The Initiative for Responsible Mining has published the results of Kumba Iron Ore's inspections of its Kolomela and Sishen iron ore operations in accordance with the IRMA Standard for Responsible Mining.
Speaking on the occasion, Kumba's Chief Executive Officer Mpumi Zikalala said that the company is committed to safety and that the rate of injuries recorded in 2023 has decreased by 0.79% this year. He also stated that the Sishen and Kolemela mines are showing a 75% improvement. Kumba is the first iron ore producer in Africa to complete an IRMA audit and has introduced an accounting methodology for verifiable and comparable sustainability practices.
Kumba Iron Ore reported that the activities demonstrated consistent mining and production in line with the business restructuring plan to align production volumes with Transnet's logistics performance levels. At Kolomela, the planned reduction reduces overall production, while at Sishen iron ore, production is increasing.
Negotiations for the Commission for Conciliation, Mediation and Arbitration are expected to begin in March 2024 and be completed by the end of May 2024. Mpumi Zikalala explained that they are in contact with service partner companies about this issue as part of the structuring process.
Export sales units have suffered due to the operating conditions at the Port of Saldanha Bay, and equipment maintenance is now being undertaken by Transnet to address recovery reliability issues. Sales and production forecasts for 2024 are 35 million tons and 37 million tons, respectively.
The iron ore market was reported to have experienced a downturn in the first quarter, while it was also emphasized that low production, restructuring according to the cost profile and facing a volatile market.
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