Kumba resumes divvy thanks to stronger iron ore prices in first half

Shares in Kumba Iron Ore (JSE:KIO) rallied Tuesday after the miner announced it would reinstate dividends after a two-year hiatus thanks to stronger prices for the steelmaking ingredient earlier this year. Delivering first-half results, the South Africa-based company noted that more efficient production helped boost earnings in the period earnings by 53%. The miner’s stock shot[…]

Anglo American appoints takeovers expert as new chairman

Anglo American (LON:AAL), the world’s fifth largest diversified miner, has appointed Stuart Chambers to succeed Sir John Parker as chairman of the group. Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November. Stuart Chambers is known for his active participation in the sale of several[…]

Anglo American to sell Kumba despite iron ore rally — experts

Anglo American (LON:AAL), the world’s fifth largest diversified miner, will likely go ahead with its planned sale of its South Africa-based Kumba Iron Ore division, even though an ongoing rally in prices for the commodity has increased the asset’s appeal, experts say. According to BMI Research, while iron ore prices have climbed 90% in the[…]

Kumba Iron Ore settles tax dispute in South Africa

Kumba Iron Ore, one of the divisions Anglo American is trying to sell, has settled a long-standing tax dispute with the South African Revenue Service (SARS) by agreeing to pay R2.5 billion, considerably less than the original R6.5 billion it had been asked to cough up. The bone of contention was unpaid taxes, interest and penalties from[…]

Anglo’s Kumba Iron Ore just got a lot more attractive to potential buyers

South Africa-based Kumba Iron Ore, one of the divisions Anglo American is trying to sell, expects profits to more than double this year on the back of higher iron ore prices, an outlook that makes it highly attractive to potential buyers. The firm, Africa’s largest iron ore producer, said headline earnings per share (EPS) for[…]

Anglo American about to make key decision on South African assets sale

Anglo American (LON:AAL) is facing increasing pressure to make a decision on its plans to sell or spin-off its iron ore, coal and manganese operations in South Africa next year. The world’s number five diversified miner has already held talks with its biggest investor, the country’s state-owned Public Investment Corp. (PIC), which was pressing Anglo[…]

Changes to the Kumba Board

Kumba is pleased to announce the appointments of Ms Nonkululeko Dlamini (nee Veleti) and Mr Seamus French as non-executive directors to the Board, with effect from 1 November 2016, in compliance with Section 3.59 of the JSE Limited Listing Requirements. Ms Dlamini is being appointed as a full director and is the shareholder representative of the[…]

Kumba becomes the sole owner of Sishen mine

South Africa-based Kumba Iron Ore, a division of Anglo American, has been granted rights to mine the steelmaking material at Sishen mine, the continent’s biggest operation, ending a seven-year dispute. Kumba Iron Ore had to accept some conditions, including a requirement to keep a supply agreement with ArcelorMittal South Africa, the continent’s biggest steel producer.[…]

Anglo's top shareholder to call vote on assets sale plan

Anglo American’s largest shareholder, South Africa’s Public Investment Corporation (PIC), has stepped up pressure on the miner’s plan to exit coal and iron ore to focus only on copper, diamonds and platinum by reportedly calling for a shareholder vote. The South African assets Anglo plans to sell include Kumba Iron Ore Ltd., coal mines that[…]