| Wed 4 Aug 2004, 9:38 | | Kumba Resources - Reviewed Group Interim Financial |
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Release Date: 04/08/2004 07:00:40 Code(s): KMB
Kumba Resources - Reviewed Group Interim Financial Results For The 12 Months
Ended 30 June 2004
KUMBA RESOURCES LIMITED
(Registration number 2000/011076/06)
JSE Share code KMB
ADR CODE KBREY
ISIN CODE ZAE000034310
Harnessing the power of the earth
REVIEWED GROUP INTERIM FINANCIAL RESULTS AND PHYSICAL INFORMATION FOR THE 12-
MONTHS ENDED 30 JUNE 2004
Continued solid operational performance
Record safety performance
Strong commodity prices impacted by Rand appreciation
Second interim dividend of 35 cents per share (55 cents for 12-months to 30 June
2004)
GROUP INCOME STATEMENT
12-months Year ended
ended
30 June 2004 30 June 2003
Reviewed Audited
Rm Rm
Revenue 8 454 7 469
Operating expenses (7 353) (6 280)
Net operating profit 1 101 1 189
Net financing costs (268) (244)
Share of pre-taxation (losses)/income (29) 2
from equity-accounted investments
Profit before taxation (note 2) 804 947
Taxation (253) (229)
Profit from ordinary activities 551 718
Minority interest (23)
Net profit attributable to ordinary 528 718
shareholders
Ordinary shares (million)
- in issue 302 297
- weighted average number of shares 298 297
- diluted weighted average number of 300 299
shares
Attributable earnings per share (cents)
- basic as previously reported 177,2 241,8
- basic restated for June 2003 243,7
- diluted as previously reported 176,0 240,1
- diluted restated for June 2003 242,4
Dividend paid per share (cents) in 60,0 85,0
respect of the previous financial year
Dividend paid per share (cents) in 20,0
respect of the first interim period
Dividend declared per share (cents) in 35,0
respect of this interim period
Reconciliation of headline earnings
Net profit attributable to ordinary 528 718
shareholders
- Impairment charges 124 2
- Share of associates` goodwill 30 38
- Goodwill amortisation (4) 21
- Share of associates` exceptionals 7 7
- Net surplus on disposal or scrapping (65) (3)
of property, plant and equipment
- Net surplus on disposal of investment (72)
in joint ventures and associates
- Closure cost 35
- Taxation effect of adjustments (3) 1
Headline earnings 580 784
Headline earnings per share (cents)
- basic as previously reported 194,6 264,0
- basic restated for June 2003 266,1
- diluted as previously reported 193,3 262,2
- diluted restated for June 2003 264,3
GROUP BALANCE SHEET
As at As at
30 June 2004 30 June 2003
Reviewed Audited
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 8 428 8 205
Intangible assets 71 98
Goodwill (50) (80)
Investments in associates and joint
ventures (note 6)
- listed 12 100
- unlisted 24 18
Deferred taxation 190 485
Other financial assets 299 272
8 974 9 098
Current assets
Inventories 1 399 1 369
Trade and other receivables 1 407 1 333
Cash and cash equivalents 1 238 964
4 044 3 666
Total assets 13 018 12 764
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` funds 5 098 4 891
Minority interest 1 119 1 191
Total shareholders` funds 6 217 6 082
Non-current liabilities
Interest-bearing borrowings 2 759 2 801
Other long-term payables 570 388
Non-current provisions 367 355
Financial liabilities 29
Deferred taxation 1 103 1 384
4 828 4 928
Current liabilities
Trade and other payables 1 073 1 092
Interest-bearing borrowings 731 537
Taxation 155 94
Current provisions 14 31
1 973 1 754
Total equity and liabilities 13 018 12 764
Net debt 2 252 2 374
Net asset value per share (cents) 1 689 1 647
Capital expenditure
- incurred 1 073 1 386
- contracted 486 345
- authorised but not contracted 621 624
Contingent liabilities 88 50
Operating lease commitments 194 237
Operating sublease rentals receivable 29 38
GROUP CASH FLOW
12-months Year ended
ended
30 June 2004 30 June 2003
Reviewed Audited
Rm Rm
Net cash flows from operating activities 1 490 1 613
Net financing costs (257) (240)
Taxation paid (167) (310)
Dividends paid in respect of the (248) (283)
previous financial year and first
interim period
Net cash used in investing activities
- capital expenditure (1 073) (1 386)
- proceeds from disposal of property, 108 44
plant and equipment
- proceeds from disposal of associate 100
- increase in cash resources on
acquisition of a controlling interest
in subsidiaries 366
- acquisition of joint ventures and (34)
associates
- other (120) (8)
Net cash outflow (167) (238)
Net cash flow from financing activities
- cash flows from issue of shares 133
- borrowings raised 308 523
Net increase in cash and cash 274 285
equivalents
Cash and cash equivalents beginning of 964 679
period
Cash and cash equivalents at end of 1 238 964
period
GROUP STATEMENT OF CHANGES IN EQUITY
30 June 30 June
2004 2003
Reviewed Audited
Rm Rm
Shareholders` funds at beginning of 4 921 4 816
period as previously reported
Prior year adjustment (note 5) (30) (35)
Adjusted shareholders` funds at 4 891 4 781
beginning of period
Changes in share capital and premium
- issue of shares
- share premium 133
- shares issued to Management Share 2
Trust
Changes in non-distributable reserves
- currency translation differences (189) (432)
- financial instruments movements (28) 71
- realised in associate and joint (5) (76)
venture
- transfer of equity-accounted earnings 13 (38)
- transfer to capital redemption reserve 4
- transfer of insurance reserve 3
Changes in retained income
- net profit for the period 528 718
- dividends paid (239) (252)
- reduction in dividends paid to
Management Share Trust (note 5) 2 3
- realised in associate and joint 5 76
venture
- transfer of equity-accounted earnings (13) 38
- transfer to capital redemption reserve (4)
- transfer of insurance reserve (3)
Shareholders` funds at end of period 5 098 4 891
Dividend declared after this interim period amounts to 35 cents per share. STC
at 12,5% is payable.
NOTES TO THE REVIEWED FINANCIAL
STATEMENTS
1. Basis of preparation
The interim financial results are prepared in accordance with International
Accounting Standard 34 on interim financial reporting and should be read in
conjunction with the 2003 annual financial statements. The accounting policies
adopted are consistent with those applied in the annual financial statements for
the year ended 30 June 2003 except for the consolidation of the Management Share
Trust (note 5).
12-months Year ended
ended
30 June 2004 30 June 2003
Reviewed Audited
Rm Rm
2. Profit before taxation is arrived at
after
- depreciation and amortisation (644) (532)
- financing costs (308) (321)
- interest received 40 77
- dividends received 5 49
- net realised foreign exchange
(losses)/gains on:
- currency exchange differences (117) (193)
- revaluation of derivative instruments 81 144
- net unrealised foreign exchange
gains/(losses) on:
- currency exchange differences 67 (92)
- revaluation of derivative instruments (60) 19
- fair value adjustment on financial 9
assets
- fair value adjustment on financial (12)
liabilities
- impairment charges* (note 3) (124) (2)
- goodwill amortisation* 4 (21)
- net surplus on disposal of investments 73
in joint ventures and associates**
- net surplus on disposal of fixed 65 (3)
assets***
* Based on Circular 3/2004 issued by the South African Institute of Chartered
Accountants, the impairment charges (R124 million) and goodwill (R4 million
negative goodwill) have been included in the calculation of net operating
profit.
** During the period Kumba sold its share in Mincor Resources for a purchase
consideration of R100 million with a net surplus of R73 million.
The taxation effect of the amount was R22 million.
*** Includes a R49 million net surplus from the sale of bulk ore carriers for a
purchase consideration of R72 million. The taxation effect of the amount was R7
million.
3. Impairment charges
Impairment of cyanide chemicals plant (89)
Impairment of fixed assets (15)
Impairment of intangible assets (11)
Impairment of investments (9) (2)
(124) (2)
Taxation effect 26
(98) (2)
4. Discontinued operation
On 21 April 2004 Ticor Limited announced its intention to discontinue its
chemicals business, included in the heavy minerals segment. The revenue,
operating results, assets, liabilities and cash flow of the chemicals business
for the current and previous periods are:
Revenue 195 254
Expenses 188 258
Provision for closure 35
Impairment charges 89
Pre-tax loss (122) (4)
Income tax expense 35 5
Total assets 124 240
Total external liabilities 81 100
Cash inflows from operating activities 8 37
Ticor Limited has concluded a sales agreement for the remaining property, plant
and equipment for a purchase consideration of A$5 million (R21,5 million)
realising a net surplus of A$2,5 million (R10,8 million) after this interim
period.
5. Consolidation of Kumba Management Share Trust
Kumba operates the Kumba Management Share Trust for senior employees and
executive directors of Kumba. The Trust has been consolidated for the 12-months
under review. Prior years` figures have been restated. The amount of the
adjustment for the current and comparable period is as follows:
As at As at
30 June 2004 30 June 2003
Reviewed Audited
Rm Rm
Income statement impact
- Reduction of dividends paid to 2 3
external parties
Balance sheet impact
- Share capital and premium decrease 33 33
- Retained income increase 5 3
- Current liabilities increase 13 8
- Trade and other receivables decrease 15 22
The amount of the adjustment relating to the 2002 financial statements is a
decrease of R35 million in shareholders` reserves, a decrease of R3 million in
financial assets, a decrease of R24 million in trade and other receivables and
an increase of R14 million in trade and other payables.
6. Investments
Listed investments
- market value 42 138
Unlisted investments
- directors` valuation 58 108
7. Reclassification of leave pay provision
During the 12-months under review the provision for leave pay benefits has been
reclassified as an accrual and is presented as part of trade and other payables.
The comparative figures have been adjusted to reflect this. At 30 June 2004 the
leave pay benefit accrual is R185 million (2003: R146 million). The basis of
calculating the leave pay benefits has been amended to total cost of employment,
resulting in an increase in the provision of R36 million.
8. Related party transactions
During the period the company and its subsidiaries, in the ordinary course of
business, entered into various sale and purchase transactions with associates
and joint ventures. These transactions were subject to terms that are no less
favourable than those arranged with third parties.
9. JSE Securities Exchange requirements
The interim announcement has been prepared in accordance with the listings
requirements of the JSE Securities Exchange South Africa.
10. Corporate governance
The group complies with the Code of Corporate Practice and Conduct published in
the King II Report on Corporate Governance.
11. Auditors` review
The interim results have been reviewed by the company`s auditors, Deloitte &
Touche. The unqualified review opinion is available for inspection at the
company`s registered office.
UNAUDITED PHYSICAL INFORMATION (`000 TONNES)
12-months Year ended
ended
30 June 2004 30 June 2003
Iron Ore
Production 30 052 28 557
Sales
- Export 20 380 20 946
- Domestic 9 478 8 770
Total 29 858 29 716
Coal
Production
- Power station 13 875 13 036
- Coking 2 243 2 207
- Other 2 942 2 769
Total 19 060 18 012
Sales
- Eskom 14 370 13 051
- Other domestic 3 989 3 821
- Export 1 095 1 128
Total 19 454 18 000
Heavy Minerals - Ticor SA Project
Production
- Ilmenite 258 91
- Zircon 49 53
- Rutile 19 20
- Pig iron 64 3
- Scrap pig iron 9
- Chloride slag 75
- Sulphate slag 40
Sales
- Ilmenite 40 50
- Zircon 51 59
- Rutile 22 20
- Pig iron 39
- Scrap pig iron 7
- Chloride slag 54
- Sulphate slag 10
Heavy Minerals - Ticor Limited*
Production
- Ilmenite 228 214
- Zircon 39 40
- Rutile 18 18
- Synthetic rutile 110 90
- Leucoxene 14 13
- Pigment 51 47
Sales
- Ilmenite 42 63
- Zircon 37 42
- Rutile 25 14
- Synthetic rutile 50 41
- Leucoxene 17 10
Base Metals
Production
- Zinc concentrate 121 91
- Zinc metal 139 115
- Lead concentrate 31 22
Zinc metal sales
- Domestic 89 92
- Other 53 20
Lead concentrate sales
- Export 29 30
Ticor Limited was consolidated from 1 April 2003. The production and sales
tonnes reflect Ticor`s 50% interest in its Tiwest joint venture. Physical
information for the other period is provided for comparative purposes only.
COMMENTS
The group has changed its year-end from 30 June to 31 December and is reporting
interim reviewed results for the 12-month period to 30 June 2004. Audited
results will be reported for the 18-month period ending 31 December 2004.
GROUP FINANCIAL RESULTS
The group maintained its robust operational performance against the backdrop of
a consistently strengthening rand. The period under review has been marked by an
improvement in production levels complemented by strong sales volumes across the
business commodities.
Revenue increased by 13% on the comparative period as a result of higher sales
volumes, higher commodity prices and the consolidation of Australian subsidiary,
Ticor Limited, from 1 April 2003.
EARNINGS
The material strengthening of the rand against the US dollar has resulted in
lower operating margins despite the higher revenue, improved operating
efficiencies and stringent cost control measures. An average exchange rate of
R6,86 was realised for the period compared with R9,01 for the comparative period
(-24%). An increase in leave pay accrual to total cost of employment and certain
non-recurring charges relating to Ticor Chemicals Company and Base Metals also
negatively affected net operating profit.
The lower net operating profit, higher net finance charges, an equity-accounted
loss and a higher tax charge resulted in profit attributable to ordinary
shareholders reducing by 26% to R528 million over the comparative period.
Headline earnings declined by 26% to R580 million or 194,6 cents per share.
CASH FLOW
Net cash outflow for the period was R167 million after total capital expenditure
of R1 073 million, with R759 million invested in new production capacity. Net
debt, however, decreased by R122 million to R2 252 million with a debt-to-equity
ratio of 36% as a result of the proceeds of shares issued under the management
share scheme and the translation effect of foreign currency-denominated debt at
a stronger exchange rate. This compares with a net debt of R2 374 million and a
debt-to-equity ratio of 39% at 30 June 2003.
SAFETY, HEALTH AND ENVIRONMENT
A significant and commendable reduction on the comparative period in the Lost
day injury frequency rate (LDIFR) from 3,55 to 2,30 per million man-hours
worked, on the comparative period has been achieved. This was below the target
of 2,50, which has subsequently been revised downwards by 30% to 1,75.
Regrettably the group suffered one fatality during the period. Although this
represented an all time record performance, Kumba remains committed to zero
fatalities.
The Group`s HIV/Aids prevalence-testing and counselling programme is well
advanced at all business units. The implementation of pilot antiretroviral
treatment programmes has commenced at the Zincor refinery, Grootegeluk mine and
the corporate office.
The group has made good progress on its international environmental and safety
certification programmes for all business units (ISO 14001 and OHSAS 18001) with
a target to have all business units certified by December 2004.
SEGMENT RESULTS
6-months ended 12-months ended
30 June 30 June
2004 2003 2004 2003
Reviewed Reviewed Reviewed Audited
REVENUE
Iron Ore 2 120 1 975 3 934 4 234
Coal 892 823 1 747 1 638
Heavy Minerals 815 435 1 591 587
Ticor SA 249 160 402 312
Ticor Limited * 566 275 1 189 275
Base Metals 616 407 1 087 892
Industrial Minerals 44 39 87 78
Other 6 20 8 40
TOTAL 4 493 3 699 8 454 7 469
NET OPERATING PROFIT
Iron Ore 374 365 673 882
Coal 192 154 310 279
Heavy Minerals 98 42 50 62
- Ticor SA (17) 4 (25) 24
- Ticor Limited * 115 38 75 38
Base Metals (10) (44) (45) (9)
Industrial Minerals 10 11 20 21
Other (38) (27) 93 (46)
- Disposal of non-core 122
interests
- Other activities (38) (27) (29) (46)
TOTAL 626 501 1 101 1 189
Equity accounted until 31 March 2003. The 2003 results reflect revenue and net
operating profit for the three months from April to June 2003.
OPERATIONS
Iron Ore
Sishen mine achieved record production for the review period. A replenishment of
low stock levels following the record sales of the previous year, resulted in a
3% (566 000 tonnes) decline in exports. Domestic sales, which include 261 000
tonnes over the contractual tonnage, increased by 708 000 tonnes (8%).
Revenue was 7% lower than for the comparative period as the higher iron ore
prices (9% increase for the first nine months and 18,62% for the last three
months of the period under review) were offset by the stronger rand and lower
export sales. Net operating profit declined by 24% to R673 million despite cost
saving initiatives that negated the effect of inflation-linked cost increases.
Coal
The business unit achieved record production and sales volumes for the period.
Sales of power station coal increased by 1,3 million tonnes (10%) due to strong
demand from the Matimba and Majuba power stations, while higher demand for
coking coal and improved operating efficiencies increased other domestic sales
by 4%.
Revenue increased by 7% on the comparative period to a record level of R1 747
million as a result of the strong demand and higher prices. The higher revenue
and cost containment focus resulted in net operating profit increasing by 11%.
Heavy Minerals
Ticor SA project
The continued ramp-up of the furnaces according to the planned schedule resulted
in higher production and the first sales of slag and pig iron. Revenue increased
by 29% on the comparative period. The stronger currency and the fact that the
project is still in a ramp-up phase led to an operating loss for the period.
In order to be in a position to take advantage of the predicted growth in demand
for titania slag, Ticor SA plans to shut furnace 2 in the current half of the
calendar year to implement improvements identified during commissioning and to
effect repairs to the bottom of the furnace shell.
Ticor Limited
Ticor Limited experienced strong production and good sales performances for the
period. Production at the Ticor chemical plant was stopped in May 2004,
following unsuccessful attempts to dispose of the operation as a going concern.
The company achieved solid results for the period despite a stronger Australian
dollar, the impact of the chemical plant impairment (R89 million) and a
provision raised for its closure cost (R35 million) which negatively affected
net operating profit.
Base Metals
Production of zinc concentrate at Rosh Pinah mine increased by 33% on the
comparative period to a record annual level of 121 000 tonnes while zinc metal
production was 21% higher as a result of the commissioning of the Chifeng
(Hongye) refinery expansion in Inner Mongolia, China. Local sales of zinc metal
were marginally lower while other sales, which include Chifeng, increased by
165% on the comparative period.
Revenue was 22% higher due to the contribution from the Chifeng refinery, which
is in a ramp-up phase. The rand-denominated average zinc prices were 6,1% lower
compared with the corresponding period last year.
The continued low treatment charges together with impairment provisions raised
against two investments resulted in an operating loss for the period. As
cautioned in the group`s interim results released in February 2004, the
investment in ZnERGY (Pty) Limited, a zinc air fuel battery component
manufacturing plant, was impaired in the amount of R26 million. An impairment
charge of R9 million was also raised against a preference share investment made
in 2000 in a strong US dollar and zinc price environment to facilitate a 5%
empowerment interest in Rosh Pinah (Pty) Limited.
Industrial Minerals
The business continues to make a positive contribution to the group`s operating
results despite softer product prices.
GROWTH OPPORTUNITIES
Iron Ore
A feasibility study into the expansion of Sishen production (SEP) by 10 Mtpa (in
addition to the 1 Mtpa expansion currently in progress), in part by the creation
of an additional product grade, is due for completion by the end of 2004. A
revised study on the Sishen South project, incorporating an optimised
configuration under current international market conditions and exchange rates,
is being undertaken. Negotiations with Transnet continue in respect of the
timeous provision of the requisite rail and port infrastructure associated with
these projects.
It is anticipated that final Board approval to proceed with the Hope Downs
project in Western Australia will be sought before the end of the calendar year,
once outstanding contractual issues with our Australian partner, Hancock
Prospecting, have been resolved.
During July 2004, an agreement was concluded with the Government of Senegal and
its agency, Miferso, to commence an exploration programme intended to establish
the resource base associated with the Faleme iron ore deposit in the south east
of the country. Technical support will also be provided to Miferso in developing
a business model for funding the infrastructural requirements of the project.
Coal
Good progress made on the outstanding approvals from Transnet in respect of the
RBCT Phase V expansion should enable the 1 Mtpa Inyanda thermal coal export
joint venture with Eyesizwe Coal to proceed before the end of the calendar year.
Final approval will allow the project to participate in the prevailing buoyant
international market conditions.
Approval for the development of a new beneficiation module at Grootegeluk mine,
at a capital cost of R344 million, to provide up to 0,7 Mtpa of additional
product suited to the manufacture of market coke, is expected within the current
quarter. Capital expenditure of R91 million was also approved for the
construction of a jig beneficiation plant at Leeuwpan mine which will increase
production of thermal coal by 900 000 Mtpa to 2,6 Mtpa. Implementation is
subject to the conclusion of an offtake agreement with Eskom.
The selection of a strategic partner to participate in the further evaluation,
and possible development of a large, high grade coking coal resource owned by
Kumba at Moranbah South, in the Bowen Basin of Queensland, Australia, is well
advanced.
Heavy Minerals
Exploration of the potential of the Toliara mineral sands deposit in south-
western Madagascar continues according to plan, with the objective of
identifying ilmenite feedstock to support additional furnaces at Ticor SA`s
Empangeni plant. Early results are encouraging as they indicate that the size of
the reserve is in line with original estimates.
Base Metals
The production ramp-up of the second, 25 ktpa module at the Chifeng zinc
refinery has exceeded 90% of full capacity. The roaster plant at Lindong was
commissioned in May 2004, after a regional earthquake in August 2003 caused
construction delays.
Encouraging results of intensive exploration in the vicinity of the Rosh Pinah
zinc/lead mine in southern Namibia, involving the integrated efforts of surface
and underground programmes, indicate potential to extend the resource base of
the mine.
MINING LEGISLATION
The Mineral and Petroleum Resources Development Act was promulgated on 1 May
2004. The group has embarked on a co-ordinated empowerment process to achieve a
sustainable position as a pre-eminent South African-based mining company and
remains confident that it will meet the requirements of the Act and its
associated Charter.
OUTLOOK
The strong rand environment has a major negative impact on the resources sector
with earnings coming under increasing pressure despite operational efficiencies.
This impedes the realisation of growth opportunities and puts at risk expansion
projects which are in the implementation phase.
The group has embarked on a specific business improvement programme, consisting
of revenue enhancement and cost-saving initiatives, with a target of delivering
a sustainable contribution of R800 million to net operating profit from the
start of the 2006 financial year.
This initiative together with stronger commodity markets marked by an 18,62%
average increase in the US dollar price of iron ore from 1 April 2004, higher
coal prices and a modest recovery in the US dollar price of zinc will have a
positive impact on the group`s results. Earnings will, however, continue to be
affected by the rand.
DECLARATION OF DIVIDEND Number 4
The directors have resolved to declare dividend number 4 of 35 cents per share
in South African currency in respect of the second interim period ended 30 June
2004. This will result in the total dividend paid in respect of the 12-months
ended 30 June 2004 being 55 cents share. The dividend is paid to shareholders
recorded in the books of the company at the close of business on Friday, 10
September 2004.
In compliance with the requirements of the electronic settlement system of the
JSE Securities Exchange South Africa, the following dates are applicable:
Last day to trade cum dividend Friday, 3 September 2004
Shares trade ex dividend Monday, 6 September 2004
Record date Friday, 10 September 2004
Payment date Monday, 13 September 2004
Share certificates may not be dematerialised or rematerialised between Monday, 6
September 2004 and Friday, 10 September 2004, both days inclusive.
On behalf of the Board
MLD Marole Dr CJ Fauconnier DJ van Staden
(Chairman) (Chief Executive) (Executive
Director, Finance)
3 August 2004
If you have any queries regarding your shareholding in Kumba Resources, please
call the Transfer Secretaries at +27 11 370 5000.
Registered office
Kumba Resources Limited
Roger Dyason Road
Pretoria West, Pretoria, 0002
TEL NO +27 12 307 5000
FAX NO +27 12 307 4080
TRANSFER SECRETARIES
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
P O Box 61051, Marshalltown, 2107
TEL NO +27 11 370 5000
FAX NO +27 11 688 5221
DIRECTORS
MLD Marole (Chairman)
Dr CJ Fauconnier* (Chief Executive)
PM Baum BE Davison TL de Beer JJ Geldenhuys
MJ Kilbride* Dr D Konar CF Meintjes* AJ Morgan
WA Nairn SA Nkosi CML Savage Dr NS Segal F Titi
DJ van Staden* RG Wadley* PL Zim
*Executive
COMPANY SECRETARY MS Viljoen
INVESTOR RELATIONS Trevor Arran +27 12 307 3292
CORPORATE AFFAIRS Pat Mdoda +27 12 307 4553
SPONSOR JP Morgan +27 11 507 0300
CAPTIONS ON PICS
our footprint
new generation
stakeholder prosperity
opportunity
creating balance
uplifting our people
This report is available at Kumba Resources` site at:
http://www.kumbaresources.com
