Anglo American's Kumba Iron Ore Profit Surges on Stronger Prices, Currency
February 23 2021 - 2:49AM
Dow Jones News
By Jaime Llinares Taboada
Kumba Iron Ore Ltd., the subsidiary of Anglo American PLC, on
Tuesday posted an improved profit for 2020 driven by stronger
prices and currency effects.
The South African iron-ore mining company made a pretax profit
of 41.20 billion rand ($2.81 billion), up from ZAR29.25 billion in
2019.
Production declined during the period, but Kumba benefited from
stronger iron ore prices and the depreciation of the rand against
the dollar. As a result, its earnings before interest, taxes,
depreciation and amortization margin improved to 57% from 52%.
The company declared a final dividend of ZAR41.30, bringing the
full-year payment to ZAR60.90, up from ZAR46.78 in 2019.
For 2021, Kumba guided for production of between 40 million and
41 million metric tons. This would be up from 37 million tons in
2020.
Anglo American said that it expects to report segmental
underlying Ebitda for iron ore, including Kumba, of $2.7
billion.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
February 23, 2021 02:34 ET (07:34 GMT)
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