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Kumba Iron Ore on Tuesday fell 0.63% in early trade after it flagged a slump of up to 43% in its headline earnings for the six months ended June 2026.
The group’s financial performance comes on the back of lower output and sales volumes as its operations experienced the heaviest rainfall in decades during the second quarter.
Kumba, an Anglo American PLC subsidiary, said its headline earnings for the six-month period are likely to fall by up to R4.36bn from a year earlier, resulting in headline earnings per share of up to R13.61, reflecting a decrease of between 39% and 43% from the previous period.
Basic earnings are expected to be up to R4.2bn, from R7.1bn, with basic earnings a share likely to be between R12.41 and R13.31, from R22.17 a year earlier.
Kumba said total production was 3% lower, reflecting a solid performance at Sishen offset by planned lower production at the Kolomela mine.
“Sales volumes were 1% lower, largely due to the first of two planned 10-day Transnet logistics maintenance shutdowns in May 2026,” the group said.
In the first quarter of 2026, Kumba-railed ore to ports fell 1% to 9.7 metric tons after adverse weather conditions led to a rail wash-away in February. The group is due to release its results for the half year ended June 2026 on July 28.
TimesLIVE
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