Anglo American Kumba Iron Ore posts ZAR19.6 billion revenue

Anglo American Kumba Iron Ore posts ZAR19.6 billion revenue

Anglo American’s Kumba Iron Ore has just disclosed it made a total revenue of ZAR19.6 billion, a 6 % increase on a year on year.

Themba Mkhwanazi, Chief executive of Kumba, said, “I am pleased to report that Kumba has delivered on our key objectives for 2017. Most importantly, our safety initiatives resulted in a fatality-free year with material improvement across our key indicators. At Sishen, our focus on all aspects of the value chain resulted in productivity gains by the fleet whilst we also delivered improved plant efficiencies and higher yields. These factors contributed to production above guidance with an overall increase of 8% to 45Mt. Higher production, together with ongoing cost discipline, contained unit costs below guidance.”

“Stronger operational performance has been our priority which, coupled with our focus on costs and ongoing capital discipline, resulted in the delivery of attributable free cash flow of R12.3 billion.”

“Overall, whilst both the operational and financial delivery has been strong, there remains more that can be done to realise the full potential of our assets and we remain committed to building on these gains in 2018.”