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Big jump in Kumba earnings

Johannesburg - Kumba Iron Ore [JSE:KIO] said on Friday it expects first-half headline earnings per share to rise due to higher export iron ore prices and sales volumes.

Kumba, a unit of global miner Anglo American [JSE:AGL] and the world's 10th largest producer of iron ore, said headline earnings per share were expected to be between 1 900c to 2 055c, up from 1 076 cents in the comparable six-month period.

"The increase in earnings is largely attributable to an increase in export iron ore prices and a 10% increase in export sales volumes in the period," Kumba said in a statement.

Kumba, currently involved in an iron ore supply dispute with ArcelorMittal SA [JSE:ACL], said it had accounted for revenue at plus 3 percent of cost to the steelmaker in determining earnings for the period in the absence of agreement on an interim price.

Kumba in February terminated the long-term deal under which it sold ore to ArcelorMittal South Africa at a discount and said it would then sell to the steelmaker at market rates from March.

- Reuters

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