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Kumba expects higher earnings

Johannesburg - Kumba Iron Ore [JSE:KIO], a member of the Anglo American group, announced on Friday that its results for the year ending 31 December 2016 will be released on Sens on 14 February 2017.

Headline earnings and basic earnings reported for the year ended 31 December 2015 were R3 792m and R469m respectively, while headline earnings per share (Heps) and earnings per share (EPS) reported for the comparative period were R11.82 and R1.46 respectively.

Kumba's headline earnings and basic earnings for the period are likely to be at least 20% higher than the comparative period translating to an increase of at least R758m and R94m, respectively.

In this regard, Heps and EPS are also likely to be at least 20% higher than the comparative period translating to an increase of R2.36 and R0.30, respectively.

The expected increase in earnings is largely attributable to the increase in export iron ore prices during the year and the weaker average rand/dollar exchange rate.

Shareholders are advised that a further trading statement will be issued in due course to provide forecast ranges for Heps and EPS as required by the Listings Requirements. The forecast financial information on which this trading statement is based has not been reviewed and reported on by the company's external auditors.

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