Persistent Rail and Port Constraints Cause Kumba Iron Ore to Suffer Stockpile Buildup at Mines
AinvestTuesday, Jul 23, 2024 2:04 am ET
1min readAnglo American's South African iron ore unit, Kumba, is facing rail and port constraints, leading to increased stockpiles. Despite efforts to overcome logistics issues, Kumba's iron ore stockpiles grew to 8.2 million metric tons, up from 7.1 million the previous year. This challenge comes as Anglo American reevaluates its business structure, considering divestments and restructuring. CEO Mpumi Zikalala cited Transnet's rail line issues as a significant cause, resulting in production cuts and job losses. Kumba reported a 26% drop in headline earnings per share due to lower iron ore prices and transportation challenges.
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