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Kumba Iron Ore flags annual earnings jump

Boosted by strong iron ore prices and a weaker rand-to-dollar exchange rate, it said on Thursday.
Image: Nadine Hutton/Bloomberg

South Africa’s Kumba Iron Ore expects annual earnings to rise by as much as 44%, boosted by strong iron ore prices and a weaker rand-to-dollar exchange rate, it said on Thursday.

Headline earnings per share (HEPS) for 2020 are expected to come in at between R68.07 and R73.06, up 34-44% from the previous year.

HEPS is the main profit measure used in South Africa.

The miner said output in 2020 fell 13% to 37 million tonnes while sales declined 5% to 39.7 million tonnes.

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