African Rainbow Profit Slumps 90% After Platinum Losses Deepen

South African miner African Rainbow Minerals Ltd., backed by billionaire Patrice Motsepe, said profit in the last fiscal year fell 90% due to weaker iron ore prices and a writedown on its Bokoni platinum mine.

Profit dropped to 330 million rand ($19 million) in the 12 months through June, from 3.15 billion rand the previous year, the company known as ARM said Friday in a statement. The firm took an impairment of 2.2 billion rand at its Bokoni mine, which lost about 1.4 billion rand over the period.