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results for the quarter ended 31 march 2002
KUMBA RESOURCES LIMITED
Unaudited consolidated net operating income and physical results for the
quarter ended 31 march 2002
Commentary
GROUP RESULTS
The net operating income of R486 million was marginally higher than the
second quarter and 108% better than the same quarter last year. Net
operating income under "Other" includes income from other entities, group
costs and a provision for bonuses.
The good performances of iron ore and coal were the main contributors to the
marked improvement of 107% in net operating results for the nine months
compared to the same period last year.
IRON ORE
Sishen mine achieved record production levels during the third quarter.
Total tonnage railed from Sishen to Saldanha Bay was 17% higher than the
comparative period last year mainly due to good rail performance. Plant
breakdown at the port terminal as well as rescheduling of ships into April
resulted in lower export sales.
This was more than offset by a weaker exchange rate, with net operating
income rising by 93% compared to the same quarter last year.
COAL
Sales increased by 10% over the same period last year as a result of
additional power station coal demand from Eskom and increased exports. This,
together with stronger domestic and international prices and a weaker
exchange rate, resulted in revenue growing by 36% and net operating income
by 154%.
BASE METALS
Production and sales tonnages were marginally higher than the comparative
quarter last year.
The weaker exchange rate resulted in higher realised rand zinc prices
despite a continued weak commodity price. Revenue accordingly increased by
30% and net operating income by 172%.
HEAVY MINERALS
The Hillendale mine and the mineral separation plant both successfully
completed their current performance tests. Construction of the smelter
furnace is on schedule.
Zircon and rutile sales continued to be encouraging while crude ilmenite
required for the start- up of the furnace, scheduled for March 2003, is
being stockpiled.
OUTLOOK
Demand for Sishen iron ore remains strong, particularly from China. Local
sales demand for coal is also expected to remain strong in the next quarter
but depressed market conditions continue to affect zinc prices and crude
ilmenite sales.
International iron ore price negotiations are still in progress; producers
are motivating price increases whilst steel mills believe a price reduction
is justified. Once settlement is reached, the pricing will be effective from
1 April 2002.
26 April 2002
2001/2002 2000/2001
Third 9 months Third 9 months
Quarter cumulative quarter cumulative
REVENUE (Rm)
Iron ore 1 109 3 041 836 2 184
Coal 418 1 097 307 941
Base metals 259 662 200 670
Heavy Minerals 76 117
Other 37 130 62 174
Total 1 899 5 047 1 405 3 969
NET OPERATING INCOME (Rm)
Iron ore 390 992 202 473
Coal 94 224 37 81
Base metals 49 77 18 83
Heavy Minerals 25 25
Other (72) (114) (23) (56)
Total 486 1 204 234 581
The comparative periods include the effect of the agreement in respect of
the iron ore tonnage supplied to Iscor Limited from Sishen mine.
PHYSICAL RESULTS ('000 tons)
IRON ORE
Production 7 678 21 245 6 659 19 643
Sales
- Export 4 577 14 452 5 346 13 709
- Domestic 2 055 6 408 1 970 5 992
Total 6 632 20 860 7 316 19 701
COAL
Production
- Power station 3 107 9 827 3 180 9 171
- Coking 567 1 628 522 1 669
- Other 728 2 175 692 2 148
Total 4 402 13 630 4 394 12 988
Sales
- Eskom 3 255 9 627 2 903 8 781
- Other domestic 941 2 877 918 2 929
- Export 330 885 302 946
Total 4 526 13 389 4 123 12 656
BASE METALS
Production
- Zinc concentrate 20 56 17 55
- Zinc metal 27 81 27 78
- Lead concentrate 6 20 6 15
Zinc metal sales
- Domestic 22 69 19 64
- Export 5 11 4 9
Total 27 80 23 73
HEAVY MINERALS
Production
- llmenite 0 39
- Zircon 14 32
- Rutile 6 13
Sales
- Export 17 39
Kumba Resources Limited
corporate affairs Pat Mdoda (+27 12 307 4616)
Registration number 2000/011076/06
SHARE CODE KMB ISIN CODE: ZAE000034310
Registered office Kumba Resources Limited
Roger Dyason Road
Pretoria West, Pretoria, 0002
Transfer secretaries Computershare Services Limited
2nd Floor, Edura House, 41 Fox Street
Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
This report is available at Kumba Resources worldwide website at:
www.kumbaresources.com
If you have any queries regarding Kumba Resources or your Kumba Resources
shares, please call the Kumba ShareCare Line toll free on 0800 006 709 or
+27 11 775 3430 if calling from outside South Africa.
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