Kumba CEO Themba Mkhwanazi says the improved working relationship with Transnet has been fundamental to the improvement in rail performance. Picture: BUSINESS DAY/ELAINE BANISTER
Kumba Iron Ore expects the coronavirus outbreak in China, which is damping prices for the steel ingredient, to have a limited affect on iron ore prices this year. Kumba, which is a 79%-owned Anglo American subsidiary, had a strong 2019, with iron ore prices increasing by 35% to $97 a tonne leading to free cash flow more than doubling to R17bn.
A final dividend of R15.99 a share brought the full-year return to shareholders to R46.78 a share, which equated to 92% of headline earnings, well above the company’s dividend policy.Headline earnings, which strip out exceptional items to give investors a measure to judge year-on-year performance, increased to R50.88 a share from R30.28.Operational difficulties during 2019 at the flagship Sishen mine and its sister mine Kolomela saw production fall to 42.
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