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Name: Assore Ltd
JSE Code: ASR
Last Trade: 36922

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Equity Price
Name: Assore Ltd
Price In Cents: 37213
Date: 18 Jul 2019 06:31:00 PM
JSE Code: ASR

Latest News

Zuma's Zondo song and dance; Eskom treasurer jumps ship; Zim inflation heads for 200%; China boosts rand
20190716
BizNews
Former president Jacob Zuma appeared at the Zondo commission to discuss allegations of corruption and state capture. South Africa is abuzz with speculation about what Zuma's body language, regular coughs and his song and dance say about whether he is telling the truth. Andre Pillay, who joined Eskom in 2011 and was made treasurer in 2016, will leave at the end of August.

ASSORE LIMITED - Half-year results clarification regarding modified review opinion
20190311
Sharenet
Wrap Text Half-year results clarification regarding modified review opinion Assore Limited (Incorporated in the Republic of South Africa) Registration number: 1950/037394/06 Share code: ASR ISIN: ZAE000146932 ("Assore", "the Group" or "the Company") HALF-YEAR RESULTS CLARIFICATION REGARDING MODIFIED REVIEWED REPORT Shareholders of Assore are referred to the results for the half- year ended 31 December 2018 ("the December 2018 Results announcement") released on SENS on 26 February 2019. As part of the December 2018 Results announcement, the following paragraph was included under the heading "Accounting policies and basis of preparation" related to the modified review report: "Ernst & Young Inc., the group's independent external auditors, has reviewed the condensed consolidated half year results included in this announcement and their modified report on review is available for inspection at the registered offices of the company. The modified opinion in the report is only in respect to the comparability of the unreviewed results in previous period. The review was conducted in terms of ISRE2410 - review of Interim Financial Information Performed by the Independent Auditors of the Entity". To clarify the above mentioned modified opinion, refer below for the extract of the modified report, required for publication on SENS in terms of the JSE Listings Requirements 3.18(g): "Basis for Qualified conclusion We have neither audited nor reviewed the corresponding amounts included in the column titled "Half-year ended 31 December 2017 unaudited".

ASSORE LIMITED - Half-year results clarification regarding modified review opinion
20190311
Moneyweb
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Wescoal, Assore: companies on different paths weighing similar goals
20190307
Miningmx
By David McKay - March 6, 2019 TWO resource companies known for their strict adherence to specialised metals production - Wescoal Holdings (coal) and Assore (steel feed minerals iron ore, manganese and chrome) - are giving thought to changing their spots. "In the long-term, we are looking at a number of initiatives," said Humphrey Mathe, the interim CEO of Wescoal in an interview. "We may look at the possibility of diversification into other minerals," he said. Wescoal has long held dear a strategic goal of 10 million tonnes/year (Mt/y) of thermal coal, a mineral that is neither popular in the investment universe, nor easy to build in scale. Were Wescoal to succeed with the proposed takeover of a Sydney-listed company, Universal Coal, it will take it some way to reaching that output target. With current production hovering at around 4Mt/y, that seems a long way off.

Wescoal, Assore: companies on different paths weighing similar goals
20190306
Miningmx
TWO resource companies known for their strict adherence to specialised metals production - Wescoal Holdings (coal) and Assore (steel feed minerals iron ore, manganese and chrome) - are giving thought to changing their spots. "In the long-term, we are looking at a number of initiatives," said Humphrey Mathe, the interim CEO of Wescoal in an interview. "We may look at the possibility of diversification into other minerals," he said.

Future of Nkomati Mine hangs in the balance
20190304
IOL
JOHANNESBURG African Rainbow Minerals (ARM) South Africas diversified mining company is mulling the future of its Nkomati Mine in Mpumalanga Africas biggest nickel producer after impairing R1billion at the operation in the six months to December.JSElisted ARM chaired by billionaire Patrice Motsepe said on Friday that it had recognised a R1.16bn impairment before tax and R892million after tax at Nkomati which it coowns with Norilsk the giant Russian mining company.ARM attributed the impairment loss to a decline in head grade resulting in a decreased metal output. It also attributed the loss to the inability to generate sufficient cash for operational requirements and a higher increase in production costs.We are in discussions with our partner on the future of the mine the company said.Nkomati Mine recorded a headline loss of R186m mainly as the spot nickel prices sank in the period under review. Spot nickel prices fell to $10595 (R150632) in December from $14940 on July 1 2018 the company said.ARM said that it had completed its review given Nkomatis operational challenges cash support that could be required from the partners and the relatively limited (eight year) life of the open pit mine.

Future of Nkomati Mine hangs in the balance
20190304
IOL
African Rainbow Minerals (ARM) executive chairperson Patrice Motsepe. Photo: Simphiwe Mbokazi JOHANNESBURG - African Rainbow Minerals (ARM), South Africa's diversified mining company, is mulling the future of its Nkomati Mine in Mpumalanga, Africa's biggest nickel producer, after impairing R1billion at the operation in the six months to December. JSE-listed ARM, chaired by billionaire Patrice Motsepe, said on Friday that it had recognised a R1.16bn impairment before tax and R892million after tax at Nkomati, which it co-owns with Norilsk, the giant Russian mining company.

Nickel in doubt in ARM's portfolio after chunky impairment
20190301
Business Live
African Rainbow Minerals reports a dip in interim profits as it impairs its struggling Nkomati Nickel by R1.2bn, placing the future of the asset in doubt African Rainbow Minerals (ARM) reported a slip in interim profit because of a hefty impairment against its struggling Nkomati Nickel mine, which needs a cash injection. ARM, a diversified mining company chaired by billionaire Patrice Motsepe, reported a post-tax profit of R1.496bn for the six months to end-December against a profit of R1.89bn a year earlier. Included in the numbers is an impairment of R1.166bn against the unprofitable Nkomati mine. Nkomati is shared by ARM and Russian nickel and palladium miner Norilsk Nickel, which has, for years, wanted to sell its stake in the operation. It tried unsuccessfully to conclude a deal with Botswana's state-owned BCL. Nkomati reported a headline loss of R186m in the period because of lower nickel and chrome sales. "ARM has completed its review, given the mine's operational challenges, cash support that could be required from the partners, and the relatively limited [eight-year] life of the open pit mine," it said. "Part of this review indicates a decline in head grade, resulting in decreased metal output, the mine's inability to generate sufficient cash to meet operational requirements, and an increase in production costs.

Freight rates drop as more ships become available - Assore
20190227
Engineering News
JOHANNESBURG (miningweekly.com) - Freight rates have dropped quite substantially since the iron-ore tailings dam tragedy in Brazil ,with more vessels becoming available, Assore CEO Charles Walters reports. Since the Brumadinho dam disaster, some 30-million tonnes of iron-ore supply have been withdrawn from the market. Speaking to Mining Weekly Online following yet another set of strong financial results in the six months to December 31, Walters, together with Assore CFO Ross Davies and Assore growth and strategic development executive director Kieran Daly, provided wide-ranging insight into the iron-ore, manganese ore, manganese alloy and chrome mining and marketing company, which is: looking to balance what it returns to shareholders and what it retains in the business for reinvestment, to keep the business as efficient as possible; spending capital on the Black Rock manganese mine expansion project and the Gloria manganese mine modernisation project in the Northern Cape, as well as investing in the Dwarsrivier chrome mine in Mpumalanga; continuing to work closely with State-owned rail company Transnet to improve iron-ore logistics and also the railing of chrome from Steelpoort to Richards Bay; benefitting from an increasing manganese intensity as China ramps up production of higher quality steels; continuing with ongoing brownfield exploration drilling around its Khumani and Beeshoek iron-ore mines; holding thumbs that its increased investment in greenfield exploration company IronRidge, which is drilling for metals and minerals in Ghana, Ivory Coast and Chad, will bear fruit; and looking to the hot sun of the Northern Cape to potentially provide cost-effective solar power to its strongly performing mines in the province. Assore's jointly controlled Assmang recorded headline earnings of R4.29-billion, an increase of 23% on a 100% basis, which made a R2.14-billion headline earnings contribution.

Tragedy triggers freight rate drop as more ships become available - Assore
20190227
Polity
JOHANNESBURG (miningweekly.com) - Freight rates have dropped quite substantially since the iron-ore tailings dam tragedy in Brazil with more vessels becoming available, Assore CEO Charles Walters reports. Since the Brumadinho dam disaster, some 30-million tonnes of iron-ore supply has been withdrawn from the market. Speaking to Mining Weekly Online following yet another set of strong financial results in the six months to December 31, Walters, together with Assore CFO Ross Davies and Assore growth and strategic development executive director Kieran Daly , provided wide-ranging insight into the iron-ore, manganese ore, manganese alloy and chrome mining and marketing company, which is: looking to balance what it returns to shareholders and what it retains in the business for reinvestment, to keep the business as efficient as possible; spending capital on the Black Rock manganese mine expansion project and the Gloria manganese mine modernisation project in the Northern Cape, as well as investing in the Dwarsrivier chrome mine in Mpumalanga; continuing to work closely with State-owned rail company Transnet to improve iron-ore logistics and also the railing of chrome from Steelpoort to Richards Bay; benefitting from an increasing manganese intensity as China ramps up production of higher quality steels; continuing with ongoing brownfield exploration drilling around its Khumani and Beeshoek iron-ore mines; holding thumbs that its increased investment in greenfield exploration company IronRidge, which is drilling for metals and minerals in Ghana, Ivory Coast and Chad, will bear fruit; and looking to the hot sun of the Northern Cape to potentially provide cost-effective solar power to its strongly performing mines in the province.