The Conversation (0)
Mineweb reported that Kumba Iron Ore (JSE:KIO) announced it doubled full-year profit, adding its numbers were given a lift by increased exports and prices.
Mineweb reported that Kumba Iron Ore (JSE:KIO) announced it doubled full-year profit, adding its numbers were given a lift by increased exports and prices.
The article states that:
Kumba, Africa’s largest iron ore producer and 10th globally, said higher prices would help offset the impact of a strong rand which has gained nearly 24 percent since the start of 2009. Kumba said each 1 percent move in the currency was impacting its profit line by 300 million rand ($41.37 million).