[miningmx.com] — KUMBA Iron Ore said on Thursday it expects a rise in first-half earnings lifted by higher iron ore export prices.
Kumba, the world’s 10th-largest iron ore producer and a unit of Anglo American, said it expects headline earnings per share for the six months to end-June at between R26.80 and R28.70.
This compares with headline earnings per share of R20.28 reported a year earlier.
“The increase in earnings is primarily attributable to higher export iron ore prices which were partially offset by the strengthening of the average exchange rate of the rand to the US dollar during the period,” the company said in a statement.
The local currency has gained 13% against the dollar over the past 12 months.
