‘Our teams have actually performed exceptionally well. It's just that we can't continue with a value chain that's out of balance’: Kumba CEO Mpumi Zikalala.
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The group also announced that it could let 490 workers go. That is in the wake of Amplats’ announcement yesterday that it planned to trim its own workforce by 3 700 workers.Mpumi Zikalala is on the line. She is the CEO at Kumba. Mpumi, thank you so much for your time today. You have announced a restructuring process that will affect nearly 500 people, yet your profitability rose by around 26%, which is significant.
We started this work last year, and we started with other elements of the business. So we had a look at our mine plans and readjusted those, and we had had a look at other structural cost reductions across the business. As a last resort, we’ve sadly got to the point where we’ve initiated the Section 189 process; we cannot continue running a business that’s out of balance and where we find ourselves accumulating stock.
But you’ve given guidance about future production levels, which remain relatively static at around 37 million tonnes. So can we deduce that you don’t expect over the next few years that there will be a significant increase in the efficiencies at Transnet, even under Michelle Phillips? MPUMI ZIKALALA: Ryk, in a perfect world, we’d want to see ourselves running at historical levels where, as I’ve said, we’ve guided at around 35 million to 37 million tonnes, but we’ve seen ourselves peaking at 42 million to 43 million tonnes, and we’d like to get back to those levels.
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