Global miner Anglo American’s South African subsidiary Kumba Iron Ore has announced its financial results for 2023.
In the given year, Kumba Iron Ore’s net profit amounted to ZAR 29.81 billion ($1.58 billion), up by 51.6 percent year on year, while its total sales revenues increased by 16.5 percent year on year to ZAR 86.23 billion ($4.57 billion), primarily due to higher FOB-based iron ore export prices and an increase in total sales volume. The company’s operating profit came to ZAR 40.71 billion ($2.16 billion), compared to an operating profit of ZAR 26.88 billion in 2022.
In 2023, the company’s adjusted EBITDA moved up by 22.5 percent year on year to ZAR 45.71 billion ($2.43 billion), while its EBITDA margin rose to 53 percent, from 50 percent recorded in the previous year.
Meanwhile, in 2023 Kumba’s production volumes fell by five percent year on year to 35.72 million mt, due to lower production at the Kolomela and Sishen mines, while its export sales volumes increased to 37.2 million mt from 36.6 million mt in 2022.
The company anticipates production in the range of 35-37 million mt in the 2024-26 period, while it expects its sales to be in the range of 36-38 million mt in 2024.
The company expects its capital expenditure for 2024 to be in the range of ZAR 8-9 billion.