[miningmx.com] – KUMBA Iron Ore said interim headline share earnings would be up to 63% lower owing “the significance decrease in export iron ore prices,” the company said in an announcement.
Headline share earnings would range between R7.47 to R8.05/share, between 60% and 63% lower while headline earnings would come in at between R2.4bn and R2.5bn.
Normalised share earnings, which excluded the derecognition of a deferred tax asset, would be up to 54% lower or R10/share.
It was reported on July 10 that Kumba would retrench about 190 jobs from its Sishen and Kolomela iron ore mines owing to difficult market conditions.
