FTSE 100-listed metal mining company Anglo American’s subsidiary Kumba Iron Ore has reported headline earnings of 1,499m dollars, 37 per cent less than was recorded a year earlier.
The company’s contribution to Anglo American’s underlying earnings contracted 31% to $1,018m.
Meanwhie, the value recorded for exploration quadrupled year-on-year to $16m from $4m previously.
Kumba Iron Ore is a supplier of iron ore to the globl steel industry. It is the only hematite ore producer in the world to wholly beneficate its product.
Anglo American’s share price was down 0.48% to 1,962.00p at 08:33 on Tuesday morning.