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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (30489)	12/17/2008 10:25:24 PM
From: LoneClone	Read Replies (1) \| Respond to of 195027

Kumba cuts iron ore capex by 20%, to produce 10% more in 2009 miningweekly.com By: Martin Creamer Published on 17th December 2008 JOHANNESBURG (miningweekly.com) – South African ferrous miner Kumba Iron Ore said on Wednesday that it would cut its 2009 capital expenditure by 20% to $425-million, but still produce 10% more iron ore in 2009. The Anglo American-controlled JSE-listed Kumba said that market uncertainties and challenges faced by the global economy have led to a period of unprecedented volatility and rapid decreases in commodity prices. Kumba would continue to review capital expenditure and costs against market conditions. Planned 2009 capital expenditure at Sishen South has been "optimised along the critical path" and first production remained scheduled for the first half of 2012. Next year's production was expected to increase by 10% over than of 2008 as a result of the Sishen jig plant continuing to ramp up. Kumba's "high quality" products were produced at "low cost on a delivered basis" and were thus well placed to survive the current market volatility, the company said. Due to the volatility of the market, the company's Sishen mine would seek to secure short-term export volumes by focusing on increasing the quality of products, which would result in marginally lower volumes in the current quarter. Kumba was confident that the long-term market fundamentals remained robust.