SMM7: Kumba iron ore, which is majority owned by Anglo American (Anglo American), a mining company, will continue the Kapstevel South project at the Colomera mine in South Africa, which will ensure that Colome will continue to produce ore with the remaining life of about 13 million tons per year.
A spokesman for Anglo American said Colomera still has 13 years of mine life in its current reserves. Anglo American owns 69.7% of Kumba iron ore.
The project includes the development of a new mine Kapstevel South and associated infrastructure in Kolomela. The mine can produce high quality direct transport ore (DSO). The construction of the tunnel and the clean-up of waste will begin this year, and the first batch of ore is expected to begin production in 2024, Kumba said. The increase in the mine is expected to generate an after-tax internal rate of return of about 25 per cent and enable Kolomela to maintain an estimated EBITDA margin of more than 35 per cent over the long term, the company said.
The company said that with the continuous improvement in operating speed in June, Kumba produced 17.9 million tons and sales of 18.6 million tons, in line with our adjusted production guidance for COVID-19 in the first half of the year.
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