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Kumba Iron Ore Interim Report For The Six Months Ended 30 June 2020

Mining News - Published on Thu, 30 Jul 2020

Image Source: Kumba Iron Ore
Themba Mkhwanazi, Chief Executive of Kumba, said, “Kumba adapted its business quickly and comprehensively to meet the human, operational and market challenges of the likely enduring reality of Covid-19. The company delivered a strong performance in the first half of the year, with EBITDA of R17.4 billion at a margin of 55%. We are a resilient and capital efficient business with a robust balance sheet, well positioned to navigate the current environment and the longer term.

Kumba’s production of 17.9 Mt and sales of 18.6 Mt were in line with Covid-19 adjusted guidance for the first half of the year, following continued improvements as we returned to pre-Covid-19 run-rates in June. Our strong EBITDA performance translated into ZAR 7.1 billion of attributable free cash flow. Taking into account our strong earnings, the resilience required for our new operating conditions, and need for a robust balance sheet, the Board declared an interim cash dividend of R19.60 per share, representing a payout ratio of 75% of headline earnings.

Average realised FOB export price of US$93/tonne

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Posted By : Yogender Pancholi on Thu, 30 Jul 2020
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