Anglo’s Kumba Iron Ore Expects Profit Cut on Prices, Strike
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Anglo American Plc’s Kumba Iron Ore unit said profit will drop at least 20 percent this year after prices of the steelmaking ingredient fell and a strike at its biggest mine in South Africa cut output.
Net income will decline from 17 billion rand ($1.9 billion) in the 12 months through December, the Centurion, South Africa-based company said in a statement today. Profit is estimated to drop 25 percent to 12.8 billion rand, according to the median estimate of 13 analysts in a Bloomberg survey.