Ensuring cost-competitive operational performance and increasing efficiencies and outputs to improve margins were cited as being key by new African Rainbow Minerals (ARM) CEO Phillip Tobias when he outlined the operating, low price, logistics, power, water and above-inflation cost challenges of ARM’s 2023 financial year to June 30. “A cost focus is very key,” Tobias emphasised when the Johannesburg Stock Exchange-listed company reported 21% lower headline earnings to R8 981-million on September 4.