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.
Lonmin and Kumba Iron Ore plan to scale back operations, cut costs and reduce jobs at key mines as the slide in commodity prices bites further.
Exxaro is one of Coronation’s top ten preferred large caps on the South African market and Craig Martin thinks that with iron ore prices down it’s a steal at the price.
Kumba Iron Ore has reported a 16% drop in its earnings results for the six month period that ended in June. The company cited weak prices as the cause of the decrease. Kumba is a unit of Anglo American and holds a current market cap of R109.54bn with a price to earnings ratio 7.07, its … Read more
Although Anglo American’s iron ore subsidiary Kumba had to go to court to fight off an attempted hijacking of its mineral rights by the politically connected Gupta family, it retains confidence in the SA legal processes. The company expects to secure another important mining licence during the first half of 2014. Seeing the SA mining … Read more
This week an opportunistic bid by the politically connected Gupta family ended very badly for them and their supporters at the Department of Mineral Resources. They have lost every round in a four year court action, but kept going because the value of the prize was potentially billions of rand. Yesterday’s judgement was the final … Read more
An already bad year for the controversial Gupta family got even worse today when the Constitutional Court ruled against its opportunistic attempt to secure 21.4% of the mineral rights at Kumba’s operating Sishen iron ore mine. To access a copy of Mr Justice Jafta’s full judgement, click here. The Guptas hail from a small town … Read more