Kumba production for the six months drops by 2%
Kumba released the following overview of production and sales report for the six months ended 30 June 2024:
- A relentless focus on health and safety contributed to a TRIFR of 0.94 and fatality free production of more than eight years at Sishen.
- Total production for the six months ended 30 June 2024 (“the period”) decreased by 2% to 18.5Mt (H1 2023: 18.7Mt).
- Sales decreased by 5% to 18.1Mt (H1 2023:18.9Mt), due to equipment challenges at Saldanha Bay Port.
- Total finished stock increased to 8.2Mt (31 December 2023: 7.8Mt), with 0.6Mt at Saldanha Bay Port and 0.2Mt loaded on a vessel but not yet sold.
- Average realised FOB export iron ore price of US$97/wmt (US$99 per dry metric tonne (dmt)) achieved, relative to the average benchmark price of US$96/wmt or US$98/dmt.
Mining and Production
Kumba’s total production decreased by 2% to 18.5Mt (H1 2023: 18.7Mt), in line with Transnet’s rail performance and is tracking well to end the year within guidance of 35 – 37Mt. This performance reflects a 12% decrease in Kolomela’s production to 5.3Mt (H1 2023: 6.0Mt) and a 3% increase at Sishen to 13.2Mt (H1 2023:12.8Mt).
Total waste stripping decreased by 20% to 88.5Mt (H1 2023: 111.2Mt) driven by a 55% decrease at Kolomela to 13.7Mt (H1 2023: 30.6Mt) and 7% less waste mined at Sishen at 74.8Mt (H1 2023: 80.6Mt). This is in line with the waste guidance for 2024 of 155 – 170Mt.
Sishen and Kolomela’s unit cost guidance for the full year 2024 have been maintained at R520–R550/t and R410-R440/t, respectively and the C1 unit cost guidance is unchanged at US$38/t.
