Grim news from Kumba
03 February 2016 - 02:38
Kumba Iron Ore said yesterday it expected full-year earnings to plunge as much as 67% as it battles falling prices. The Anglo American unit said headline earnings per share were expected to fall between 65% and 67% to R11.45 and R12.05. Shares fell 8% before recouping losses to trade 2.3% lower at R35.54.Iron ore prices fell about 35% in 2015 amid a supply glut and growth concerns in China, forcing Kumba to cut jobs and restructure its main mine, Sishen. Kumba took a R6-billion write-down charge to reconfiguring Sishen...
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