Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South African iron-ore major Kumba Iron Ore has taken the knife to 1 772 jobs as low iron-ore prices cut a swathe through the industry. In presenting 61% lower headline earnings for the six months to June 30, Kumba CEO Norman Mbazima said the company was now targeting a decreased break-even cash iron-ore price of $45/t, which was down from the heady average of $135/t in 2013.
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