Billiton, Kumba shares fall

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Kumbaironore

Independent Newspapers

Two workers at a Kumba Iron Ore mine. Photo: Simphiwe Mbokazi.

Johannesburg-listed shares of global mining company BHP Billiton drop more than 2 percent, while local firm Kumba Iron Ore also declines, after iron prices are squeezed by weaker demand from China.

Investors are concerned that a recovery in steel demand from the world's second-largest economy could stall, putting more pressure on the price of iron ore, which is used to make steel.

Billiton, which derived nearly a third of its 2012 revenue from iron ore, is down 2.4 percent at 291.28 rand.

Shares of Kumba are down 1 percent at 590.21 rand. - Reuters


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