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Kumba warns of 20% profit knock

Nov 13 2012 10:12
Reuters
Johannesburg - Kumba Iron Ore [JSE:KIO] warned on Tuesday that its full-year earnings will likely fall at least 20%, hit by a wildcat strike at its Sishen mine and lower export iron ore prices.

The company, a unit of global miner Anglo American [JSE:AGL], said it had so far lost about 2.6 million tonnes of finished product at Sishen, where output is still being hampered by low attendance.

Intimidation at the mine is being reported even after the end of an illegal strike that lead to the dismissal of about 200 employees, it said.

Kumba, one of the world's top 10 producers of iron ore and the largest in Africa, resumed operations at the mine on October 20 after they were halted by an illegal occupation.

At 09:31 the company's shares were down 2.21% at R529.07.

Kumba will report its earnings for the year to end-December on February 12.

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