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African Rainbow Minerals

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]

ARM owns 20% of Harmony Gold, the 12th largest gold mining company in the world, with three mining operations in South Africa.[4]

The company was founded in 2003 by Patrice Motsepe, as the result of a merger. Motsepe serves as its Non-executive Director, having formerly served as its Chairman.[5]

History

ARM was founded by Patrice Motsepe[6] as South Africa's first black-owned mining company.[7][8] Motsepe founded ARMGold in 1997, which went on to list on the Johannesburg Stock Exchange (JSE) in 2002.

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.[9] 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.

In 2009, ARM joined the International Council on Mining and Metals.[11] In 2009, ARM was reported to be planning $1.12 billion investments in mining in Zimbabwe.[12][13] 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.[14][15]

In February 2016, ARM put a further $148 million bail out in place to preserve their broad-based black economic empowerment (B-BBEE) status.[16] In March 2016, ARM reported that profits had been halved due to lower commodity prices.[17] 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.

In February 2026, ARM founder Patrice Motsepe stepped down as the company's Executive Chairman. The move followed the effective date of the JSE Simplification Project. According to new listing requirements, the Chair of ARM cannot also serve as an Executive Director. Motsepe confirmed he would remain as an ARM Director, and would move into a new role as its Non-executive Chairman.[5]

See also

External links

References

  1. African Rainbow Minerals Integrated Annual Report 2017 African Rainbow Minerals, 24 April 2018^
  2. Corporate Summary 2009-10-23, retrieved 2010-09-13^
  3. Goedgevonden mine to supply Eskom's Majuba coal-fired plant Gold Newswire, retrieved 2010-09-13^
  4. ARM company website, retrieved 3 February 2011^
  5. —^
  6. African Rainbow Minerals - The African Business Journal retrieved 2010-09-13^
  7. Susan Adams. The Prince of Mines - Forbes.com 2008-03-24, retrieved 2010-09-13^
  8. SA pushes mining firms for greater black ownership - Yahoo! News retrieved 2010-09-13^
  9. Johan H de Beer. The History of Geophysics in Southern Africa African Sun Media, 1 January 2016^
  10. Terence Creamer. Harmony-ARMGold to merge to form world's fifth biggest gold producer Mining Weekly, retrieved 2017-01-08^
  11. African Rainbow Minerals joins the International Council on Mining and Metals ICMM, retrieved 2010-09-13^
  12. African Rainbow Minerals, Allocate R8 Billion Mining Investment In Zimbabwe - Mineral Exploration - Mining Exploration News retrieved 2010-09-13^
  13. ARM to invest ZAR 8 billion in Zimbabwe retrieved 2010-09-13^
  14. allAfrica.com: South Africa: Arm in Copper Joint Venture in Zambia 2010-09-13, retrieved 2010-09-13^
  15. African Rainbow and Vale start construction on $380m Zambia mine retrieved 2010-09-13^
  16. Business Day www.bdlive.co.za, retrieved 2017-01-08^
  17. African Rainbow Minerals to cut jobs as profits halve Fin24, retrieved 2017-01-08^