Anglo American Plc’s Kumba Iron Ore Ltd. unit, the largest African producer of the steelmaking ingredient, posted full-year profit of 7.21 billion rand ($720.4 million), helped by “stronger” iron ore prices and a weaker rand, and said the first-half will be “very challenging.”
Net income climbed from 3.18 billion rand the previous year, the Pretoria, South Africa-based company said in a statement to Johannesburg’s stock exchange today. Diluted earnings-per-share were 22.54 rand, compared with 9.95 rand the previous year, it said.
Kumba said Jan. 20 it would report profit of between 6.8 billion and 7.5 billion rand for the full year, helped by higher iron prices and the rand’s drop against the dollar. The company sells iron ore in dollars and pays wages and other costs mostly in rand.
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