[miningmx.com] – KUMBA Iron Ore, the listed Anglo American subsidiary, was expected to report a one fifth decline in interim earnings, said BDLive citing the company’s trading statement.
“The decrease in earnings is primarily attributable to the significant decrease in export iron ore prices during the period,” Kumba was quoted to have said. In an earlier quarterly update, Kumba said it was deepening actions to cut spending and rein in production costs because of weak iron ore prices.
“While a number of actions have already been implemented, further initiatives are being taken to reduce capital expenditure and lower the cost of production,” South Africa’s largest iron ore producer said.
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