SA’s largest iron producer, Kumba Iron Ore, has warned investors that 2023 sales of iron ore are likely to be 1-million tonnes less than expected due to inefficiencies at Transnet, and has deferred R2bn of capital expenditure as a result.

The group, valued at R143bn on the JSE, said on Thursday it continues to labour under a restrictive rail system. CEO Mpumi Zikalala said in a statement “given the uncertainty faced as a result of the logistics challenges”, it decided to defer “noncritical” capex of R2bn...

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