Kumba announces financial year end results

Mynbou & Nywerheid / Mining & Industry

Kumba Iron Ore, a subsidiary of Anglo American plc on Tuesday 13 Feb-ruary 2018 announced the com-pany's audited annual results for the year ended 31 December 2017 and final cash di-vidend declaration.
Speaking at the results presentation, Themba Mkhwanazi, the Chief Executive of Kumba, said, “I am pleased to report that Kumba has delivered on our key objectives for 2017. Most importantly, our safety initia-tives resulted in a fatality-free year with ma-terial improvement across our key indica-tors.
“At Sishen, our focus on all aspects of the value chain resulted in productivity gains by the fleet whilst we also delivered improved plant efficiencies and higher yields. These factors contributed to production above gui-dance with an overall increase of 8% to 45Mt. Higher production, together with on-going cost discipline, contained unit costs below guidance.
“Stronger operational performance has been our priority which, coupled with our fo-cus on costs and ongoing capital disci-pline, resulted in the delivery of attributable free cash flow of R12.3-billion.
“Overall, whilst both the operational and financial delivery has been strong, there remains more that can be done to realise the full potential of our assets and we remain committed to building on these gains in 2018.”
The key features Mr Mkhwanazi high-lighted were material improvement in all key safety benchmarks and no fatal inci-dents. Further operating performance
gains. Continued productivity gains with production of 45Mt, an 8% increase and to-tal sales of 44.9Mt, an increase of 6%
Strong financial performance was ac-hieved in the following :  
    EBITDA of R19.6 billion, a 6 % increase
    Attributable free cash flow of R12.3-
    billion, up 10%
    Headline earnings of R9.7-billion    
    R30.47 per share, a 12% increase
    An average realised FOB export price of
    Final cash dividend of R15 per share
    with total dividend of R30.97
Anglo American Kumba Iron Ore commu-nication