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Andre Joubert, a South African multimillionaire executive, has sold his beneficial stake in African Rainbow Minerals (ARM), a South African diversified mining corporation led by Patrice Motsepe, one of Africa’s wealthiest billionaires.
Joubert has been the CEO of ARM’s Ferrous Division since July 2012. In this capacity, he oversees the division’s iron ore and manganese mines in the Northern Cape, as well as a Ferro Manganese smelter in Kwa-Zulu Natal.
Following the execution of the deal on May 6 at a price of R241.9063 ($14.99) per share on the open market, the leading executive received a total of R21.59 million ($1.33 million) for the sale of a 0.042-percent stake, which amounted to 89,240 ordinary shares in ARM.
ARM, a top South African mining and minerals company has evolved into one of South Africa’s leading mining and minerals firms since its inception about 25 years ago, with holdings in a diverse range of mines including iron, coal, copper, gold, platinum, and other precious metals.
Joubert joined ARM after holding senior and executive operational positions in Anglo-American’s gold and base metals divisions. He also spent five years in Anglo’s new mining business division, evaluating and designing mining projects in South Africa, Tanzania, South America and Canada.
Under Joubert’s leadership, ARM’s ferrous division increased its headline earnings by 77 percent from R4.48 billion ($277.4 million) in 2020 to R7.93 billion ($491 million) at the end of its fiscal year in 2021, as the iron ore division’s headline earnings more than doubled to offset a 46-percent decrease in the manganese division’s headline earnings.
During the period, total iron ore sales volumes increased by five percent to 16.4 million tonnes, up from 15.6 million tonnes in the previous period. Export sales rose by one percent to 13.3 million tonnes, while domestic sales increased by 29 percent to 3.1 million tonnes, up from 2.4 million tonnes.
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