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Kumba Iron Ore Ltd (KIOJ.J)

KIOJ.J on Johannesburg Stock Exchange

30 Sep 2016
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441.00c (+3.69%)
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Latest Key Developments (Source: Significant Developments)

Kumba says received letter of findings from SARS
Tuesday, 13 Sep 2016 03:00am EDT 

Kumba Iron Ore Ltd : Kumba Receives Sars Letter Of Findings For 2011 Tax Year . Has now received a similar letter of findings from SARS in relation to 2011 tax year, indicating potential adjustments to company's taxable income . Would result in an additional tax liability of approximately 1.0 bln rand . SIOC has cooperated fully with SARS during course of audit but, supported by its specialist tax and legal advisors, disagrees with SARS' audit findings .Will respond to letter accordingly and within prescribed period.  Full Article

Anglo American sees $143 mln in H1 underlying earnings from Kumba Iron Ore Ltd
Tuesday, 26 Jul 2016 02:00am EDT 

Anglo American Plc :Will report underlying earnings in respect of Kumba Iron Ore Limited of $143 million for six months ended 30 June 2016.  Full Article

Kumba Iron Ore says H1 HEPS up 20 pct to 9.41 rand
Tuesday, 26 Jul 2016 01:15am EDT 

Kumba Iron Ore Ltd : JSE: KIO - reviewed interim financial results for the six months ended June 30 2016 and changes in directorate . Says heps of r3 billion, r9.41 per share, up 20% . Says balance sheet strengthened to net cash position of r548 million . Says substantial r3.1 billion reduction in controllable costs . Production and waste is expected to be about 27 mt and about 150 mt from 2017 - 2020, respectively. . Full year guidance has therefore been reduced to about 38 - 39 mt compared to previous guidance of 40 mt . Iron ore prices are expected to remain under pressure in short to medium term . H1 production reduced by 21% to 17.8 mt consistent with revised sishen mine plan . No interim dividend . Average index iron ore prices (cfr china 62% fe) in first half of 2016 were down 13%, from $60/tonne in 1h 2015 to $52/tonne . Says 61% reduction in capital expenditure to r1.3 billion . Says now much more resilient and better positioned for lower prices. . Estimated capital expenditure for second modular plant at sishen is expected to be about r400 - r600 million . Targets a cash breakeven price of between $32-$40/tonne cfr for 2016. Volatility in non-controllable costs anticipated to continue.  Full Article

Anglo American says Themba Mkhwanazi appointed CEO of Kumba Iron Ore
Tuesday, 26 Jul 2016 01:07am EDT 

Anglo American Plc : Appointment of Themba Mkhwanazi as CEO of Kumba Iron Ore Limited . July Ndlovu appointed ceo of anglo american's coal business in south africa, to replace Themba Mkhwanazi .Appointments of Mkhwanazi will take effect on 1 september 2016.  Full Article

Anglo American cuts FY copper, iron ore Brazil production guidance
Wednesday, 20 Jul 2016 02:00am EDT 

Anglo American Plc : Anglo american q2 production report . Q2 platinum production (expressed as metal in concentrate) (2) increased by 1% to 585,700 ounces . Q2 copper production from retained operations decreased by 8% to 144,200 tonnes . Q2 iron ore production from kumba decreased by 15% to 8.9 million tonnes as sishen restructured . Q2 iron ore production from minas-rio increased by 91% to 3.5 million tonnes (wet basis) as operation continues its ramp-up. . Q2 export metallurgical coal production increased by 4% to 5.5 million tonnes . Q2 export thermal coal production decreased by 6% to 8.1 million tonnes . Full year copper production guidance cut to 570,000 - 600,000 tonnes for 2017 (previously 590,000 - 620,000 tonnes) . Full year copper guidance cut owing to severe winter weather experienced at los bronces during quarter . Q2 manganese ore production was broadly in line with q2 2015 . Q2 diamond production decreased by 19% to 6.4 million carats . Q2 nickel production increased by 76% to 11,100 tonnes following successful completion of barro alto furnace rebuilds in 2015 . Full year copper production guidance has been revised down to 570,000 - 600,000 tonnes for 2016 (previously 600,000 - 630,000 tonnes).  Full Article

Kumba Iron Ore Q2 production decreases by 15 pct
Wednesday, 20 Jul 2016 02:00am EDT 

Kumba Iron Ore Ltd : Production decreased by 15 pct to 8.9 mt consistent with revised sishen mine plan for the quarter ended June 30 .Quarterly total sales of 9.7 mt (0.8 mt higher than production), a 26 pct decrease as stock levels reduced further.  Full Article

Kumba Iron Ore sees H1 HEPS between 14 pct and 23 pct higher
Thursday, 14 Jul 2016 03:00am EDT 

Kumba Iron Ore Ltd : H1 HEPS is likely to be between r8.95 and r9.65, representing an increase of between 14 pct and 23 pct .Expected increase in earnings largely attributable to derecognition of deferred tax asset of r617 million in comparative period.  Full Article

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

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.