Motsepe coins it

[] — Africa Rainbow Minerals chairperson Patrice Motsepe earned almost 74% more during the group’s 2010 financial year than in 2009, according to the company’s annual report.

Motsepe’s earnings totalled R11.71m in comparison to the previous financial year’s R6.7m. This included an accrued bonus of R5.7m.

The company’s CEO Andre Wilkens took home 86% more in remuneration at R12.96m, up from R6.97m in the previous financial year.

“Bonuses paid to executive were substantially higher in 2010 relative to 2009,” the report said.

During the 2010 financial year, ARM increased volumes substantially and unit
controllable costs were mostly down, “thus justifying the higher bonuses”.

The company added rand metal prices were higher budgeted for.

“In spite of a stronger than anticipated rand, those prices also contributed to profits exceeding budget”.

The company said that in the 2009 financial year, profits were substantially
below expectations, mostly due to lower than expected rand metal prices which had resulted in low bonuses.