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[…]

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.[…]