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Kumba Iron Ore Limited ("Kumba") today released its production and sales report for the quarter ended 30 September 2014. Throughout this report, production and sales volumes referred to are 100% of Sishen Iron Ore Company Proprietary Limited ("SIOC"), and attributable to shareholders of Kumba as well as the non-controlling interests in SIOC.
Overview:
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Total production increased by 37% compared to Q3 2013 and by 13% compared to the previous quarter to 13.0 Mt
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Export sales volumes decreased by 4% compared to Q3 2013 and by 12% compared to the previous quarter to 9.1 Mt
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Domestic sales volumes decreased by 14% compared to Q3 2013 and by 18% compared to the previous quarter to 1.1 Mt
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Unaudited production summary
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'000 tonnes
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Quarter
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% change
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Quarter
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% change
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Q3 2014
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Q3 2013
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Q3 2014
vs
Q3 2013
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Q2 2014
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Q3 2014
vs
Q2 2014
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Total
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12,972
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9,474
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37
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11,465
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13
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- Sishen mine
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9,260
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6,429
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44
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8,337
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11
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DMS plant
Jig plant
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6,019
3,241
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3,880
2,549
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55
27
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5,239
3,098
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15
5
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- Kolomela mine
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3,379
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2,806
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20
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2,948
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15
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- Thabazimbi mine
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333
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239
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39
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180
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85
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Unaudited sales summary
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'000 tonnes
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Quarter
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% change
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Quarter
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% change
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Q3 2014
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Q3 2013
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Q3 2014
vs
Q3 2013
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Q2 2014
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Q3 2014
vs
Q2 2014
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Total
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10,188
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10,734
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(5)
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11,661
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(13)
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- Export sales
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9,059
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9,422
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(4)
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10,287
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(12)
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- Domestic sales
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1,129
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1,312
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(14)
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1,374
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(18)
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Sishen mine
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818
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1,099
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(26)
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1,203
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(32)
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Thabazimbi mine
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311
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213
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46
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171
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82
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Sishen mine performed well against its operational plan, producing 9.3 Mt for the quarter, an increase of 44% compared to Q3 2013 and 11% compared to the previous quarter. Waste removal increased by 14% compared to Q3 2013 and by 4% compared to the previous quarter. Waste removal run rates are currently meeting targets. Additional contractor capacity has been secured and the waste backlog from H1 2014 is expected to be caught up during Q4 2014 and Q1 2015. Waste mining at Sishen is anticipated to be between 190 Mt and 200 Mt for the year. Sishen mine is on track to produce 35 Mt, 36 Mt and 37 Mt in 2014, 2015, and 2016 respectively.
Kolomela mine continued to perform strongly, producing 3.4 Mt for the quarter, and is expected to produce ~11 Mt in 2014.
Production at Thabazimbi mine increased, by 39% compared to Q3 2013 and by 85% compared to the previous quarter, to 0.3 Mt.
Export sales volumes decreased by 4% compared to Q3 2013 and by 12% compared to the previous quarter to 9.1 Mt. The decrease is mainly attributable to the annual Transnet maintenance shutdown in August and a slow start up thereafter, and not due to market conditions. The logistics system is back to operating at normal run rates.
Total finished product stocks increased to 6.5 Mt as at 30 September 2014 compared to 3.6 Mt as at 30 June 2014 and 2.4 Mt as at 30 September 2013, due to the production ramp-up and the logistics constraints mentioned earlier.
Domestic sales volumes of 1.1 Mt decreased by 14% compared to Q3 2013 and by 18% compared to the previous quarter.
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