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Kumba Resources Limited - Unaudited Results
Kumba Resources Limited
Registration number 2000/011076/06
SHARE CODE KMB
ISIN CODE ZAE000034310
Unaudited consolidated net operating profit and physical results
For the quarter ended 30 September 2002
Harnessing the power of the earth
COMMENTS
GROUP RESULTS
The net operating profit of R410 million was 74% better than the same quarter
last year mainly as a result of higher iron ore and coal sales volumes.
The impact of a weaker currency compared to the corresponding period last year
was to some extent offset by the reduced iron ore prices and a continued weak
zinc price.
OPERATIONS
Iron ore
Good operational performances were recorded for the quarter. Total tonnage
railed from Sishen to Saldanha Bay was 7% higher than the comparative period
last year with export volumes showing a healthy increase of 17%.
Net operating profit rose by 56% reflecting the higher export volumes and weaker
exchange rate which was partially offset by lower iron ore prices and higher
dollar denominated distribution costs.
Coal
Production for the current quarter was in line with the corresponding quarter
last year. Higher yields and throughput at Grootegeluk mainly account for the
moderate increase in coking coal production.
Increased sales volumes and a favourable product mix combined with a strong
focus on cost containment were the main contributors to a 42% increase in net
operating profit over the same period last year.
Base metals
Production tonnages were maintained at a similar level to the comparative period
last year whilst domestic sales volumes increased moderately.
The weaker exchange rate resulted in higher realised rand zinc prices despite
the commodity price remaining at record low levels. Revenue increased by 45%
compared with the corresponding period last year and, together with the low cost
of production of the zinc smelter, net operating profit improved by 136%.
Heavy minerals
Construction of the smelter`s first furnace is more than 96% complete and three
months ahead of the official commissioning date of March 2003. Construction of
the second furnace will be completed within twelve months after start-up of the
first furnace.
The Hillendale mine and the mineral separation plant are achieving design
performance criteria.
Sales of zircon remain strong while rutile continues to be well supported.
Although market conditions remain depressed, off-take contracts that
substantially cover the titanium slag output of the furnaces, have been
concluded. In the interim ilmenite required for the start-up of the furnace is
being stockpiled.
Industrial minerals
Industrial minerals continued to perform well and made a positive contribution
to net operating profit.
OUTLOOK
The good operational performance is expected to be maintained for the financial
year. Operating profit will however be influenced by the effect of the exchange
rate.
First quarter ended
30 September
2002/03 2001/02
REVENUE (Rm)
Iron ore 1 163 783
Coal 396 323
Base metals 259 179
Heavy minerals 38 8
Industrial minerals 18 14
Other 44 1
Total 1 918 1 308
NET OPERATING
PROFIT
Iron ore 299 191
Coal 78 55
Base metals 26 11
Heavy minerals 2 (21)
Industrial minerals 4 4
Other 1 (4)
Total 410 236
The figures for the
corresponding
period as
previously reported
prior to the
unbundling of Kumba
from Iscor Limited,
were restated for
purposes of
comparison.
PHYSICAL RESULTS
(`000 tonnes)
Iron ore
Production 6 982 6 977
Sales
- Export 5 288 4 526
- Domestic 2 104 2 174
Total 7 392 6 700
Coal
Production
- Power station 3 518 3 502
- Coking 565 539
- Other 635 742
Total 4 718 4 783
Sales
- Eskom 3 537 3 304
- Other domestic 221 215
- Exports 929 982
Total 4 687 4 501
Base metals
Production
- Zinc concentrate 20 20
- Zinc metal 29 27
- Lead concentrate 4 7
Zinc metal sales
- Export 3 5
- Domestic 26 19
Lead concentrate
sales
- Exports 6
Total 35 24
Heavy minerals
Production
- Ilmenite 7 28
- Zircon 13 4
- Rutile 6 2
Sales
- Ilmenite 10
- Zircon 9
- Rutile 1
Corporate affairs Pat Mdoda (+27 12 307 4553)
Registered office Kumba Resources Limited
Roger Dyason Road, Pretoria West, Pretoria, 0002
Transfer secretaries Computershare Investor Services Limited
2nd Floor, Edura House, 41 Fox Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Directors HJ Smith (Chairman), Dr CJ Fauconnier* (Chief Executive),
TL de Beer, JJ Geldenhuys, GS Gouws, MJ Kilbride*, Dr D Konar, MLD Marole, CF
Meintjes*, AJ Morgan, SA Nkosi, CML Savage,
Prof NS Segal, F Titi, DJ van Staden*, RG Wadley*
*Executive
Company Secretary MS Viljoen
Date: 28/10/2002 07:00:03 AM Produced by the JSE SENS Department
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