Anglo American''s Kumba Iron Ore reports 'solid' 1H

23rd Jul 2024 07:05

(Sharecast News) - Anglo American's South Africa-based iron ore mining subsidiary delivered what it termed a "solid" performance for the first half of the year.

Management did however say that the macro and logistics environment continued to be "challenging".

For the six months ending in June, Kumba Iron Ore reported adjusted earnings before interest, taxes, depreciation and amortisation of roughly $800m (R15.6bn).

That was expected to result in the contribution of about $900m to Anglo's underlying EBITDA for the period.

Kumba said that it was "well on track" to hit its full-year target for C1 unit costs of $38.0 per wet metric tonne.

Full-year guidance for production and sales of 35-37Mt and 36-38Mt, respectively, was maintained.

The copper miner was scheduled to report its own interims on 25 July.

Anglo held a 69.7% stake in Kumba Iron Ore.