GOLD 1239.85 $/ozChange: 5.10
PLATINUM 1369.00 $/ozChange: 6.00
R/$ exchange 10.94Change: 0.09
R/€ exchange 14.17Change: 0.13
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
close notification
powered by
Advanced Search
Breaking News
Kumba warns of lower earnings owing to strike, weak export prices
Embed Code Close
16th January 2013
Text Smaller Disabled Text Bigger

JOHANNESBURG ( – JSE-listed Kumba Iron Ore on Wednesday warned of lower 2012 full-year earnings after an illegal strike at its Northern Cape operations and weaker export iron-ore prices weighed on the group.

The Anglo American subsidiary expected headline and basic earnings to fall to between R11.65-billion and R12.45-billion for the year ended December 2012, compared with the R17-billion reported in 2011.

Headline earnings a share and earnings a share were expected to reach between R36.30 and R38.80, down from the R53.13 and R53.11 recorded respectively the year before.

Kumba earlier reported losing 120 000 t/d of production after a group of employees halted production and occupied the Sishen mine from October 3 to 16 – in contravention of a court order – demanding higher wages.

Kumba would report on its financial results for the 12 months to December on February 12.

Edited by: Creamer Media Reporter


To subscribe to Mining Weekly's print magazine email or buy now.

FULL Access to Mining Weekly and Engineering News - Subscribe Now!
Subscribe Now Login
Topics in this article