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CUHRIG/E+ by way of Getty Photographs
Anglo American’s (OTCQX:AAUKF) (OTCQX:NGLOY) Kumba Iron Ore subsidiary mentioned Monday it obtained receieved discover of power majeure from South Africa’s state-owned logistics firm Transnet after some staff launched strike motion over a wage dispute.
The firm mentioned Kumba – wherein it owns an almost 70% stake – has carried out contingency plans to safeguard property and reduce operations, but it surely expects manufacturing will likely be affected by disruptions to Transnet’s rail and port providers.
Kumba mentioned it sees a manufacturing hit of ~50K metric tons/day for the primary seven days of the strike and 90K tons/day thereafter, with export gross sales affected by 120K tons/day.
Kumba, which exports most of its iron ore to China, Europe, Japan and South Korea, expects to provide and export 38M-40M metric tons of the mineral this yr.
Individually, Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) mentioned it named Equinor (EQNR) govt Al Cook dinner to succeed Bruce Cleaver as the brand new CEO of its De Beers diamond firm.
Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) has “strong publicity which we see as surefire in the long run, and markets appear to have acknowledged that by punishing it minimally YTD,” Valkyrie Buying and selling Society writes in an evaluation revealed just lately on In search of Alpha.
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