Kumba’s lost billions are a rail challenge
Listed property owners are not on track when it comes to trading their assets
R3.2bn. Lost. Not only to Kumba Iron Ore but to its shareholders too. And a large percentage of that will not flow into government coffers at a time when every cent is needed, not least to help rebuild KwaZulu-Natal.
Kumba told the market on Tuesday it had cut 1-million tonnes from its full-year sales target because of rail and port constraints and on a trailing average price of $220 (R3,224) a tonne. It is a big chunk of revenue not flowing into the SA economy...