Kumba Iron Ore Limited · JSE:KIO

Kumba Iron Ore — H1 2018 Earnings Presentation

49 slides from Kumba Iron Ore's earnings presentation, July 2018

  1. Slide 1: 2018 Interim Financial Results

    KUMBA IRON ORE LIMITED 2018 INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018 BUILDING ON FIRM FOUNDATIONS DELIVERING A SUSTAINABLE FUTURE ENHANCING OUTCOMES

  2. Slide 2: Media and investor relations contacts

    MEDIA Sinah Phochana sinah.phochana@angloamerican.com Tel: +27 12 683 7019 Mobile: +27 76 066 0655 INVESTOR RELATIONS Penny Himlok penny.himlok@angloamerican.com Tel: +27 12 622 8324 Mobile: +27 82 781 1888 www.angloamericankumba.com

  3. Slide 3: Disclaimer

    DISCLAIMER &HUWDLQ VWDWHPHQWV PDGH LQ WKLV SUHVHQWDWLRQ FRQVWLWXWH IRUZDUGORRNLQJ VWDWHPHQWV )RUZDUGORRNLQJ VWDWHPHQWV DUH W\SLFDOO\ LGHQWLILHG E\ WKH XVH RI IRUZDUG ORRNLQJ WHUPLQRORJ\ VXFK DV µEHOLHYHV¶ µH[SHFWV¶ µPD\¶ µZLOO¶ µFRXOG¶ µVKRXOG¶ µLQWHQGV¶ µHVWLPDWHV¶ µSODQV¶ µDVVXPHV¶ RU µDQWLFLSDWHV

  4. Slide 4: Our value proposition

    Our value proposition Assets Capabilities Shareholder returns 3UHPLXPSURGXFW 6DIHSURGXFWLRQ 6WURQJFDVKJHQHUDWLRQ 5HVRXUFHHQGRZPHQWDQGOLIHH[WHQVLRQ 2SHUDWLQJ0RGHODQGWDOHQWHGSHRSOH &DSLWDODOORFDWLRQGLVFLSOLQH RSSRUWXQLWLHV /LFHQFH WRRSHUDWHDQGPXWXDOO\EHQHILFLDO ,QQRYDWLRQDQGWHFKQRORJ\ $WWUDFWLYHDQGVXV

  5. Slide 5: Delivering on our strategy

    Delivering on our strategy ,PSURYHGSURGXFWTXDOLW\ 9 ,QFUHDVHGTXDOLW\WR)H Horizon 1 ,PSURYHGHIILFLHQFLHVDQGDVVHWXWLOLVDWLRQ 9 RIEHQFKPDUNSURGXFWLYLW\ 2SHUDWLQJDVVHWV DWIXOOSRWHQWLDO &RVW VDYLQJRSSRUWXQLWLHVLGHQWLILHG 9 &RVWVDYLQJVRI5PLOOLRQDFKLHYHG 3URWHFWHGPDUJLQIURPIXOOUDQGHIIHFW 9 (%,7'$PDUJLQRI 8

  6. Slide 6: Solid performance across the board

    Solid performance across the board Safety – Fatality free Operational Financial Shareholder returns High potential incidents Production EBITDA Attributable free cash flow (Rbn) 77% 22.4Mt R7bn 1H18: 3 + +0W +5EQ + + Total recordable cases Total tonnes handled HEPS DPS (R/share) 45% 140.4Mt R9.31 1H1

  7. Slide 7: Mutually beneficial partnerships for long-term success

    Mutually beneficial partnerships for long-term success Employees Government Communities R2.3bn R1.3bn R35.9m VDODULHVDQG LQFRPHWD[ GLUHFWVRFLDO EHQHILWV Shareholders Local LQYHVWPHQW businesses R468m R4.7bn PLQHUDOUR\DOW\ RZQHUVRI.XPED R451m KRVWFRPPXQLW\ VXSSOLHUV R1.4bn HPSRZHUPHQW SDUWQHUV R5.4bn

  8. Slide 8: Stakeholder relationships – continuing to make progress

    Stakeholder relationships – continuing to make progress Mining Charter Thabazimbi ƒ 0&DQLPSURYHPHQWRQ0&,,, ƒ 6HFWLRQIRUWKHWUDQVIHURIPLQLQJULJKWVWR $UFHORU0LWWDO6$JUDQWHG í 2XUPLQLQJULJKWVDUHVHFXUH ƒ 2XWVWDQGLQJFRQGLWLRQVSUHFHGHQWWREHPHWE\ í ³2QFHHPSRZHUHGDOZD\VHPSRZHUHG´ 6HSWHPEHU í 3RVLWLYHFRQVXOWD

  9. Slide 9: Notes

    NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  10. Slide 10: There's a flight to quality…

    There’s a flight to quality… Platts 65 and Platts 58 (low Al) differential to Platts 62 ($/t) Platts lump premium ($/dmtu) 33SUHPLXP 33GLVFRXQW 20 July 2018 $0.32/dmtu 20 July 2018 $28 $10 -DQ -XO -DQ -XO -DQ -XO + 3ODWWVOXPS 33+DOI 0.17 0.14 0.15 0.15 0.18 SUHPLXPDYJ <HDU$YHUDJHV 3.6 9.4 12.9 19.2

  11. Slide 11: …and it's here to stay

    …and it’s here to stay ~250Mt of steel capacity reduction Tighter emission standards China Steel Capacity Utilisation (%) PM2.5 Reading in Beijing 80 85 80 77 73 73 73 69 58 56 62 62 62 35 H 7DUJHW H 7DUJHW Bigger blast furnaces Steel industry consolidation China Major Steel Mill BFs by Size (%) Sha

  12. Slide 12: Kumba is upgrading its product portfolio…

    Kumba is upgrading its product portfolio… 1H18 average Fe content (%), Peer comparison 3HHU 3HHU 3HHU 3HHU Kumba + + 1H18 Lump:Fine ratio (% lump), Peer comparison ï 3HHU 3HHU 3HHU 3HHU Kumba + + Source: Company reports, Woodmackenzie | 1:Export sales lump:fine ratio NOTES Kumba Iron Ore Limited Int

  13. Slide 13: …resulting in a realised FOB price of US$69/tonne

    …resulting in a realised FOB price of US$69/tonne Kumba’s 1H18 Realised Price Reconciliation 1H18 Realised Price (US$/tonne, FOB), (US$/tonne, FOB) Peer Comparison .XPED 3HHU HVW 3HHU 5HDOLVHG 'HFUHDVHLQ ,QFUHDVHLQ3ODWWV ,QFUHDVHLQ 5HDOLVHG )2%SULFH+ 3ODWWV,QGH[ /XPSSUHPLXP 6DOGDQKD )2%SULFH+ 4LQJGD

  14. Slide 14: Notes

    NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  15. Slide 15: Sishen – focus on value over volume

    Sishen – focus on value over volume Safety 40% 5HGXFWLRQLQKLJKSRWHQWLDOLQFLGHQWV 1H18: 3 + Waste Production Quality 86.6Mt 15.3Mt 64.6 Fe% +0W +0W $YHUDJH+)H NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  16. Slide 16: Sishen – operating model enhanced capability and improved productivity

    Sishen – operating model enhanced capability and improved productivity Total tonnes handled (incl. contractors) Fleet productivity (kt/day) 17% 105.1Mt +0W + + + Haul truck (kt/day) Pre-strip shovel tempo (kt/h) 38% 19% + + + + + + NOTES Kumba Iron Ore Limited Interim results for the six months ende

  17. Slide 17: Kolomela – driving assets to full potential

    Kolomela – driving assets to full potential Safety 100% 5HGXFWLRQLQKLJKSRWHQWLDOLQFLGHQWV 1H18: 0 + Waste Production Quality 26.4Mt 7.2Mt 64.3 Fe% +0W +0W +)H NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  18. Slide 18: Kolomela – operating model continued productivity gains

    Kolomela – operating model continued productivity gains Total tonnes handled (incl. contractors) DSO productivity (kt/day) 2% 35.3Mt +0W + + + Haul truck (kt/day) Hydraulic shovel (kt/day) 6% 9% + + + + + + NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  19. Slide 19: Transnet rail performance under pressure due to derailments

    Transnet rail performance under pressure due to derailments Challenging rail performance Mitigating actions: ƒ 'HUDLOPHQWV LQ+LQ+ ƒ &ORVHO\PRQLWRULQJSHUIRUPDQFHWR /RZRSHQLQJVWRFNVLQ-DQXDU\ DFKLHYHFRQWUDFWXDOFDSDFLW\ +LJKILQLVKHGSURGXFWLQYHQWRU\OHYHOVDW ƒ 2SWLPLVHGORDGLQJUHGXFHGORDGLQJ 2.4Mt PLQHV :D

  20. Slide 20: Logistics performance maintained despite rail challenges

    Logistics performance maintained despite rail challenges Railed to port Total sales 20.8Mt 21.2Mt +0W +0W Total shipped Finished product inventory 19.5Mt 6.2Mt +0W +0W NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  21. Slide 21: Notes

    NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  22. Slide 22: Enhancing returns for shareholders

    Enhancing returns for shareholders Margin enhancement Financial discipline Shareholder returns 5HYHQXH R19.5bn $WWULEXWDEOHIUHHFDVKIORZ R2.8bn &RVWVDYLQJV R415m + 5EQ + 5EQ (%,7'$PDUJLQ 36% &DSLWDOH[SHQGLWXUH R1.4bn 'LYLGHQGSHUVKDUH R14.51 + 43% + 5EQ + 5 NOTES Kumba Iron Ore Limited Interim results

  23. Slide 23: Revenue – quality premia partially offsetting stronger Rand and lower prices

    Revenue – quality premia partially offsetting stronger Rand and lower prices 5P 0LQLQJRSHUDWLRQV 6KLSSLQJ + 9ROXPH 3UHPLXP 6KLSSLQJ 3ULFH &XUUHQF\ + &RQWUROODEOHV 1RQFRQWUROODEOHV ƒ 5HYHQXHGHFUHDVHGE\ ƒ $YHUDJHUHDOLVHG)2%H[SRUWSULFHGHFOLQHGWRW +W ƒ 7RWDOVDOHVPDLQWDLQHGDW0W ƒ $YHUDJH5H[FKDQJHUDWHVWUR

  24. Slide 24: Sishen unit cost driven by mining volumes

    Sishen unit cost driven by mining volumes while cost savings offset non-controllable costs 8QLWFDVK FRVW 5W 5% 3% )< 0LQLQJ 3URGXFWLRQ &RVW 'HIHUUHG ,QIODWLRQ &RVW + YROXPH YROXPH VDYLQJV VWULSSLQJ HVFDODWLRQ &RQWUROODEOHV 1RQFRQWUROODEOHV ƒ 0LQLQJYROXPHVXS ƒ ,QIODWLRQUHODWHGFRVWVXS5WRQQH ƒ /RZHUSUR

  25. Slide 25: Kolomela's lower unit cost due to increased productivity

    Kolomela’s lower unit cost due to increased productivity and efficiencies 8QLWFDVK FRVW 5W (5%) 3% )< 0LQLQJ 3URGXFWLRQ &RVW 'HIHUUHG ,QIODWLRQ &RVW + YROXPH YROXPH VDYLQJV VWULSSLQJ HVFDODWLRQ &RQWUROODEOHV 1RQFRQWUROODEOHV ƒ &RQWUROODEOHFRVWUHGXFWLRQRIIVHWWLQJQRQFRQWUROODEOHFRVWV ƒ +LJKHUSURGXFWLR

  26. Slide 26: Break-even price – increase mainly driven by currency strength

    Break-even price – increase mainly driven by currency strength 3ODWWV EUHDNHYHQ SULFH W $1 $5 )< &RQWUROODEOHFRVWV 3ULFHLPSDFW )UHLJKW &XUUHQF\ + &RQWUROODEOHV 1RQFRQWUROODEOHV ƒ %UHDNHYHQSULFHXSWIURP)<DYHUDJH ƒ 1RQFRQWUROODEOHFRVWVLQFUHDVHGE\W ƒ &RQWUROODEOHFRVWVGULYHQE\ í 5DQGVWUHQJWKHQLQJWR5 )<5

  27. Slide 27: EBITDA – strategy of operating assets at full potential

    EBITDA – strategy of operating assets at full potential delivering underlying value 5P 14% (33%) + 9ROXPH 3UHPLXP 2SH[ 7RWDODIWHU &XUUHQF\ 3ULFH ,QIODWLRQ 5R\DOWLHV 6KLSSLQJ + FRQWUROODEOHV &RQWUROODEOHV 1RQFRQWUROODEOH NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 20

  28. Slide 28: Capital expenditure supports our strategy

    Capital expenditure supports our strategy 1H18 5EQ ƒ 6,%,QIUDVWUXFWXUHWRVXSSRUWSURGXFWLRQDQG HQYLURQPHQWDOFRPSOLDQFH ƒ ([SDQVLRQ6LVKHQ QGPRGXODUSODQWDQG 'LQJOHWRQ ƒ 'HIHUUHGVWULSSLQJKLJKHUVWULSUDWLRFRPSDUHGWR +DVSODQQHG Medium term ƒ ,QIUDVWUXFWXUHWRVXSSRUWRSHUDWLRQVIOHHW UHIXUELVKPHQWDQGHQYLURQPHQW

  29. Slide 29: Strong balance sheet – set for long-term growth and sustainable returns

    Strong balance sheet – set for long-term growth and sustainable returns 5P &DVKJHQHUDWHG 1HWILQDQFH 7D[SDLG &DSH[ 2WKHU )LQDO -XQ ,QWHULP 3URIRUPD IURPRSHUDWLRQV LQFRPH GLYLGHQG 'LYLGHQG FDVKUHWDLQHG .XPED6KDUHKROGHUV 0LQRULWLHV ƒ $WWULEXWDEOHIUHHFDVKIORZRI5ELOOLRQ ƒ 6KDUHKROGHUUHWXUQVRI5ELOOLRQ ƒ &

  30. Slide 30: Disciplined capital allocation – delivering on our commitment

    Disciplined capital allocation – delivering on our commitment Revised dividend policy of 50 – 75% payout ratio takes into account: ƒ &DVKJHQHUDWLRQFDSDELOLW\ &DVKIORZ 'LVFUHWLRQDU\ DIWHU ƒ 3ULRULWLVDWLRQRIVXVWDLQDEOHVKDUHKROGHUUHWXUQV FDSLWDO VXVWDLQLQJ RSWLRQV FDSLWDO ƒ %DODQFHVKHHWIOH[LELOLW\ %DOD

  31. Slide 31: Focus on unlocking full potential

    FOCUS ON UNLOCKING FULL POTENTIAL NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  32. Slide 32: Focused delivery on our strategy

    Focused delivery on our strategy Horizon 1 Horizon 2 Horizon 3 Operating assets at full potential Leveraging endowment Value accretive opporunities ƒ ,PSURYLQJSURGXFWLYLW\ ƒ (IILFLHQF\ RSWLPLVDWLRQ ƒ 2SSRUWXQLVWLFDSSURDFK ƒ &RVWLQLWLDWLYHV WDUJHWHG ƒ 7HFKQRORJ\DQHQDEOHU± 8+'06 ƒ 6WUDWHJLFLQYHVWPHQWR

  33. Slide 33: Horizon 1 – drive margin expansion across value chain

    Horizon 1 – drive margin expansion across value chain R800 million 64.5% Fe &RVWVDYLQJRSSRUWXQLWLHVWDUJHWHGIRU 3URGXFWTXDOLW\ ƒ 5PLOOLRQRIFRVWVDYLQJVLQ+ ƒ 2SSRUWXQLWLHVLGHQWLILHGLQFOXGH í 2SWLPLVLQJPDLQWHQDQFHVFKHGXOHV í &RQWUDFWRUPDQDJHPHQW 20-30% í 'LHVHODQGW\UHHIILFLHQF\ )OHHWSURGXFWLYLW\DQGHIILF

  34. Slide 34: Horizon 2 – leveraging Northern Cape opportunities

    Horizon 2 – leveraging Northern Cape opportunities, our approach to life extension Ore Reserves of 676.4Mt @ 59.6% Fe Northern Cape opportunities Sishen – 500.8Mt @ 57.9% Fe Kolomela – 175.6Mt @ 64.4% Fe Reserve Life 13 years Reserve Life 14 years Exploration and research beneficiation technology 73

  35. Slide 35: Guidance for 2018

    Guidance for 2018 Sishen Kolomela 3URGXFWLRQ 0W 3URGXFWLRQ a0W :DVWH ± 0W :DVWH ± 0W 8QLWFRVWV 5WR5 8QLWFRVWV 5WR5 6WULSUDWLR WRH[FHHG/R0 a 6WULSUDWLR WRH[FHHG/R0 a /R0 \HDUV /R0 \HDUV 7RWDOSURGXFWLRQ 0W 7RWDOVDOHV 0W &DSH[ 5EQ ± ± ± NOTES Kumba Iron Ore Limited Interim results for the six months en

  36. Slide 36: Our value proposition

    Our value proposition Assets Capabilities Shareholder returns 3UHPLXPSURGXFW 6DIHSURGXFWLRQ 6WURQJFDVKJHQHUDWLRQ 5HVRXUFHHQGRZPHQWDQGOLIHH[WHQVLRQ 2SHUDWLQJ0RGHODQGWDOHQWHGSHRSOH &DSLWDODOORFDWLRQGLVFLSOLQH RSSRUWXQLWLHV /LFHQFH WRRSHUDWHDQGPXWXDOO\EHQHILFLDO ,QQRYDWLRQDQGWHFKQRORJ\ $WWUDFWLYHDQGVXV

  37. Slide 37: Notes

    NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  38. Slide 38: Notes

    NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  39. Slide 39: Annexure 1: Life extension under investigation

    Annexure 1: Life extension2 under investigation 2017 Ore Reserves 2017 Yield 2017 Reserve Life 6LVKHQ a500.8Mt #)H Sishen \HDUV .RORPHOD a75.6Mt #)H Kolomela \HDUV Mineral In situ Fe Conversion Mineral Resource1 (under investigation) Resource1 Grade Factor Yield Sishen Phase 1 – Optimisation ƒ ,PSUR

  40. Slide 40: Annexure 1a: Kumba 2017 Exclusive Mineral Resource

    Annexure 1a: Kumba 2017 Exclusive Mineral Resource ƒ Source data 7KH.XPED,URQ2UH([FOXVLYH0LQHUDO5HVRXUFHHVWLPDWHVDUHGHWDLOHGLQWKH.XPED2UH5HVHUYHV 0LQHUDO5HVRXUFH5HSRUW KWWSZZZDQJORDPHULFDQNXPEDFRPaPHGLD)LOHV$$QJOR$PHULFDQ .XPEDDQQXDOUHSRUWRUHUHVHUYHVDQGPLQHUDOUHVRXUFHVUHSRUWSGI NOTES Kumba Iron Ore

  41. Slide 41: Annexure 2: Logistics performance maintained

    Annexure 2: Logistics performance maintained Mt 1H18 1H17 % change 2H17 % change 5DLOHGWRSRUW LQFO6DOGDQKD6WHHO 20.8 ² 6LVKHQPLQH LQFO6DOGDQKD6WHHO 13.7 .RORPHODPLQH 7.1 ² 7RWDOVDOHV 21.2 ² ([SRUW 19.5 ² 'RPHVWLF 1.7 ² 7RWDORUHVKLSSHG 19.5 ² &)5 VKLSSHGE\.XPED 12.8 )2% VKLSSHGE\FXVWRPHUV 6.7 )LQLVKH

  42. Slide 42: Annexure 3: Operating margin driven by lower revenue

    Annexure 3: Operating margin driven by lower revenue, expense growth well controlled Rm 1H18 1H17 % change 2H171 % change 5HYHQXH 19 474 21 500 24 879 2SHUDWLQJH[SHQVHV (14 390) (13 853) (11 205) 2SHUDWLQJSURILW 5 084 7 647 13 674 2SHUDWLQJPDUJLQ 26 36 ² 36 ² 3URILWIRUWKHSHULRG 3 853 5 998 10 135 (T

  43. Slide 43: Annexure 4: Revenue sector analysis

    Annexure 4: Revenue sector analysis 1H18 1H17 % change 2H17 % change ([SRUW 5P 16 388 7RQQHVVROG 0W 19.5 ² 86'ROODUSHUWRQQH 69 5DQGSHUWRQQH 840 'RPHVWLF 5P 1 233 6KLSSLQJRSHUDWLRQV 5P 1 853 Total revenue 19 474 5DQG86'ROODUH[FKDQJHUDWH 12.30 NOTES Kumba Iron Ore Limited Interim results for the six m

  44. Slide 44: Annexure 5: Operating expenditure driven by volume growth

    Annexure 5: Operating expenditure driven by volume growth 5P 0LQLQJ /RJLVWLFV + 0LQLQJRSHUDWLRQV 6WRFN 'HIHUUHGVWULSSLQJ (VFDODWLRQ 6KLSSLQJ 6HOOLQJDQG + PRYHPHQW QRQFDVKDQGIRUH[ GLVWULEXWLRQ 0LQLQJRSHUDWLRQV 6KLSSLQJ 6HOOLQJDQGGLVWULEXWLRQ 1. Excluding the mineral royalty NOTES Kumba Iron Ore Limit

  45. Slide 45: Annexure 6: Operating expenditure analysis

    Annexure 6: Operating expenditure analysis Rm 1H18 1H17 % change 2H17 % change &RVWRIJRRGVVROG 8 984 &RVWRIJRRGVSURGXFHG 8 731 3URGXFWLRQFRVWV 9 004 6LVKHQPLQH 6 282 .RORPHODPLQH 2 499 7KDED]LPELPLQH 44 2WKHU 179 ,QYHQWRU\PRYHPHQW:,3 (273) $JUDGH (992) ² ² %JUDGH 719 ,QYHQWRU\PRYHPHQWILQLVKHGSURGXFW

  46. Slide 46: Annexure 7: Unit cash cost structure (R/t)

    Annexure 7: Sishen and Kolomela mines’ unit cash cost structure (R/t) 6LVKHQPLQH 6LVKHQPLQH .RORPHODPLQH .RORPHODPLQH )< + )< + 'HIHUUHGVWULSSLQJ 2WKHU (QHUJ\ 'ULOOLQJDQGEODVWLQJ 0DLQWHQDQFH 2XWVLGHVHUYLFHV )XHO /DERXU NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 201

  47. Slide 47: Annexure 8: Unit cash cost structure (%)

    Annexure 8: Sishen and Kolomela mines’ unit cash cost structure (%) 6LVKHQPLQH 6LVKHQPLQH .RORPHODPLQH .RORPHODPLQH )< + )< + 2WKHU (QHUJ\ 'ULOOLQJDQGEODVWLQJ 0DLQWHQDQFH 2XWVLGHVHUYLFHV )XHO /DERXU NOTES Kumba Iron Ore Limited Interim results for the six months ended 30 June 2018

  48. Slide 48: Annexure 9: Capital expenditure analysis

    Annexure 9: Capital expenditure analysis Rm 1H18 FY171 FY18 $SSURYHGH[SDQVLRQ 155 575 a 'HIHUUHGVWULSSLQJ 905 1 194 ± 6LVKHQ 723 942 ± .RORPHOD 182 252 a 6,%6LVKHQ 210 793 ± 6,%.RORPHOD 159 507 a Total capital expenditure 1 429 3 069 3 700 – 3 900 All guidance based on current forecast exchange rate

  49. Slide 49: Annexure 10: Sensitivity analysis 1H18

    Annexure 10: Sensitivity analysis 1H18 1% change to key operational drivers, each tested independently 6HQVLWLYLW\DQDO\VLV FKDQJH ± (%,7'$LPSDFW 5P ([SRUWYROXPH ([SRUWSULFH &XUUHQF\ Change per unit of key operational drivers, each tested independently Sensitivity analysis Unit change EBITDA impact &

Kumba Iron Ore — H1 2018 Earnings Presentation on 6ix