Kumba Iron Ore is the latest Anglo American unit to report stellar results on the back of rising prices for the commodity it produces. On Tuesday the company reported that 2019 headline earnings had surged to R16.3-billion from R9.7-billion the year before, an increase of about 68%. Around R15-billion of that will flow to shareholders as dividends, 92% of headline earnings. Empowerment partners got R4.7-billion. In the Anglo stable, money almost seems to be sprouting from trees these days.
Still, 2020 has started on a cautious note. China remains a key market, accounting for more than 50% of the iron ore Kumba sells, and there are plenty of concerns about the impact of the coronavirus on the Asian giant’s growth prospects. CEO Themba Mkhwanazi pointedly noted in a media briefing: “We haven’t seen any impact yet on sales” because of the virus, which has killed nearly 1,900 people and infected more than 72,000. This echoed comments from another iron ore producer, BHP Group, which said it had yet to see a major impact on its business from the coronavirus epidemic.
Kumba also reported yet another fatality-free year in 2019 and has not had an employee killed on the job since May of 2016. That is another feather in Anglo’s ESG hat, and comes after Amplats had its first-ever calendar year without an employee being killed on the operations it manages. Anglo American CEO Mark Cutifani, a mining engineer by training who knows the inherent dangers in the industry well, has made safety a top priority at the group.
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