Kumba Iron Ore Ltd on Tuesday cut its production outlook for the next three years due to a lack of freight trains to carry minerals to ports, and joined calls for private-sector involvement in state-owned logistics firm Transnet.
Kumba is engaging with Transnet and the government to improve the stability and reliability of rail and port infrastructure "as a matter of urgency", the company said.
Miners have been pushing for Transnet to open itself up to private-sector involvement, though the model to be followed remains unclear. Anglo American CEO Duncan Wanblad earlier this monthKumba now expects to produce between 35 and 37 million tonnes of iron ore in 2023, having last year guided to 39 to 41 million tonnes. For 2024, it sees an output of 37 to 39 million tonnes, down from 41 to 43 million tonnes previously.Production fell by 8% to 37.7 million tonnes in 2022, from 40.
Overall, sales of iron ore to the export market fell by 9%. Kumba was left with 7.8 million tonnes of iron ore stockpiled at its mines and at the port, up 28% from the previous year, as the lack of trains left commodities stranded.
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