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JOHANNESBURG, July 20 (Reuters) – South Africa’s Kumba Iron
Ore reported an 18 percent drop in first-half earnings
due to a sharp fall in prices, the latest unit of global miner
Anglo American to report or signal shrinking profits as
commodities cool off.
Africa’s largest producer of the steel making ingredient
still declared an interim dividend of 19.20 rand a share as its
chief executive Chris Griffith prepares to depart to take the
helm of Anglo’s troubled platinum group Anglo American Platinum
.
Kumba’s production was up 13 percent in the six months to
end June to 21.6 million tonnes, with export sales up by the
same amount to 20.7 million tonnes.
Kumba said headline earnings per share for the six months to
the end of June fell to 23.07 compared with 28.23 rand in the
same period last year. This is the main profit measure in South
Africa and excludes some one-time items.
Kumba shares are up 13.40 percent this year to date,
compared with a 5.11 percent increase in the JSE Top-40
blue-chip index.
Anglo American was forced to reshuffle management across its
South African operations on Thursday following the abrupt
departure of the miner’s platinum boss, a day after a fresh
profit warning from the world’s largest producer of the metal.
(Reporting by Sherilee Lakmidas; Editing by Ed Stoddard)
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