BRIEF-Kumba Approves Kapstevel South Project At Kolomela

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  • Stock Market News
BRIEF-Kumba Approves Kapstevel South Project At Kolomela
Credit: © Reuters.

July 28 (Reuters) - Kumba Iron Ore Ltd KIOJ.J :

* KUMBA APPROVES KAPSTEVEL SOUTH PROJECT AT KOLOMELA

* TOTAL CAPITAL COST OF PROJECT WILL BE APPROXIMATELY R7 BILLION, INCLUDING PRE-STRIPPING

* PROJECT ENTAILS DEVELOPMENT OF A NEW PIT, KAPSTEVEL SOUTH AND ASSOCIATED INFRASTRUCTURE AT KOLOMELA

* ANTICIPATED THAT ADDITION OF KAPSTEVEL SOUTH PIT WILL DELIVER AN AFTER-TAX INTERNAL RATE OF RETURN OF AROUND 25%

* PIT ESTABLISHMENT AND WASTE STRIPPING WILL COMMENCE THIS YEAR WITH FIRST ORE EXPECTED IN 2024.

* ANTICIPATED THAT ADDITION OF KAPSTEVEL SOUTH PIT WILL ALLOW KOLOMELA TO MAINTAIN AN ESTIMATED EBITDA MARGIN OF >35% IN LONG-TERM

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