Kumba lowers FY sales, production guidance

JSE-listed Kumba Iron Ore is working closely with State-owned freight utility Transnet to secure the delivery of the contractual capacity and to mitigate derailments that affected the company’s export sales in the second quarter of the year. The company’s export sales increased by only 1% to 9.6-million tonnes, compared with the 9.4-million tonnes sold in the second quarter of 2017. Export sales were adversely affected by derailments along the iron-ore export channel, including as a result of weather disruptions at the Saldanha Bay port and sub-optimal rail performance.