Kumba lowers production and sales prediction for 2022
Share price tumbles as company reports sales fell because of rail problems and low levels of stock available at the Saldanha Port
Kumba Iron Ore has lowered its production and sales prediction for 2022 due to heavy rain and problems with the reliability of its equipment caused by a global shortage of heavy mobile equipment spares, the Covid-19 pandemic and geopolitical disruptions.
SA’s largest iron producer revised its production and sales guidance from 39-million tonnes to 41-million tonnes, to 38-million tonnes to 40-million tonnes, it said in a production and sales report on Thursday for the quarter to end-March. Total production was down 21% to 8.3-million tonnes, and total sales down 8% to 9.5-million tonnes in the first quarter...
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