Wrap Text
Kumba production and sales report for the six months ended 30 June 2026
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 six months ended 30 June 2026
Kumba's Chief Executive, Mpumi Zikalala, said: "Our high iron ore quality products continue to support our premium
pricing. We achieved an average realised price of US$90 per wet metric tonne (wmt), 8% above the Fastmarkets 62%
iron (Fe) free-on-board (FOB) equivalent price, benefitting from resilient iron ore market prices and a recovery in lump
premium from the lows seen earlier in the year.
"Total production decreased by 3% compared to the first half of 2025, reflecting a softer contribution from Kolomela,
partly offset by solid operating performance at Sishen. Sales volumes were 1% lower, largely due to the first of two
planned 10-day Transnet logistics maintenance shutdown in May 2026. Notwithstanding this, improving momentum in
operational and logistics performance supports our expectation of delivering the full year production and sales
guidance of 31 - 33 Mt and 35 - 37 Mt, respectively.
"Importantly, we remain focused on what matters most - the safety of our people. We improved our total recordable
injury frequency rate (TRIFR) to 0.80 from 1.18 in the comparative 2025 period, demonstrating continued progress in
reducing serious injuries and our unwavering commitment to eliminating fatalities across our operations.
"Our dollar denominated C1 unit cost in the first half was impacted by a stronger rand and above inflation increases in
key mining input costs compared to the prior period, largely reflecting the effects of the Middle East conflict. In
response, we are progressing a range of initiatives to enhance operational efficiency and optimise our operating and
capital cost base.
"To better reflect prevailing market conditions, the exchange rate assumptions underpinning our C1 unit cost guidance
of ~US$45/wmt has been revised from R16.00 to R16.50 to the US dollar. While the underlying rand-based unit cost
guidance for Sishen (R530–R560/dmt) and Kolomela (R430–R460/dmt) remains unchanged, we expect Sishen's unit
cost to move towards the upper end of its range and Kolomela towards the middle of the range. We note that the cost
environment remains volatile, with heightened risk associated with ongoing developments in the Middle East.
"At the same time, we continue to invest in the long-term value and competitiveness of our business. At Sishen, the first
Ultra-high dense media separation (UHDMS) modules are in the first phase of commissioning, and pre-shutdown work
is on track for the main plant tie-in starting in August 2026. In parallel, we are strengthening our energy resilience and
supporting lower energy costs and a lower-carbon steel value chain through the integration of wheeled renewable
electricity into our Kolomela operations."
Overview:
- Safety remains our first value, underpinning a fatality free track record of more than 10 years at Sishen and more than
three years at Kolomela.
- Total production of 17.7 Mt (H1 2025: 18.2 Mt) decreased by 3%, driven by Kolomela and partially offset by
increased production at Sishen.
- Total sales were 18.6 Mt (H1 2025:18.7 Mt), marginally down by 1%, due to Transnet's planned logistics maintenance
shutdown impacting port throughput in May.
- Total finished stock of 7.0 Mt (31 December 2025: 7.5 Mt) comprised of 4.8 Mt (31 December 2025: 5.7 Mt) at the
mines and 2.2 Mt (31 December 2025: 1.8 Mt) at Saldanha Bay Port.
- Kumba achieved an average realised FOB export iron ore price of US$90/wmt (H1 2025: US$91/wmt), 8% above
the Fastmarkets 62% Fe FOB equivalent price of US$83/wmt (H1 2025: US$84/wmt).
Q2 Q2 H1
2026 2026 2026
Q2 Q1 Q4 Q3 Q2 Q1 vs vs H1 H1 vs
Q2 Q1 H1
000 tonnes 2026 2026 2025 2025 2025 2025 2025 2026 2026 2025 2025
% % %
Waste mining 44,322 39,158 41,088 44,175 39,817 40,485 11 13 83,480 80,303 4
Production 8,844 8,842 8,590 9,247 9,257 8,990 (4) — 17,686 18,247 (3)
Sales 9,246 9,311 8,705 9,625 9,701 9,007 (5) (1) 18,557 18,708 (1)
Kumba waste 44,322 39,158 41,088 44,175 39,817 40,485 11 13 83,480 80,303 4
Sishen 33,781 30,642 32,520 36,744 33,341 34,631 1 10 64,423 67,973 (5)
Kolomela 10,541 8,516 8,568 7,431 6,476 5,854 63 24 19,057 12,330 55
Kumba production by
mine 8,844 8,842 8,590 9,247 9,257 8,990 (4) — 17,686 18,247 (3)
Sishen 6,479 6,257 6,560 6,347 6,427 5,955 1 4 12,736 12,382 3
Kolomela 2,365 2,585 2,030 2,900 2,830 3,035 (16) (9) 4,950 5,865 (16)
Kumba sales 9,246 9,311 8,705 9,625 9,701 9,007 (5) (1) 18,557 18,708 (1)
Lump 6,132 6,154 5,917 6,391 6,418 6,127 (4) — 12,286 12,544 (2)
Fines 3,114 3,157 2,788 3,234 3,283 2,880 (5) (1) 6,271 6,164 2
Safety
Safety performance improved in the six months ended 30 June 2026, as the adoption and implementation of the Fatal
Risk Management framework in the previous six months ended 30 June 2025 is further embedded. Our total
recordable injury frequency rate improved to 0.80 (H1 2025: 1.18). Several key safety initiatives were implemented at
both operations to proactively mitigate against incidents, with particular focus on contractor safety performance and
compliance with Fatal Risk Management requirements and high-risk activities.
Mining and production
Total waste mining increased by 4% to 83.5 Mt (H1 2025: 80.3 Mt). This performance was achieved despite productivity
challenges and the impact of above historical average rainfall events, with a recovery plan execution driving a notable
13% uplift in the second quarter performance to 44.3 Mt (Q1 2026: 39.2 Mt).
Total production reached 17.7 Mt compared to (H1 2025: 18.2 Mt) with Kolomela's lower production partly mitigated by
Sishen's higher production. Production in the second quarter of 8.8 Mt was flat compared to the first quarter (Q1 2026:
8.8 Mt). Waste mining and production remain in line with expectations, with the full-year 2026 guidance at 180 – 195 Mt
for waste mining and at 31-33 Mt for production.
Sishen's waste mining was 64.4 Mt, 5% lower than first half 2025, reflecting a slow start-up of the previously parked up
truck fleet, shovel reliability challenges in the first quarter and above historical average rainfall in the second quarter.
Sishen's production for the first half rose by 3% to 12.7 Mt (H1 2025: 12.4 Mt), underpinned by improved plant stability.
Guidance for 2026 is maintained at 135-145 Mt for waste mining and ~22 Mt for production.
At Kolomela, waste mining ramped up by 55% to 19.1 Mt (H1 2025: 12.3 Mt), in line with the higher strip ratio guided for
2026. In the second quarter, waste mining increased by 24% to10.5 Mt (Q1 2026: 8.5 Mt). However, Kolomela's first half
production decreased by 16% to 4.9 Mt (H1 2025: 5.9 Mt) due to the planned drawdown of high stock levels in the first
quarter and plant maintenance in the second quarter, which coincided with the Transnet logistics maintenance
shutdown. Kolomela remains on track to achieve the full year guidance of 45-50 Mt for waste mining and ~10 Mt for
production.
Unit costs for the year are expected to remain within guidance of R530 - 560/dmt for Sishen and R430 - 460/dmt for
Kolomela. Inflationary cost pressure on key mining input items linked to the Middle East conflict, together with sustained
rand strength against the US dollar, placed upward pressure on the C1 unit cost in the half year. Subject to these
pressures easing, our C1 unit cost outlook is unchanged at ~US$45/wmt.
Logistics, sales, and marketing
Overall, rail performance has stabilised with less derailments experienced in the first half. In addition, proactive logistics
maintenance was undertaken in May 2026 as part of the Ore Corridor Restoration programme to address the
maintenance backlog and performance turnaround of the Ore Export Channel (OEC).
The maintenance included replacing 101Km of rail, enabling speed restrictions to be lifted on 26Km of the Export
Corridor. At Saldanha Bay Port, critical port equipment was refurbished, and Tippler 3 was cold commissioned.
Throughput rates are expected to improve following finalisation of the commissioning later this year.
Due to this, ore-railed to Saldanha Bay Port decreased by 8% in the second quarter to 8.9 Mt (Q1 2026: 9.7 Mt),
contributing to a decrease of 2% to 18.6 Mt in the first half (H1 2025: 18.9 Mt). At the port, despite the 10-day
maintenance shutdown and a slower than planned start-up impacting throughput, sales volumes of 9.2 Mt in the
second quarter were broadly flat compared to the first quarter (Q1 2026: 9.3 Mt), while sales for the first half decreased
by a marginal 1% to 18.6 Mt (H1 2025: 18.7 Mt).
Total finished stock of 7.0 Mt (31 December 2025: 7.5 Mt) is comprised of on-mine stock at 4.8 Mt (31 December 2025:
5.7 Mt) and stock at Saldanha Bay Port at 2.2 Mt (31 December 2025: 1.8 Mt). Finished stock levels remain elevated as
stock will be drawdown to supplement sales during the shutdown of the Dense Media Separation plant for the tie-in of
the UHDMS project.
Year-to-date, Kumba's Fe content averaged 63.6% (H1 2025: 64.1%) due to variability in ore grade at Kolomela. Both
the iron ore content and lump-to-fine ratio at 66:34 (H1 2025: 67:33) remain ahead of our peers in the iron ore market.
This translated to an average realised FOB export price of US$90/wmt (H1 2025: US$91/wmt), an 8% premium
benefit relative to the Fastmarkets 62% Fe FOB benchmark export price of US$83/wmt (H1 2025: US$84/wmt).
Steel mill margin pressures continue to drive near-term demand. However, lump and high-grade quality premia were
supported by lump stocks falling to a near 12-month low at Chinese ports. Structural decarbonisation trends are
steadily reshaping demand toward higher-grade iron ore products that play a critical role in helping steelmakers
reduce their carbon footprint. It is increasingly clear that higher carbon emission steel will face growing penalties under
the newly implemented Carbon Border Adjustment Mechanism framework in Europe, placing energy efficiency at the
centre of long-term iron ore industry competitiveness.
Full year 2026 guidance
Subject to Transnet's logistics performance, Kumba's full year 2026 guidance is unchanged. Sishen's production will be
weighted to the first half of 2026, due to the tie-in of the UHDMS project in the second half of 2026. Sales are not
expected to be impacted owing to the planned drawdown of finished stock during the tie-in. The full year guidance is as
follows:
Guidance FY2026
Total sales (Mt) 35 - 37
Total production (Mt) 31 - 33
Sishen ~22
Kolomela ~10
Waste stripping (Mt) 180 - 195
Sishen 135 - 145
Kolomela 45 - 50
On-mine unit cost (R/tonne)
Sishen 530 - 560
Kolomela 430 -460
C1 unit costs (US$/tonne) ~45
Capital expenditure (Rbn) 13.2 - 14.2
This announcement contains forward-looking statements which are based on the Company's current beliefs and
expectations about future events. The financial information contained in this announcement is the responsibility of the
directors and has not been reviewed and reported on by the Company's external auditors.
Volumes excluding waste stripping, and on-mine unit costs, are reported as wmt. Product is shipped with ~1.5% moisture.
The group's sales volumes could differ to Kumba's results, due to sales to other group companies. The foreign exchange
rate used for calculating the 2026 cost guidance is ~R16.50/US$ (previously, ~R16.00/US$).
Production and sales volumes referred to for the period ended 30 June 2026 are 100% of Sishen Iron Ore Company
Proprietary Limited (SIOC), and attributable to shareholders of Kumba as well as to the non-controlling interests in SIOC.
Johannesburg
23 July 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 melanini.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 and North Africa region.
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, 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.
www.angloamerican.com
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Forward looking statements
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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(including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations.
Forward-looking statements may be identified by the use of words such as "believe", "expect", "intend", "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 2026. ™ and ™ are trade marks of Anglo American Services (UK) Ltd.
Date: 23-07-2026 08:00:00
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