Kumba Iron Ore: Annual earnings rise as much as 29%

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Kumba Iron Ore’s full-year profit rose as much as 29 percent last year after prices of the steelmaking ingredient climbed and the rand fell, the company said on Friday. Headline earnings advanced to as much as R15.75 billion last year from R12.2bn a year earlier, the Anglo American unit that owns Africa’s largest iron ore mine said. Headline earnings a share rose to between R46.60 and R49 from R37.97. The company plans to publish annual results on February 11. “The increase in earnings is largely attributable to an increase in export iron ore prices and a weaker rand-dollar exchange rate,” Kumba said. Gains were partially offset by lower production from the Sishen mine in the Northern Cape. The shares rose as much as 5.6 percent to a three-month high of R469, and closed 3.6 percent up at R460 on the JSE on Friday. – Bloomberg


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