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Kumba Iron expects 150% earnings jump in H1 2021

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(Kitco News) - Kumba Iron Ore, a member of the Anglo American group, announced Thursday that the company’s headline earnings and basic earnings for the six months period ending 30 June 2021 are likely to be at least R12,602 million (~$884 million) and R12,612 million (~$885 million) - or at least 150% - higher, respectively, than reported headline earnings and basic earnings for the comparative period of 2020.

The company added that the headline earnings per share (“HEPS”) and earnings per share (“EPS”) are also likely to be at least R39.29 and R39.32 per share higher (at least 150% higher), respectively, than reported HEPS and EPS for the comparative period.

According to a press-release, reported headline earnings and basic earnings for the comparative period were R8,401 million (~$590 million) and R8,408 million, while reported HEPS and EPS for the comparative period were R26.19 and R26.21, respectively.

Kumba produces iron ore in South Africa at Sishen and Kolomela mines in the Northern Cape Province. Kumba exports iron ore to customers in a range of geographical locations around the globe including China, Japan, Korea and a number of countries in Europe and the Middle East.

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