Briefs
Transnet shipping record levels of iron ore despite price glut
South African logistics group, Transnet, said that lower global iron ore prices had not hurt its rail business.
(Reuters) – South African logistics group, Transnet, said on Wednesday that lower global iron ore prices had not hurt its rail business – and it was on track to export a record 62 million tonnes of iron ore in 2015/16. The company stated that in the first quarter, it railed some 15.7 million tonnes against a target of 15.66 million tonnes.
Although still in the second quarter, Transnet said it was on track to attain a record target.
This comes against a background of depressed global iron ore prices, which touched a 10-year low this month, and has hammered miner Kumba Iron Ore – the main anchor client for Transnet Freight Rail along its Sishen to Saldanha iron ore export line.