(Reuters) – South Africa’s Kumba Iron Ore reported a 17% decline in half-year profit on Tuesday due to softer iron ore prices and persistent rail logistics problems.
Kumba, 70% owned by global mining giant Anglo American Plc, said its headline earnings per share (HEPS) came in at 30.04 rand ($1.70) for the six months to June 30, down from 36.13 rand last year.
The miner’s average realised export price was 22% lower at $106 per wet metric ton (wmt), compared to $136/wmt in the first half of 2022.
Although production increased 6% to 18.8 million tons during the first half of 2023 compared to last year, sales volumes were 4% lower at 18.9 million tons as persistent rail problems – derailments and cable theft – continue to throttle exports.
Kumba declared an interim dividend of 22.60 rand, returning $413.42 million to shareholders.
($1 = 17.6578 rand)
(Reporting by Nelson Banya; Editing by Kim Coghill and Subhranshu Sahu)
