Sunday, August 19, 2018

The unremittingly weak iron ore price has finally closed in on Anglo American's Kumba Iron Ore which is cutting jobs and reducing output.

Key Japanese steelmakers have stopped production at some plants as the country imposed power cuts to cope with the devastation brought by a massive earthquake and tsunami.

A surge in iron ore export prices and sales volumes assisted Kumba Iron Ore to more than double its headline earnings during the 2010 financial year.

Kumba Iron Ore has announced that it has reached a settlement agreement with the Republic of Senegal and La Society des Mines De Fer Du Senegal Oriental, Senegal's state-owned development company, concerning the Faleme Project.

Kalagadi Manganese says it has reached significant milestones in the construction of its R7bn mine and sinter plant, remaining on track to start production in June 2012.

The occupation of Kumba Iron Ore’s Sishen mine by some 120 striking workers has come to an end, the company says.

The South African government buys Scaw from Anglo and says the firm will compete for state-backed infrastructure business and help further its beneficiation strategies.

Anglo-Australian mining giant Rio Tinto has posted a 260% jump in first-half net earnings to a record $5.85bn and says China was key to its future.

Steel production was likely to tick up in September and October in China with iron ore prices holding steady in the meantime, traders said.

The alleged hijackers of mining firm Kalahari Resources have been arrested and will appear in the Pretoria Commercial Crimes Court on fraud charges.