A lack of freight trains to carry minerals to port forced South Africa's Kumba Iron Ore on Tuesday to lower its production outlook for the next three years.
Haul trucks are seen at Kumba Iron Ore, the world's largest iron ore mines in Khathu, Northern Cape province, South Africa, File. REUTERS/Siphiwe Sibeko/File Photo
JOHANNESBURG, Feb 21 - A lack of freight trains to carry minerals to port forced South Africa's Kumba Iron OreSouth Africa's freight rail capacity has plummeted, hobbled by inadequate maintenance, a lack of spare parts, and theft of hundreds of kilometres of copper cable from rail lines, costing coal and iron ore exporters billions of rand in revenue.at the start of the month that its profit was likely to slump. Its headline earnings per share for 2022 came in lower than expected at 56.
The company now expects to produce between 35 and 37 million tonnes in 2023, having last year guided to 39 to 41 million tonnes. For 2024, it sees an output of 37 to 39 million tonnes, down from 41 to 43 million tonnes previously.
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