# African Rainbow Minerals, founded and backed by billionaire Patrice Motsepe, posted a 19-percent increase in annual profit. The result came as strong platinum group metal prices offset the impact of lower income from its coal, iron ore and manganese divisions. The diversified South African miner’s headline earnings came in at around 3.2-billion-rand in the year ended June 30, compared with almost 2.7-billion-rand previously. The company’s PGM operations swung back to profit with 1.345-billion-rand in headline earnings against last year’s loss of almost 1.3-billion-rand , after metal prices rose by more than 50-percent.
Billionaire Motsepe’s African Rainbow Minerals increase profits by 19%