Iron-ore export lower as Kumba production falls 12%
The export of iron-ore by JSE-listed Kumba fell 10% in the three months to December 31 on the back of 12% lower production in the same period.
The Anglo American group company said last week that export sales volumes fell to 10.5-million tonnes and produc-tion to 10.9-million tonnes – 10% lower than Q4 2014, but 7% higher than the previous quarter.
As expected, full-year production totalled 44.9-million tonnes.
The Sishen iron-ore mine produced a 17% lower 7.7-million tonnes, impacted by a lack of sufficient exposed high-quality ore for blending as the mine transitions to a lower-cost pit configuration.
Full-year Sishen production was in line with the revised targeted production of 31-million tonnes as indicated in the third-quarter production statement.
Waste mined for the quarter was 10% down at 54.3-million tonnes, in line with the revised full-year guidance of 230-million tonnes.
At the nearby Kolomela mine, efficiencies and plant through-put continued to improve, par-tially offset by planned plant maintenance during October, resulting in production of 2.9-million tonnes for the three months to December 31, an increase of 5%, with waste mining volumes remaining at 9.7-million tonnes.
Finished product stocks were 4.7-million tonnes, compared with 6.5-million tonnes in the final quarter of 2014 as stocks were drawn down to optimal levels.
Kumba also extended its caution-ary relating to its Sishen mining right to include the residual 21.4% undivided share, which relates to a Department of Mineral Resources’ notice that it had consented to an amend-ment of Sishen Iron Ore Company.
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