Kumba profit grows on higher iron ore prices and weak rand
Kumba Iron Ore said its full-year profit grew, driven by higher iron ore prices as well as the weakening of the rand against the dollar. Kumba, which is SA’s largest iron ore miner and owner of two opencast mines in the Northern Cape, will release its full-year results on February 14. It told shareholders on Friday its earning and headline earnings would be at least 20% higher than the R469m and R3.79bn it posted at the end of last year. This meant an increase of at least R94m and R758m for basic earnings and headline earnings respectively, the Anglo American subsidiary said. Headline earnings per share and earnings per share would be R2.36 and 30c higher than the R11.82 and R1.46 recorded last year. Kumba has undergone an extensive restructuring at its flagship Sishen mine as it changed its mining plans to move less waste rock to expose fresh iron ore and cut costs. The company set itself a target of mining and delivering ore at below $40/tonne. The price for ore with a 62% iron co...
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