Kumba earnings soaring on higher iron-ore prices

The earnings of Kumba Iron Ore, the Anglo American iron-ore mining company up for sale, are soaring on higher export prices – but whether or not its rocketing performance will dissuade Anglo from disposing of the asset remains to be seen. The JSE-listed company, headed by new CEO Themba Mkhwanazi, told shareholders on Wednesday that it expected the company’s headline earnings per share (HEPS) to shoot up by between 123% and 135%, with basic earnings per share (EPS) only slightly behind on the inclusion of a R5 978-million impairment charge.