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Engineering News reports that in 2018, Kumba Iron Ore generated hefty operational cash flow, paid a competent final cash dividend, pressed on with exploration in a new area and supported the creation of 2,600 new jobs in the local community.
Its fatality-free, safety-boosted year, was characterised by higher prices for its products, better logistics and flourishing cooperation with Transnet. The Anglo American group producer in the Northern Cape generated close to R19-billion worth of operational cash flow, buoyed by a flexible approach to production. The company paid R4.6-billion in salaries and benefits, while shareholders, including employees and empowerment partners Exxaro and the community development trust, received R12.7-billion in dividends. In line with its target of producing three jobs for every one permanent on-site job by 2025, the local businesses it supported created 2,600 new jobs and provided income to more than 16,000 people. Fatality free since May 2016, Kumba has linked safety to business performance through an incentive structure that rewards a positive safety culture. The total recordable safety case frequency rate declined to 1.80 from 3.23 in 2017 and lost-time injuries remained constant at 21.
- Read the original of this report in full at Engineering News
- Read too, Cash-flush Kumba pays R9.7bn to shareholders, at BusinessLive
Get other news reports at the SA Labour News home page