[LISTEN] '...[for] the overall year, we still expect to see our average [iron ore] prices sitting within the triple-digit mark' – Kumba Iron Ore's Mpumi Zikalala to Ryk_van_Niekerk mining Transnet steel AngloAmericanZA Download the podcast:
… RYK VAN NIEKERK: Kumba Iron Ore is the largest producer of iron ore on the continent, and Anglo American of course owns around 70% of the company. Kumba has two primary operations, the largest being a 76% stake in the Sishen iron-ore mine in the Northern Cape. Sishen is an open-pit mine and is 14 kilometres long, making it one of the largest open-pit mines in the world. Kumba also owns another iron-ore mine in the Northern Cape: the Kolomela mine near Postmasburg.
You are 100% correct. Part of the reason why we delivered the excellent results that we delivered was actually linked to the iron-ore prices. When we then look at where we are, you most probably would’ve seen that towards the later part of the year we saw subdued prices, and that was prices primarily linked to the steel cuts that were in line with China seeking to keep the steel production flat. Coming into 2022, we have certainly seen underlying demand ramping up.
I think you would’ve seen that, when you looked at the fact that our stockpiles grew towards the end of last year, had Transnet had more capacity we would essentially have exported the product, rather than looking at where we ended off with our stockpiles growing. So …that’s why it’s critical that we, from a business perspective, continue working very closely with Transnet.
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