JOHANNESBURG (miningweekly.com) – Kumba Iron Ore expects its headline earnings and basic earnings for the six months to June 30, to be at least R602-million, or 20%, higher than the R3-billion it reported for the six months to June 30, 2016.
The company said in a statement on Thursday that the higher earnings were as a result of an increase in export iron-ore prices during the period.
In this regard, headline earnings a share and earnings a share are also likely to be at least R1.88 and R1.86, respectively, higher than the R9.41 and R9.30 reported for the prior comparable period.
The miner has also appointed Johan Prins as its acting CFO, to succeed Frikkie Kotzee, who stepped down on Thursday, after five years in the role. The company would now embark on finding and appointing a successor.
Prins is currently the executive head of finance and plays a critical role in providing high-level guidance and support to the board and executive management team.