[miningmx.com] – KUMBA Iron Ore, the Anglo American listed subsidiary, said full-year earnings were expected to be a fifth lower year-on-year. The company is due to report its numbers on February 9.
“The decrease in earnings is largely attributable to the significant decrease in export iron ore prices during the year,” the company said. Headline earnings per share would be at least R6.86/share – 20% lower – than in the comparative period, it said.
Goldman Sachs said in October that Kumba was unlikely to reinstate the dividend, suspended earlier this year, and had limited levers to cut costs as it will have to deal with increased stripping over the next couple of years.
