Otmane El Rhazi : Kumba Iron Ore earnings plunge, dividend dumped, mines rejigged

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.

The earnings of South African iron-ore major Kumba plummeted in the six months to June 30 accompanied by a shattering of the iron-ore price, the closing of Thabazimbi mine, a rejigging of the remaining mines and a decision not to declare an interim dividend in a company that has been a long-standing dividend play. Headline earnings were 61% lower at R2.5-billion, compared with R6.5-billion in the corresponding six months of 2014.