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Kumba production and sales report for the fourth quarter, and trading statement, for the year ended 31 December 2025
Kumba Iron Ore Limited
A member of the Anglo American plc group
(Incorporated in the Republic of South Africa)
(Registration number 2005/015852/06)
Share code: KIO
ISIN: ZAE000085346
("Kumba" or "the Company")
Kumba production and sales report for the fourth quarter, and trading statement, for the year ended
31 December 2025
Production and sales report for the fourth quarter and year ended 31 December 2025
Kumba's Chief Executive, Mpumi Zikalala, said: "Our solid performance in 2025 reflects the collective effort of our
people and the resilience of our operations. As we strengthen the fundamentals of our business, we recognise the
need to further improve asset reliability and enhance cost efficiency, while progressing the Ultra-High Dense Media
Separation (UHDMS) project, a key enabler of long-term value creation. Our collaboration with Transnet, through the
Ore Users' Forum, combined with disciplined execution across the value chain, ensured delivery within the Company's
full year sales guidance and allowed us to benefit from a stable iron ore price environment. As we look ahead, we will
continue to focus on our strategic priorities of safety, operational excellence and unlocking sustainable value for our
stakeholders."
Overview of Q4 2025 and the full year 2025
- Fatality free record now exceeds nine years at Sishen and two years at Kolomela.
- Production increased by 10% to 8.6 Mt in Q4 2025 (Q4 2024: 7.8 Mt), with full year output up by 1% to 36.1 Mt.
- Sales softened to 8.7 Mt in Q4 2025 (Q4 2024: 9.1 Mt), while increasing by 2% to 37.0 Mt for the year.
- Total finished stock remained unchanged at 7.5 Mt in Q4 2025 with 5.7 Mt on-mine and 1.8 Mt at port (Q4 2024:
7.4 Mt; 6.9 Mt on-mine; 0.5 Mt at port).
- Kumba achieved an average realised free-on-board (FOB) export iron ore price of US$95 per wet metric tonne
(wmt) (2024: US$92/wmt), outperforming the iron ore FOB benchmark price of US$85/wmt (2024: US$89/wmt)
by 12%.
% % %
change change change
Q4 Q3 Q2 Q1 Q4 vs vs Full year Full year vs
000 tonnes 2025 2025 2025 2025 2024 Q4 Q3 2025 2024 2024
Waste mining 41,088 44,175 39,817 40,485 27,835 48 (7) 165,565 155,706 6
Production 8,590 9,247 9,257 8,990 7,826 10 (7) 36,084 35,731 1
Sales 8,705 9,625 9,701 9,007 9,135 (5) (10) 37,038 36,251 2
Total waste
mining 41,088 44,175 39,817 40,485 27,835 48 (7) 165,565 155,706 6
Sishen 32,520 36,744 33,341 34,631 25,100 30 (11) 137,236 133,940 2
Kolomela 8,568 7,431 6,476 5,854 2,735 213 15 28,329 21,766 30
Total
production 8,590 9,247 9,257 8,990 7,826 10 (7) 36,084 35,731 1
Sishen 6,560 6,347 6,427 5,955 5,687 15 3 25,289 25,661 (1)
Kolomela 2,030 2,900 2,830 3,035 2,139 (5) (30) 10,795 10,070 7
Total sales 8,705 9,625 9,701 9,007 9,135 (5) (10) 37,038 36,251 2
Lump 5,917 6,391 6,418 6,127 6,071 (3) (7) 24,853 23,807 4
Fines 2,788 3,234 3,283 2,880 3,064 (9) (14) 12,185 12,444 (2)
Safety performance
We have been fatality-free at Sishen for more than nine years and two years at Kolomela and we are totally
committed to safe production. With a total recordable injury frequency rate of 0.95 for 2025, we continue to focus on
preventing harm by working closely with our service partners to strengthen fatal risk management and to embed a
simplified, disciplined, safe work culture across our operations.
Mining and production
Waste mining increased by 48% to 41.1 Mt (Q4 2024: 27.8 Mt), driven by a strong performance at both operations.
Sishen increased by 30% to 32.5 Mt (Q4 2024: 25.1 Mt) and Kolomela delivered more than a three-fold increase to
8.6 Mt (Q4 2024: 2.7 Mt), This reflects the impact of the business reconfiguration in the comparative Q4 2024 period,
as well as the planned ramp-up in waste mining. For the full year 2025, waste mining increased by 6% to 165.6 Mt
(2024: 155.7 Mt). Volumes were at the lower end of the full year 2025 guidance of 166 - 182 Mt, largely due to asset
reliability challenges.
Total production increased by 10% to 8.6 Mt (Q4 2024: 7.8 Mt), underpinned by a 15% uplift in Sishen's production to
6.6 Mt (Q4 2024: 5.7 Mt), while Kolomela's output decreased by 5% to 2.0 Mt (Q4 2024: 2.1 Mt). Kolomela's production
was reduced as planned to optimise plant feedstock levels and sustain a balanced value chain.
For the full year 2025, production increased by 1% to 36.1 Mt (2024: 35.7 Mt). Sishen's output was marginally down
by 1% to 25.3 Mt (2024: 25.7 Mt) due to a planned drawdown of on-mine stockpiles in the first quarter and plant
maintenance interventions to facilitate the implementation of the UHDMS project. This was offset by a 7% increase in
Kolomela's production to 10.8 Mt (2024: 10.1 Mt), in line with our flexible approach to production.
Logistics, sales and the market environment
Ore railed to Saldanha Bay port increased by 2% to 8.6 Mt (Q4 2024: 8.4 Mt) in Q4 2025, despite two derailments
following the ten day annual rail and port maintenance shutdown in October. Shipments were constrained by 26 days
of single loading due to the planned refurbishment of a stacker reclaimer, as well as high wind speeds at the port. As
a result, sales in Q4 2025 decreased by 5% to 8.7 Mt (Q4 2024: 9.1 Mt). Notwithstanding this, sales for the full year
2025 increased by 2% to 37.0 Mt (2024: 36.3 Mt), supported by improved operational stability across the value chain.
Total finished stock ended the year flat at 7.5 Mt with 5.7 Mt (Q4 2024: 6.9 Mt) of on-mine stock and more optimal port
stock levels of 1.8 Mt (Q4 2024: 0.5 Mt).
Iron ore market prices were underpinned by resilient Chinese pig iron production, on the back of strong export
demand and stable supply from the major iron ore producers. Lump premium averaged US$0.14/dmtu for the year,
despite pressure from high inventory levels and weak steel mill margins. Kumba achieved an average realised FOB
export price of US$95/wmt, outperforming the benchmark FOB iron ore price of US$85/wmt by12% for the year.
Guidance
Kumba's guidance is subject to Transnet's logistics performance. Production guidance for 2026 is unchanged at 31–
33 Mt and will be lower than 2025 reflecting the main tie-in of the UHDMS project, which is planned in the
second half of 2026. Sales guidance for 2026 of between 35 - 37 Mt, includes the planned drawdown of finished
stock. Production guidance for 2027 and 2028 are at 35 – 37 Mt.
Trading statement for the year ended 31 December 2025
Kumba is finalising its financial results for the year ended 31 December 2025 (the period). Further information will be
provided in the 2025 annual results, which will be released on the Stock Exchange News Service (SENS) on 19
February 2026.
In accordance with paragraph 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that
headline earnings for the period are expected to be between R13,856 million and R15,330 million. Headline earnings
per share (HEPS) for the period are expected to be between R43.22 and R47.81, an increase of between 11% and
23% from the year ended 31 December 2024 (comparative period, announced on SENS on 18 February 2025). The
increase in earnings relative to the comparative period is largely attributable to the higher average realised FOB
export ore price, a 2% increase in sales volumes and penalty income from Transnet. The increase was partly offset by
the impact of a stronger ZAR/US$ exchange rate. Reported headline earnings and HEPS for the comparative period
were R12,495 million and R38.94, respectively.
Basic earnings for the period are expected to be between R13,734 million and R15,195 million. Basic earnings per
share (EPS) for the period are expected to be between R42.83 and R47.39, reflecting a change ranging from a
decrease of 7% to an increase of 3% from the comparative period. Reported basic earnings and EPS for the
comparative period include the reversal of an impairment on the asset value of the Kolomela cash generating unit
that was recognised in 2022. The impairment reversal was due to a revision in the forecast production volume profile
of Kolomela as part of the Company's business reconfiguration plan to optimise value. Reported basic earnings and
EPS for the comparative period (announced on SENS on 18 February 2025) were R14,699 million and R45.81
respectively.
Volumes excluding waste mining, and on-mine unit costs, are reported as wet metric tonnes (wmt). Product is shipped
with ~1.5% moisture. Production and sales volumes for the period are 100% of Sishen Iron Ore Company Proprietary
Limited (SIOC), and attributable to shareholders of Kumba and the non-controlling interests in SIOC.
This announcement contains forward-looking statements which are based on the Company's current beliefs and
expectations about future events. The operational and financial information contained in this announcement have
not been reviewed and reported on by the Company's external auditors and is the responsibility of the board of
directors of Kumba.
Johannesburg
5 February 2026
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
For further information, please contact:
Company secretary
Fazila Patel
Fazila.patel@angloamerican.com
Mobile: +27 83 297 2293
Investors Media
Penny Himlok Melangini Pillay
penny.himlok@angloamerican.com melangini.pillay@angloamerican.com
Mobile: +27 82 781 1888 Mobile: +27 76 959 2019
Notes to editors:
Kumba Iron Ore Limited, a member of the Anglo American plc group, is a leading value-adding supplier of high quality
iron ore to the global steel industry. Kumba produces iron ore in South Africa at Sishen and Kolomela mines in the
Northern Cape Province. Kumba exports iron ore to customers around the globe including in China, Japan, South
Korea and a number of countries in Europe and the Middle East.
www.angloamericankumba.com
Anglo American is a leading global mining company focused on the responsible production of copper, premium iron
ore and crop nutrients – future-enabling products that are essential for decarbonising the global economy, improving
living standards, and food security. Our portfolio of world-class operations and outstanding resource endowments
offers value-accretive growth potential across all three businesses, positioning us to deliver into structurally attractive
major demand growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value chain, from
how we discover new resources to how we mine, process, move and market our products to our customers – safely,
efficiently and responsibly. Our Sustainable Mining Plan commits us to a series of stretching goals over different time
horizons to ensure we contribute to a healthy environment, create thriving communities and build trust as a corporate
leader. We work together with our business partners and diverse stakeholders to unlock enduring value from
precious natural resources for our shareholders, for the benefit of the communities and countries in which we operate,
and for society as a whole. Anglo American is re-imagining mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes to unlock the inherent value in its
portfolio and thereby accelerate delivery of its strategic priorities of Operational excellence, Portfolio simplification,
and Growth. The sale of our steelmaking coal and nickel businesses and the separation of our iconic diamond
business (De Beers) continue to progress and once completed, will focus Anglo American on its world-class resource
asset base in copper, premium iron ore and crop nutrients.
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Forward-looking statements and third party information
This document includes forward-looking statements. All statements other than statements of historical fact included
in this document may be forward-looking statements, including, without limitation, those regarding Kumba's financial
position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for
future operations, prospects and projects (including development plans and objectives relating to Kumba's products,
production forecasts and Ore Reserve and Mineral Resource positions), the anticipated benefits of mergers and
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related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and
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"aim", "project", "anticipate", "estimate", "plan", "may", "should", "will", "target" and words of similar meaning. By their
nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of Kumba's or industry results to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Kumba's present and future
business strategies and the environment in which Kumba will operate in the future. Important factors that could cause
Kumba's actual results, performance or achievements to differ materially from those in the forward-looking
statements include, among others, levels of actual production during any period, levels of global demand and
product prices, unanticipated downturns in business relationships with customers or their purchases from Kumba,
mineral resource exploration and project development capabilities and delivery, recovery rates and other operational
capabilities, safety, health or environmental incidents, the ability to identify, consummate and integrate pending or
potential acquisitions, disposals, investments, mergers, demergers, syndications, joint ventures or other transactions,
the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our
information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather
events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the
ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability
of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or
competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the
impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit,
liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty,
tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder
requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or
divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental
authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of
Kumba's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries
where Kumba operates, conflicts over land and resource ownership rights and such other risk factors identified in
Kumba's most recent Annual Report. Forward-looking statements should therefore be construed in light of such risk
factors, and undue reliance should not be placed on forward-looking statements. These forward-looking statements
speak only as of the date of this document. Kumba expressly disclaims any obligation or undertaking (except as
required by applicable law, rules or regulations) to release publicly any updates or revisions to any forward-looking
statement contained herein to reflect any change in Kumba's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based.
Nothing in this document should be interpreted to mean that future earnings per share of Kumba will necessarily
match or exceed its historical published earnings per share. Certain statistical and other information included in this
document is sourced from third party sources (including, but not limited to, externally conducted studies and trials).
As such it has not been independently verified and presents the views of those third parties, but may not necessarily
correspond to the views held by Kumba and Kumba expressly disclaims any responsibility for, or liability in respect of,
such information.
No Investment Advice
This document has been prepared without reference to your particular investment objectives, financial situation,
taxation position and particular needs. It is important that you view this document in its entirety. If you are in any doubt
in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser
or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets
Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under
any other applicable legislation).
Alternative Performance Measures
Throughout this document a range of financial and non-financial measures are used to assess our performance,
including a number of financial measures that are not defined or specified under IFRS (International Financial
Reporting Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these
measures to monitor the Company's financial performance alongside IFRS measures to improve the comparability
of information between reporting periods and businesses. These APMs should be considered in addition to, and not
as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in
accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Company's industry.
Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.©Kumba
Iron Ore Limited 2026. ™ and ™ are trade marks of Kumba Iron Ore Limited. Anglo American Services (UK) Ltd.
©Anglo American Services (UK) Ltd 2026. ™ and ™ are trade marks of Anglo American Services (UK) Ltd.
Date: 05-02-2026 09:00:00
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