Kumba stock soars with iron-ore prices
It did not take long for South African
iron ore miner Kumba Resources to begin reaping the benefits of the price hike agreement between
Japan's Nippon Steel Corp and
Brazil's CVRD.
Kumba shares jumped 5% yesterday after an announcement by company officials that they would follow CVRD's lead.
Kumba exported 20.9-million tons of
iron ore in 2004. 40% of the company's output went to
China.