About African Rainbow Minerals (ARM)

(ARM) is a leading diversified mining and minerals company headquartered in Sandton, Johannesburg, South Africa. Established as South Africa's first black-owned mining company, ARM has grown into one of the country's most prominent mining groups, with a diversified portfolio spanning platinum group metals (PGMs), ferrous metals, coal, base metals including copper and nickel, and strategic investments in gold through associated companies. ARM's activities extend beyond mining to include beneficiation, downstream processing, and alloy production, supplying essential raw materials to domestic and global markets.

Operations & Commodity Portfolio

ARM's core operations are primarily located in South Africa, where the company operates and holds interests across multiple mineral segments. These include platinum group metals, iron ore, manganese, and chrome, as well as thermal coal and base metals. Through its diversified asset base and joint ventures, ARM plays a strategic role in supplying raw materials that support infrastructure development, manufacturing, energy production, and industrial growth both locally and internationally.

Sustainability & Social Responsibility

ARM places strong emphasis on responsible mining, environmental stewardship, health and safety, and ethical governance. The company aligns its operations with long-term sustainability objectives and invests significantly in workforce training, bursaries, infrastructure development, and initiatives that support historically disadvantaged communities. Community upliftment, employee development, and environmental management form key pillars of ARM's operating philosophy.

Current Position & Outlook

In recent years, ARM has navigated industry headwinds, including volatile commodity prices and challenging global market conditions, which have influenced earnings and project prioritisation. Despite these pressures, ARM remains a cornerstone of the South African mining sector, continuing to advance diversified extraction and beneficiation activities while adapting its strategy to support long-term value creation for shareholders, employees, and host communities.

(ARM) was founded in 1997 by Dr. Patrice Tlhopane Motsepe, who launched the business as ARMGold, marking a critical milestone as South Africa's first black-owned mining company in the post-apartheid era. The company's early strategy focused on acquiring marginal gold mining assets and unlocking value through operational improvements. This approach culminated in a successful listing on the Johannesburg Stock Exchange (JSE) in 2002.

Between 2003 and 2004, ARMGold merged with Avmin and selected Harmony Gold assets, leading to the rebranding of the group as African Rainbow Minerals. This transformation marked ARM’s evolution from a gold-focused company into a diversified mining group. Over the following decades, ARM expanded its portfolio to include platinum group metals, iron ore, manganese, chrome ore, nickel, copper, and coal, strengthening its position across multiple mineral commodities.

Through a series of joint ventures and strategic partnerships, particularly in ferrous metals and large-scale mining operations, ARM increased its production footprint and operational scale. Strategic interests in key ventures such as Assmang and Harmony Gold Mining Company Limited further cemented ARM’s presence across influential mineral segments. Alongside commercial growth, the company developed empowerment and community programs aimed at promoting broad-based economic transformation in South Africa.

ARM's core operations span several major mining and mineral segments. These include platinum group metals (PGMs), where the company is involved in mining and processing through various joint ventures and consortiums. In the ferrous metals segment, ARM produces iron ore, manganese, and chrome ore, largely through the Assmang joint venture.

The company also maintains thermal coal operations, although investments in new coal projects have been halted in response to stricter environmental regulations and shifting energy policies. ARM has ongoing interests in base metals, including nickel and copper, which are increasingly important to global industrial and energy transition demand. In addition, ARM retains a strategic investment in gold through its shareholding in Harmony Gold Mining Company Limited.

While the majority of ARM's assets and mining operations are located in South Africa, the company's beneficiation activities, partnerships, and equity interests connect it to global commodity supply chains, supporting both regional and international markets.

During the 2024-2025 period, ARM focused on strategic realignment and portfolio optimisation amid challenging global commodity markets. In late 2025, the company announced a decision to halt investments in new coal mining projects, citing rising environmental compliance costs and evolving energy mandates. This decision reflects a broader shift toward minerals with stronger long-term sustainability and demand profiles.

ARM also expanded its exposure to base metals by increasing its stake in Surge Copper, a Canadian-listed mining company, raising its ownership to nearly 20%. This move aligns with ARM's strategy to position itself in minerals critical to the global energy transition. In parallel, the ARM Empowerment Trust reported rural development investments of approximately R116 million across multiple South African provinces, supporting community upliftment and economic participation.

Operational challenges were also evident during this period. ARM temporarily suspended mining activities at the Bokoni platinum mine due to cost pressures and weak commodity prices, with feasibility studies ongoing to assess a potential phased restart. For the financial year ending 30 June 2025, the company reported a significant decline in earnings, driven largely by lower iron ore and coal prices and adverse exchange rate movements.

Despite these pressures, ARM continued to advance its social, governance, and transformation initiatives, increasing investment in employee training, education, and community development, while improving representation of historically disadvantaged South Africans across its operations.