Kumba Iron Ore reverses pre-tax impairment charge on its Sishen mine
Johannesburg — Kumba Iron Ore said on Friday that it had reversed a R4.8bn pre-tax impairment charge on its Sishen mine in its 2017 results, following an improved operational performance at the mine. The unit of Anglo American said the reversal, net of tax and non-controlling interest, was R2.6bn and would be included in its basic earnings but excluded from headline earnings. "The improved operational performance at Sishen mine, as a result of improved levels of production and operating efficiencies, as well as the recovery in the price outlook for the iron ore market, has necessitated an assessment of the recoverable amount of the Sishen mine," the firm said in a statement. The Sishen mine produced 15.6-million tonnes of iron ore in the six-months ended June 30. Kumba said it expected headline earnings per share (HEPS) for the year to December 31 to increase by between 7% and 15% to between R29.13 and R31.27. Said Kumba: "The increase in headline earnings is largely attributable to...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.