High Iron Ore Prices Boost Kumba

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).

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