Kumba Iron Ore Ltd (KIOJ.J) Key Developments | Reuters.com
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Kumba Iron Ore Ltd (KIOJ.J)

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Latest Key Developments (Source: Significant Developments)

Kumba Iron Ore Ltd - Job cuts to escalate in South African mines as global economy slows - Reuters
Monday, 15 Feb 2016 02:54am EST 

Kumba Iron Ore Ltd:Job losses in South Africa's mining sector are likely to accelerate with mining companies such as Glencore and Anglo American battling to cope with a global commodity price slump - RTRS.The government has warned that 32,000 workers in the sector could lose their jobs as metals prices fall due to slowing economic growth in China, the world's biggest metals consumer. Industry officials predict more than 50,000 job cuts.Companies in the industry, which employs about 500,000 people and contributes around 7 percent to South Africa's GDP, say they have little choice but to cut jobs and close struggling mines to cope.But with more than a quarter of the working population unemployed the job losses could trigger labour unrest and erode support for the ruling African National Congress (ANC) in local government polls expected after May.Roger Baxter, chief executive of the Chamber of Mines, which groups mining firms, said the industry shed around 47,000 jobs between 2012 and the first quarter of 2015.Anglo American Platinum , and Kumba Iron Ore have announced they will cut thousands of jobs in South Africa.Besides cutting jobs Lonmin LMI.L is closing shafts after issuing a rights issue to shore up its balance sheet. CEO Ben Magara has said he will not shy away from a takeover or merger.Miner and trader Glencore is also considering closing its Eland platinum mine in South Africa, putting just under 1,000 jobs there at risk.  Full Article

Kumba Iron Ore Ltd to restructure Sishen Mine
Wednesday, 27 Jan 2016 07:13pm EST 

Kumba Iron Ore Ltd:Sishen Iron Ore Company (PTY) Ltd, an operating company of Kumba Iron Ore Limited, today commenced a consultation process in terms of section 189 and 189A of Labour Relations Act​.Consultation about workforce reductions follows a decision to restructure Sishen Mine to a lower cost pit configuration.This was necessitated by sharply lower iron ore prices and both increased capital costs and increased operating expenses​.Restructuring of mine will impact approximately 2,633 Kumba employees.Contractors at mine have commenced with their restructuring process and approximately 1,300 contractors will be affected​.SIOC is conducting extensive consultations with all stakeholders.New Sishen mine plan significantly reduces mining and production activities and necessitates a re-evaluation of equipment and workforce needed to support a smaller, more focused operation​.Kumba will engage and update all stakeholders as necessary​.  Full Article

Kumba Iron Ore Ltd tells union to brace for lay-offs - Reuters
Wednesday, 20 Jan 2016 01:52am EST 

Kumba Iron Ore Ltd:Kumba Iron Ore has told South Africa's National Union of Mineworkers (NUM) it will issue lay-off notices this year if low prices persist for the steel-making ingredient, the union's general secretary said on Wednesday. - RTRS."The price has put them in dire straights and there is a prospect of them issuing a Section 189 notice at Sishen mine," NUM General Secretary David Sipunzi told Reuters. - RTRS.He was referring to the regulatory process South African employers must follow before they lay off staff. "They have been trying to sensitise us to this possibility. If the price remains like this for a few months they will have no choice but to issue a Section 189," he said - RTRS.Lay-offs are a politically thorny issue in South Africa, where the jobless rate is around 25 percent and local elections are expected this year. The NUM is also a key political ally of the ruling African National Congress (ANC) - RTRS.Sipunzi said he expected to see more lay-off notices this year from other sectors but the union wanted to work with companies to find ways to minimise job cuts. - RTRS.In line with other commodities, prices for iron ore have been sliding due to oversupply and slowing economic growth in China, the world's bigest metals consumer - RTRS.  Full Article

Kumba Iron Ore Ltd plans layoffs - union - Reuters
Wednesday, 8 Jul 2015 08:00pm EDT 

Kumba Iron Ore Ltd:Says plans to cut around 190 jobs at its Sishen and Kolomela mines, trade union Solidarity said on July 9 - Reuters.Says it would soon start with a large-scale restructuring process at its Sishen and Kolomela mines.  Full Article

Kumba Iron Ore Ltd approves final cash dividend
Tuesday, 10 Feb 2015 12:30am EST 

Kumba Iron Ore Ltd:Says directors approved a gross final cash dividend of 773 cents per share on the ordinary shares from profits accrued during the year ended Dec. 31, 2014.Record date is March 13.Dividend payment date is March 16.  Full Article

Kumba Iron Ore Ltd updates on FY 2014 earnings guidance
Friday, 23 Jan 2015 07:33am EST 

Kumba Iron Ore Ltd:Expects FY 2014 headline earnings for period are likely to be between 10,610 mln Rand and 11,410 mln Rand.Expects FY 2014 basic earnings expected to be between 10,220 mln Rand and 11,020 mln Rand.Expects FY 2014 headline earnings per share (HEPS) is likely to be between 33.10 Rand and 35.60 Rand, decrease of between 26 pct and 31 pct.Expects FY 2014 basic earnings per share (EPS) expected to be between 31.90 Rand and 34.40 Rand, decrease of between 28 pct and 34 pct.  Full Article

Kumba Iron Ore Ltd gives FY 2014 earnings guidance
Wednesday, 5 Nov 2014 03:09am EST 

Kumba Iron Ore Ltd:Expects FY 2014 both headline earnings and basic earnings for period are likely to be at least 3,089 mln Rand (20 pct) lower than FY 2013.FY 2013 headline earnings and basic earnings were 15,443 mln Rand and 15,446 mln Rand respectively, while headline earnings per share (HEPS) and earnings per share (EPS) reported for comparative period were 48.08 Rand and 48.09 Rand respectively.  Full Article

Kumba Iron Ore Ltd declares interim dividend
Tuesday, 22 Jul 2014 07:30am EDT 

Kumba Iron Ore Ltd:Declared an interim dividend of 1,561 cents per ordinary share payable on Aug 18.Record date on Aug 15.  Full Article

Kumba Iron Ore Ltd gives H1 2014 earnings outlook
Friday, 11 Jul 2014 06:23am EDT 

Kumba Iron Ore Ltd:Expects H1 2014 headline earnings and basic earnings to be between 6,255 mln Rand and 6,895 mln Rand.Expects H1 2014 headline earnings per share and earnings per share to be between 19.50 Rand and 21.50 Rand.The decrease in earnings is largely attributable to a decrease in export iron ore prices.  Full Article

Anglo American's Q1 iron ore production falls at Kumba unit

April 21 Global mining company Anglo American Plc said iron ore production at its Kumba Iron Ore Ltd unit fell 27 percent in the first quarter as the mine moves to a lower-cost pit configuration.