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Iron-ore prices to dent Kumba FY earnings

23rd January 2015

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Kumba Iron Ore expects its headline earnings for the year ended December 31 to drop from R15.4-billion in the prior year to between R10.6-billion and R11.4-billion, while basic earnings are expected to narrow from R15.4-billion to between R10.2-billion and R11.02-billion over the same period.

This will drive a decrease in headline earnings a share of between 26% and 31% to between R33.10 and R35.60, with basic earnings a share expected to be between R31.90 and R34.40 – up to 34% lower than in the prior year.

Kumba said in a trading update on Friday that a decrease in earnings was largely attributable to a significant decrease in export iron-ore prices, partially offset by a weaker exchange rate during the period. 

Kumba would release its results on February 10.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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