Kumba warns over 1,600 employees of potential job cuts
Union Solidarity says Africa’s largest iron ore miner has posted record annual results and questions the timing of retrenchments
On the back of record annual operating profit, Kumba Iron Ore has issued notices of potential retrenchment to 1,620 employees, union Solidarity said on Friday.
Kumba, Africa’s largest iron ore miner, has, in recent weeks, announced two large investments in its Sishen and Kolomela mines totalling R10.6bn. It said it delivered nearly R21bn of free cash flow during 2020 and paid out a total dividend of R60.90 a share, which was 86% of headline earnings...