[miningmx.com] – AFRICAN Rainbow Minerals (ARM) spent R1.3m on health and HIV/AIDS in the year to June, a 63% reduction year-on-year – a development Mike Schmidt, CEO of ARM, said may be related to timing issues.
In an article by BDLive, Schmidt said another reason for the lower spend on health issues by the company was that facilities were already in place and the only costs in the system now were administrative.
This emerged at the annual general meeting (AGM) held by the company last week attended by BDLive which, citing shareholder activist Theo Botha, also observed that ARM’s spend on sponsorships, donations and gifts increased 55% to R33m.
However, the bulk of the spending on ‘sponsorships’ was actually on social housing in Zambia, said BDLive citing Schmidt’s response at the AGM.
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