Africa’s largest iron ore miner Kumba Iron Ore approved a R7bn mining project despite a buffeting from the Covid-19 pandemic on its operations and interim financial results.
“Operational performance during the period reflects the lockdown and subsequent reopening of our operations with a reduced proportion of our workforce in April before ramping up to pre-Covid-19 run-rates in June,” said CEO Themba Mkhwanazi. Transnet’s logistical capacity on its railway line linking the Northern Cape mines to the Saldanha port was at 80% of normal traffic during June.
The new Kapstevel South project will deliver a direct-shipping ore, which means it needs little processing before it can be sold, said Mkhwanazi. The project will be funded out of cash.“The project will sustain Kolomela’s production of about 13-million tonnes for the life of mine of 13 years,” Mkhwanazi said, adding 6,000 jobs would remain intact.
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