Kumba slashes dividend by almost two thirds as prices slip

Iron producer cuts payout by 61% after heavy rains and logistical challenges weigh on output

SA’s largest iron producer Kumba Iron Ore has slashed its interim dividend by almost two thirds for its half-year to end-June, hit by a litany of issues including heavy rains, falling prices, and a pickup in safety stoppages.

Profit fell 50.5% to R15.15bn in the Anglo American subsidiary’s half-year to end-June, with revenue down almost a third after heavy rains disrupted production at its Sishen and Kolomela mines in the Northern Cape...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

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