Kumba Anglo American Iron Ore Profit Surges on Stronger, Silver Prices

Le Jaime Llinares Taboada


Kumba Iron Ore Ltd., a subsidiary of Anglo American PLC, on Tuesday posted a better profit for 2020 led by stronger prices and cross-border effects.

The South African iron ore mining company made a pretax profit of 41.20 billion rand ($ 2.81 billion), up from ZAR29.25 billion in 2019.

Yields declined over time, but Kumba benefited from stronger iron ore prices and the lowering of the rand against the dollar. As a result, its earnings before interest, taxes, depreciation and depreciation value rose to 57% from 52%.

The company announced a final split of ZAR41.30, bringing the full-year payout to ZAR60.90, up from ZAR46.78 in 2019.

For 2021, Kumba led for production between 40 million and 41 million metric tons. This would be up from 37 million tonnes in 2020.

Anglo American said it plans to report Ebitda’s underground for an iron ore, including Kumba, of $ 2.7 billion.


Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT


(END) Dow Jones Newswires

February 23, 2021 02:34 ET (07:34 GMT)

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