African Rainbow Minerals annual profit drops 13% on higher costs

South Africa's African Rainbow Minerals ARIJ.J posted a 13% drop in its full-year profit on Thursday, hurt by lower iron ore and platinum group metal (PGM) prices and higher mining costs.

The company's headline earnings per share (HEPS) - the most common profit measure in South Africa - fell to 57.87 rand ($3.37)for the year ended June 30 from 66.88 rand last year.

The diversified miner said its iron ore division was negatively impacted by lower average realised U.S dollar prices, lower sales volumes and higher freight rates.

Platinum group metal prices also came off record highs seen during the first part of 2021.