Kumba Iron Ore
|Traded as||JSE: KIO|
|Headquarters||Centurion, Gauteng, South Africa|
|Norman Mbazima (CEO), Frikkie Kotzee (CFO)|
|Revenue||R 47,957 million (2014)|
|R 14,148 million (2014)|
Number of employees
Kumba Iron Ore is a successor of Kumba Resources. Kumba Resources was listed on the JSE in 2001. Kumba Resources was reorganized in November 2006 when coal and heavy minerals operations were spun off to newly created companies Kumba Iron Ore (Heavy minerals) and Exxaro Resources(Coal).
Kumba Iron Ore Ltd. listed on the JSE in November 2006 with a market capitalization of R36 billion.
Kumba Iron Ore owns 74% in Sishen Iron Ore Company (SIOC). Rest of SIOC is owned by Exxaro, SIOC Employee Share Participation Scheme and the SIOC Community Development Trust. Through the SIOC, Kumba Iron Ore owns Thabazimbi and Sishen iron ore mines.
In 2010, Kumba Iron Ore was one of the more successful divisions of Anglo American plc, continuing to pay dividends to shareholders while Anglo American and Anglo Platinum had suspended dividends in 2008.
Sishen Mine is situated in Kathu in the Northern Cape Province. It is one of the largest open pit mines in the world Kumba Iron Ore has reported that Sishen Mine has reserves for a 19-year life of mine. Mining methods at Sishen are opencast mining. Ore is transported to the beneficiation and jig plant. The Sishen mine jig plant is the largest of its kind in the world.
By July 2016, production had been halved and workforce cut by 31%, in response to the slump in global iron ore prices.
Located close to Thabazimbi in the Limpopo Province, mining operations started in 1931. Mining is by opencast methods. In a deal brokered in 2013, the high-grade haematite ore produced at Thabazimbi mine would be sold only to ArcelorMittal SA, while Kumba Iron Ore managed operations. However, in February 2015, Kumba announced that the Thabazimbi mine was no longer economically viable.
In 2010, Kumba Iron Ore started legal proceedings against Imperial Crown Trading 289 and the Ministry of Mines for the issuance of a mining licence after ArcelorMittal SA did not complete paperwork by the due date and failed to convert their 21.4% undivided share. This led to the assets reverting to the State, which then awarded the licence to a previously unknown company, Imperial Crown Trading 289.
Shareholders of Kumba Iron Ore are:
- Anglo American plc (63.4%)
- Industrial Development Corporation of South Africa Ltd (13.1%)
- Minority shareholders (23.5%)
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