Transnet snubs Kumba’s overture to run lucrative SA iron ore rail line
Kumba wants to lease the line from Transnet or run it on a concession basis, and would invest in boosting its capacity and efficiency.
Kumba wants to lease the line from Transnet or run it on a concession basis, and would invest in boosting its capacity and efficiency.
In mid-2020, ArcelorMittal SA was on the ropes, with critics predicting it was only a matter of weeks before the long-time loss-making company hit the wall.
In 2016, Kumba was trading below R30 per share with a market cap below R10bn. This morning Kumba announced an interim dividend of R72.70.
Veteran mining analyst Peter Major joins BizNews editor-at-large Jackie Cameron talking all things commodities and resource shares
Kumba, one of the few darlings of the JSE over the past five years, has reported a bumper set of numbers for its financial year-end.
Anglo American, the mining giant that fought to survive the commodities collapse, has returned with a renewed sense of ambition.
Kumba Iron Ore will resume dividends for the first time in two years after higher ore prices earlier this year and more efficient production helped boost first-half earnings by 53 percent. The shares rallied.
SA desperately needs to see a return to job-creating growth and the mining sector has significant potential as an important catalyst to help achieve this.
Kumba Iron Ore was the biggest loser on the JSE on Friday after it announced it would pay the South African Revenue Service (Sars) a R2.5bn tax bill.
Kumba Iron Ore announced Tuesday that Themba Mkhwanazi will take the helm as chief executive from September 1, replacing Norman Mbazima.