Kumba posts solid results, sees no threat to sales from coronavirus
Impact of outbreak on business with China has been muted, says Africa’s largest iron-ore miner
Kumba Iron Ore expects the coronavirus outbreak in China, which is unsettling the market for the steel ingredient, to have a muted effect on its sales and for demand to recover by the second quarter of 2020.
Kumba, a 79%-owned Anglo American subsidiary, had a strong 2019, with iron-ore prices rising 35% to R1 457 a tonne leading to free cash flow more than doubling to R17bn. A final dividend of R15.99 a share brought the full-year return to shareholders to R46.78 a share, which equated to 92% of headline earnings, well above the group’s dividend policy...