Kumba gets Kolomela boost
10th Feb 2012
JOHANNESBURG, Feb 10 – A fast start to production by the Kolomela iron ore mine has helped South African Kumba Iron Ore lift its export sales volume by 3% to 37.1Mt for the year ended 31 December 2011.
The Kolomela mine, brought into production five months ahead of schedule, delivered production of 1.5Mt for the year. The mine`s ramp-up is on track to produce 4-5Mt in 2012 before producing at full design capacity of 9Mtpa in 2013.
Kumba`s headline earnings for the year were a record R17.0B, 19% more than the R14.3B achieved in 2010, mainly due to a weighted average increase of 26% in export iron ore prices and the higher sales volumes.
Total mining revenue rose 28% to R45.8B and operating profit increased 27% to a record R32.0B.
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