATION for the year ended 30 June 2005

                                             Gold        Platinum        Nickel
                                                                               
                                               Rm              Rm            Rm
                                                                               
Year to 30 June 2005                                                           
                                                                               
Revenue                                                                        
                                                                               
External revenue                                -             456           623
                                                                               
Cost of sales                                   -           (532)         (295)
                                                                               
Other operating income per                      -               -            46
income statement                                                               
                                                                               
Insurance premiums written non                  -               -             -
Group companies                                                                
                                                                               
Other operating income                          -               -            46
                                                                               
Other operating expenses per                    -             (7)          (63)
income statement                                                               
                                                                               
Re-insurance premiums non-Group                 -               -             -
companies                                                                      
                                                                               
Exploration                                     -               -             -
                                                                               
Other operating expenses                        -             (7)          (63)
                                                                               
Segment result                                  -            (83)           311
                                                                               
Income from investments                         -               2             2
                                                                               
Finance cost                                    -           (104)             -
                                                                               
Loss from associate                         (150)               -             -
                                                                               
Exceptional items                             (2)               -             -
                                                                               
Taxation                                        -              66          (94)
                                                                               
Minority interest                               -              20             -
                                                                               
Contribution to basic earnings              (152)            (99)           219
                                                                               
Contribution to headline                    (155)            (99)           219
earnings                                                                       
                                                                               
Other information Segment                   3 706           2 295           269
assets                                                                         
                                                                               
Taxation                                        -               -             -
                                                                               
Consolidated total assets                   3 706           2 295           269
                                                                               
Segment liabilities                             -           1 138            17
                                                                               
Unallocated liabilities                                                        
                                                                               
Consolidated total liabilities                                                 
                                                                               
Capital expenditure                             -             280            20
                                                                               
Amortisation and depreciation                   -              85            54

                                                    Corporate and              
                                                                               
                                          Ferrous           other              
                                                                               
                                           metals       companies         Total
                                                                               
                                               Rm              Rm            Rm
                                                                               
Year to 30 June 2005                                                           
                                                                               
Revenue                                                                        
                                                                               
External revenue                            4 406               -         5 485
                                                                               
Cost of sales                             (2 916)               -       (3 743)
                                                                               
Other operating income per                    166              61           273
income statement                                                               
                                                                               
Insurance premiums written non                  -              55            55
Group companies                                                                
                                                                               
Other operating income                        166               6           218
                                                                               
Other operating expenses per                (193)           (153)         (416)
income statement                                                               
                                                                               
Re-insurance premiums non-Group                 -            (59)          (59)
companies                                                                      
                                                                               
Exploration                                     -            (25)          (25)
                                                                               
Other operating expenses                    (193)            (69)         (332)
                                                                               
Segment result                              1 463            (92)         1 599
                                                                               
Income from investments                         2              16            22
                                                                               
Finance cost                                 (41)            (27)         (172)
                                                                               
Loss from associate                             -               -         (150)
                                                                               
Exceptional items                            (10)             167           155
                                                                               
Taxation                                    (465)            (37)         (530)
                                                                               
Minority interest                           (471)               -         (451)
                                                                               
Contribution to basic earnings                478              27           473
                                                                               
Contribution to headline                      480            (95)           350
earnings                                                                       
                                                                               
Other information                                                              
                                                                               
Segment assets                              5 069             359        11 698
                                                                               
Taxation                                        -              68            68
                                                                               
Consolidated total assets                   5 069             427        11 766
                                                                               
Segment liabilities                           790             731         2 676
                                                                               
Unallocated liabilities                                                   1 118
                                                                               
Consolidated total liabilities                                            3 794
                                                                               
Capital expenditure                           699              38         1 037
                                                                               
Amortisation and depreciation                 285               2           426
                                                                               
                                             Gold        Platinum        Nickel
                                                                               
                                               Rm              Rm            Rm
                                                                               
Primary segmental information                                                  
                                                                               
Year to 30 June 2004                                                           
                                                                               
Revenue                                                                        
                                                                               
External revenue                                -              57           524
                                                                               
Cost of sales                                   -            (71)         (252)
                                                                               
Other operating income                          -               -            42
                                                                               
Other operating expenses per                    -             (1)          (78)
income statement                                                               
                                                                               
Exploration                                     -               -             -
                                                                               
Other operating expenses                        -             (1)          (73)
                                                                               
Reallocated corporate                           -               -           (5)
expenditure                                                                    
                                                                               
Segment result                                  -            (15)           236
                                                                               
Income from investments                         -               -             2
                                                                               
Finance cost                                    -            (16)             -
                                                                               
Loss from associate                         (120)               -             -
                                                                               
Exceptional items                               -            (35)             -
                                                                               
Taxation                                        -             (1)          (77)
                                                                               
Minority interest                               -               6             -
                                                                               
Contribution to basic earnings              (120)            (61)           161
                                                                               
Contribution to headline                    (137)            (26)           161
earnings                                                                       
                                                                               
Other information                                                              
                                                                               
Consolidated total assets                   4 338           2 024           452
                                                                               
Consolidated total liabilities                  -             935           206
                                                                               
Capital expenditure                             -              92             9
                                                                               
Amortisation and depreciation                 - 9              38              

                                                    Corporate and              
                                                                               
                                          Ferrous           other              
                                                                               
                                           metals       companies         Total
                                                                               
                                               Rm              Rm            Rm
                                                                               
Primary segmental information                                                  
                                                                               
Year to 30 June 2004                                                           
                                                                               
Revenue                                                                        
                                                                               
External revenue                            3 304               -         3 885
                                                                               
Cost of sales                             (2 741)               -       (3 064)
                                                                               
Other operating income                         22               9            73
                                                                               
Other operating expenses per                (123)           (164)         (366)
income statement                                                               
                                                                               
Exploration                                     -            (32)          (32)
                                                                               
Other operating expenses                    (194)            (66)         (334)
                                                                               
Reallocated corporate                          71            (66)             -
expenditure                                                                    
                                                                               
Segment result                                462           (155)           528
                                                                               
Income from investments                         2              22            26
                                                                               
Finance cost                                 (52)            (12)          (80)
                                                                               
Loss from associate                             -               -         (120)
                                                                               
Exceptional items                               -           1 183         1 148
                                                                               
Taxation                                    (124)            (89)         (291)
                                                                               
Minority interest                           (109)               -         (103)
                                                                               
Contribution to basic earnings                179             949         1 108
                                                                               
Contribution to headline                      177           (128)            47
earnings                                                                       
                                                                               
Other information                                                              
                                                                               
Consolidated total assets                   4 227             419        11 460
                                                                               
Consolidated total liabilities              1 746             619         3 506
                                                                               
Capital expenditure                           493              15           609
                                                                               
Amortisation and depreciation                 168               2           217

COMMITMENTS AND CONTINGENT LIABILITIES Commitments in respect of future capital
expenditure, which will be funded from cash generated and available borrowing
resources are summarised below:

                                          Year ended                Year ended
                                                                              
                                           June 2005                 June 2004
                                                                              
                                                  Rm                        Rm
                                                                              
Capital commitments                                                           
                                                                              
- contracted for                                 251                       115
                                                                              
- not contracted for                             272                       330
                                                                              
Total commitments                                523                       445

Contingent liabilities

Shareholders are advised that there have been no significant changes to the
contingent liabilities of the Group as disclosed in the June 2004 annual
report.

ADMINISTRATION

African Rainbow Minerals Limited

Incorporated in the Republic of South Africa

Registration number 1933/004580/06

ISIN: ZAE000054045

Registered and Corporate Office

ARM House, 29 Impala Road, Chislehurston, Sandton 2146

PO Box 786136, Sandton, 2146

Telephone:+27 11 779 1300

Telefax: +27 11 779 1312

E-mail: [email protected]

Website: http://www.arm.co.za

United Kingdom Secretaries

St James's Corporate Services Limited, 6 St James's Place, London, SW1A 1NP

Share Registrars South Africa

Computershare Investor Services 2004 (Pty) Limited, Ground Floor, 70 Marshall
Street, Johannesburg 2001

PO Box 61051, Marshalltown, 2107

United Kingdom

Capita Registrars, The Registry 34 Beckenham Road, Beckenham Kent BR34TU

Directors: PT Motsepe (Executive Chairman), RP Menell (Deputy Chairman)*, AJ
Wilkens (Chief Executive Officer), F Abbott, Dr MMM Bakane-Tuoane**, JA
Chissano (Mozambican)**, WM Gule, MW King**, AK Maditsi**, PJ Manda**, JR
McAlpine**, Dr PS Sibisi**, Dr RV Simelane**, MV Sisulu**, JC Steenkamp, ZB
Swanepoel*

(*Non- executive **Independent non-executive)

Disclaimer

Forward looking statements Certain statements in this presentation constitute
'forward looking statements' within the meaning of section 27A of the US
Securities Act of 1933 and section 21E of the US Securities Exchange Act of
1934.

Such forward looking statements involve known and unknown risks, uncertainties
and other important factors that could cause the actual results, performance or
achievements of the company to be materially different from the future results,
performance or achievements expressed or implied by such forward looking
statements. Such risks, uncertainties and other important factors include among
others: economic, business and political conditions in South Africa; decreases
in the market price of commodities; hazards associated with underground and
surface mining; labour disruptions; changes in government regulations,
particularly environmental regulations; changes in exchange rates; currency
devaluations; inflation and other macro-economic factors; and the impact of the
Aids crisis in South Africa. These forward looking statements speak only as of
the date of publication of these pages.

The company undertakes no obligation to update publicly or release any
revisions to these forward looking statements to reflect events or
circumstances after the date of publication of these pages or to reflect the
occurrence of unanticipated events.


                                                                                                                                           

a d v e r t i s e m e n t