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Anglo American subsidiary Kumba Iron Ore dropped the most in more than two months after saying its first-half earnings probably fell more than a fifth, hurt by a stronger rand and weaker prices for iron ore. The JSE-listed shares dropped 5.3%, the most since the middle of April, after Kumba said in a trading statement on Monday that earnings for the first half of the year were likely to be at least 20% lower than for the same period in 2017. This may signal a similar fate for other South African producers Assore and Assmang, an analyst said. Headline earnings and basic earnings for the period to June 30 may be at least R921m and R917m lower, respectively, than for the comparative period in 2017, Kumba said. Headline earnings per share and earnings per share are likely to be lower by R2.88 and R2.87, respectively, Kumba said. Improving efficiencies Improving efficiencies and cost cuts were probably "more than offset" by a stronger rand and lower iron ore prices. Derailments on Kumba’...

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