Billiton, Kumba shares fall

Comment on this story
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



sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines