Kumba Iron Ore to extend life of giant mine to 2040

News24
24 Feb 2021, 00:13 GMT+10

Kumba Iron Ore plans to spend R3.6 billion extending the life of its Sishen operation in the Northern Cape.
The operation will now run until 2040.
Kumba joins precious metals producers Sibanye Stillwater and Anglo American Platinum among South African miners that have outlined plans to spend more to boost output for their metals and extend the life of operations.

Anglo American's South African iron ore unit said it plans to spend R3.6 billion to extend the life of its giant Sishen open pit operation to 2040 through the use of new technology.

The sprawling Sishen operation in the Northern Cape would continue to mine for the next two decades as the company improves efficiency and deploys new technology through its high-density media separation project, Themba Mkhwanazi, chief executive officer of Kumba Iron Ore, said in a statement on Tuesday. Kumba had initially planned to mine at Sishen for the next 13 years.

While Kumba sees demand for iron ore, underpinned by China, as likely to remain robust due to supply constraints, prices at current levels aren't sustainable, Timo Smit, the miner's head of marketing, said during the conference call. Kumba realised an average price of $115 per ton last year, as prices climbed.

Kumba's shares were trading 1.6% down at R657.44 as of 13.30 on Tuesday.

Source: News24

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.

More Information

27 ℃

Mostly Cloudy in Seletar

Asia

Section

NATO 2030 commits members to war with Russia and China

The February meeting of NATO (North Atlantic Treaty Organization) Defense Ministers, the first since President Biden took power, revealed an ...

Poor vaccine take-up in BAME communities is not just down to hesitancy

Stories about vaccine hesitancy in various communities described as Black, Asian and minority ethnic (BAME) have led public figures to ...

India, New Zealand discuss Indo - Pacific

New Delhi [India], March 1 (ANI): External Affairs Minister S Jaishankar and Minister for Foreign Affairs of New Zealand Nanaia ...

DigiBankASIA and Xebia forge a strategic technology partner

New Delhi [India], March 1 (ANI/NewsVoir):DigiBankASIA, the visionary financial services company headquartered in Singapore, and Xebia, a global leader in ...

Sensex gains 750 points, auto and metal stocks surge

Mumbai (Maharashtra) [India], March 1 (ANI): Equity benchmark indices traded firm on Monday due to upbeat sentiment in global markets ...

India businesses benefit from Myanmar coup?

By Lee Kah WhyeSingapore, March 1 (ANI): When Myanmar's military seized power after detaining Aung San Suu Kyi and other ...

Business

Section