African_Rainbow_Minerals

African Rainbow Minerals

African Rainbow Minerals

Mining company based in South Africa

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]

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History

Manganite crystals from N'Chwaning

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

References

  1. [1]
    "African Rainbow Minerals Integrated Annual Report 2017" (PDF). African Rainbow Minerals (published 30 June 2017). 24 April 2018.
  2. [2]
    "Corporate Summary" (PDF). 2009-10-23. Retrieved 2010-09-13.
  3. [3]
    "Goedgevonden mine to supply Eskom's Majuba coal-fired plant". Gold Newswire. Archived from the original on 2011-07-23. Retrieved 2010-09-13.
  4. [4]
    "Two Rivers plant improvement on track". Mining Weekly. Retrieved 2010-09-13.
  5. [5]
    ARM company website, retrieved 3 February 2011
  6. [6]
    "${Instrument_CompanyName} ${Instrument_Ric} People | Reuters.com". Reuters. Retrieved 2017-01-08.
  7. [7]
    "African Rainbow Minerals - The African Business Journal". Archived from the original on 14 September 2010. Retrieved 2010-09-13.
  8. [8]
    Adams, Susan (2008-03-24). "The Prince of Mines - Forbes.com". Archived from the original on 31 August 2010. Retrieved 2010-09-13.
  9. [9]
    "SA pushes mining firms for greater black ownership - Yahoo! News". Archived from the original on 18 September 2010. Retrieved 2010-09-13.
  10. [10]
    Creamer, Terence. "Harmony-ARMGold to merge to form world's fifth biggest gold producer". Mining Weekly. Retrieved 2017-01-08.
  11. [11]
    H de Beer, Johan (1 January 2016). The History of Geophysics in Southern Africa. African Sun Media. pp. 459–460.
  12. [12]
    "African Rainbow Minerals joins the International Council on Mining and Metals". ICMM. Archived from the original on 2010-01-07. Retrieved 2010-09-13.
  13. [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.
  14. [14]
    "ARM to invest ZAR 8 billion in Zimbabwe". Archived from the original on 2011-07-11. Retrieved 2010-09-13.
  15. [15]
    "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.
  16. [16]
    "African Rainbow and Vale start construction on $380m Zambia mine". Retrieved 2010-09-13.
  17. [17]
    "Business Day". www.bdlive.co.za. Retrieved 2017-01-08.
  18. [18]
    "African Rainbow Minerals to cut jobs as profits halve". Fin24. Retrieved 2017-01-08.
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