About this report

The integrated annual report is our primary communication with stakeholders. While the report is aimed at shareholders, potential investors and other providers of capital, financial information is balanced with non-financial information to give all stakeholders a better understanding of our business. Our broader stakeholders include employees, trade unions, host communities, customers, suppliers and the governments and regulators of countries in which we operate.



Our Structure100%PGMs41.5% Modikwa 154% Two Rivers NICKEL, PGMs & CHROME50% Nkomati PGM Exploration46% Kalplats IRON ORE50% Khumani 50% BeeshoekMANGANESE ORE50% Nchwaning 50% Gloria ALLOYS50% Cato Ridge25% Cato Ridge Alloys 27% Sakura 100% Machadodorp 2COAL20% Participative Coal Business (PCB)3COAL51% Goedgevonden (GGV)3100%51%13.8%10%
  1. ARM’s effective interest in Modikwa Mine is 41.5%, local communities hold an interest of 8.5% in Modikwa Mine
  2. ARM acquired Machadodorp Works effective from 28 February 2019. Machadodorp Works is currently being used to explore more cost effective and energy efficient ways of smelting.
  3. ARM’s effective interest in GGV Mine is 26% and 20.2% in PCB.

Board of directors

Our success is founded on a clear strategy which delivers competitive returns and sustainable value. The board draws on the wealth of knowledge and experience of its members to guide the company in achieving its strategic priorities. With a deep understanding of our values, each director makes a valuable contribution to the responsible governance of the company.


Operating environment

ARM’s diverse products are sold into different markets:

  • Iron ore and manganese ore are marketed and sold on behalf of Assmang by Assore primarily to steel producers in China, Japan, Malaysia, India and Europe. A relatively smaller proportion is sold locally

Key stakeholders

We recognise the value of proactively engaging with key stakeholders. We have an interdependent relationship with our stakeholders and appreciate that our ability to create long-term sustainable value depends on our ability to create value for others.


Material matters

ARM’s material matters are determined at board, executive and operational levels by considering the financial and non-financial risks, opportunities and other factors that affect our strategy, performance, prospects, governance and value creation. These are matters with the greatest potential impact on stakeholders and our ability to create long-term sustainable value.


How we create value

Metals and minerals in modern society

While the mining and processing of metals and minerals have an impact on the natural environment and communities, many of the benefits of modern society would not be possible without them. Metals play a key role in the infrastructure and the technologies around us. With increasing population, urbanisation, industrialisation, economic development and the introduction and growth of new technologies, the need for more metals and minerals will continue.

Iron ore,manganese and nickel

basic components of steel, the backbone of modern society.

Nickel and manganese

used in some types of lithium-ion batteries.

Platinum group metals (PGM)

used in catalytic converters, hydrogen fuel cells, electronics, electro-chemical processes, and dental and medical applications.


used in construction, plumbing, energy efficiency applications and Information and Communication Technologies.

Risks and opportunities

Managing risks and opportunities is an important business driver for us and our stakeholders. It is an entrenched discipline and recognised business management tool to enable sustainable value creation.

Outputs from successful risk management include more informed decisions, a learning organisation that does not repeat mistakes, full compliance and effective assurance. These in turn provide benefits from improved efficiency of operations and effective tactics.


Managing our risks


Rare Unlikely Possible Likely Almost