IRON ORE MINING
Transnet sent us R2bn off track, says Kumba
SA’s largest iron ore miner lost R2bn in revenue in the first half of the year due to problems on SA’s premier railway line, including train cancellations and four derailments, Kumba Iron Ore CEO Themba Mkhwanazi said on Tuesday. His comments are sure to sting line operator Transnet, which prides itself in running what it says is one of the world’s best heavy-haul export lines. "The entire rail system has been under pressure. Actual load scheduling was often significantly below plan. Besides the major disruption of the derailments to our operations, there have been train cancellations and failures," he said. "It has resulted in 2.4-million tonnes of lost opportunity. These constraints seriously impacted our overall performance and we are extremely concerned about the wider implications this has for growth of the economy, employment and investment in the country." Kumba’s revenue for the six months to end-June fell to R19.5bn from R21.5bn the year before because of a stronger rand an...
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