KUMBA Iron Ore, which is changing its CEO, said it had a difficult six months, with lower production and prices, but a restructuring that cut 2,400 jobs at its flagship Sishen mine was starting to take effect.Kumba, which is majority owned by Anglo American and is SA’s largest producer of iron ore, reported headline earnings of R3bn for the six months to end-June, a 20% increase on the previous year.Incumbent CEO Norman Mbazima is leaving Kumba after four years at the helm and will be replaced on September 1 by Themba Mkhwanazi.Mbazima will remain as deputy chairman of Anglo American SA.Mkhwanazi moves to Kumba from Anglo American’s South African coal business, where he has been CEO since May 2014. Before that, he was Rio Tinto’s regional GM for the Americas and chief operating officer of Richards Bay Minerals.Anglo appointed Anglo American Platinum’s head of processing, July Ndlovu, as the new CEO of its coal division in a management reshuffle announced on Tuesday.Kumba is one of t...
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