Anglo American Subsidiary Expects Production Fall on Strike Action
October 10 2022 - 2:50AM
Dow Jones News
By Joe Hoppe
Anglo American PLC said Monday that its majority-owned
subsidiary Kumba Iron Ore Ltd. mining company has received notice
of force majeure from Transnet SOC Ltd., due to strike action by
the latter's unions, hitting expected production.
The diversified mining company said Kumba--which it holds a
69.7% stake in--has implemented contingency plans to safeguard
assets and minimize operations, but it expects a hit to production
due to disruption to Transnet's rail and port services.
The estimated hit is around 50,000 metric tons per day for the
first seven days, and around 90,000 tons a day thereafter. Export
sales will be hit by around 120,000 tons a day.
In the third quarter last year, Kumba produced 10.8 million tons
of product, and sold 10.1 million tons.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
October 10, 2022 02:35 ET (06:35 GMT)
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