{"id":1198431,"date":"2020-07-28T12:27:01","date_gmt":"2020-07-28T17:27:01","guid":{"rendered":"https:\/\/www.mining.com\/?p=1031069"},"modified":"2020-07-28T12:27:01","modified_gmt":"2020-07-28T17:27:01","slug":"kumba-iron-ore-posts-17-decline-in-interim-earnings","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1198431","title":{"rendered":"Kumba Iron Ore posts 17% decline in interim earnings"},"content":{"rendered":"

South Africa’s Kumba Iron Ore on Tuesday reported<\/a> a steep decline in interim earnings for the first half of 2020 due to the impact of the covid-19 pandemic on output and sales.<\/p>\n

Headline earnings per share, the main profit measure used in South Africa, fell 17% to 26.19 rand for the six months ended on June 30, compared with 31.51 rand a year earlier.<\/p>\n

During the period, iron ore production dropped by 11% to 17.9 million tonnes compared with the same period a year ago. Sales volumes also declined by 13% to 18.6 million tonnes. Both figures were in line with the company’s covid-19 adjusted guidance for the first half of the year.<\/p>\n

However, the Anglo American unit remained upbeat about its ability to withstand the turmoil and declared an interim cash dividend of 19.60 rand, representing a payout ratio of 75% of headline earnings.<\/p>\n

“We are a resilient and capital efficient business with a robust balance sheet, well positioned to navigate the current environment and the longer term,” said Kumba chief executive Themba Mkhwanazi.<\/p>\n

The company also approved a 7 billion rand ($426 million) project to develop the new Kapstevel South pit at its Kolomela operations in the Northern Cape province.<\/p>\n

The project, which is expected to deliver its first ore in 2024, will contribute to sustaining production of 13 Mt for the remaining life of the Kolomela mine.<\/p>\n

($1 = 16.4506 rand)<\/p>\n

(With files from Reuters)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company also approved a $426 million project at its Kolomela operations.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1198431"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1198431"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1198431\/revisions"}],"predecessor-version":[{"id":1198432,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1198431\/revisions\/1198432"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1198431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1198431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1198431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}