“Sishen mine produced 9.3 Mt for the quarter, an increase of 44 per cent compared to the third quarter (Q3) of 2013 and 11 per cent compared to the previous quarter. Waste removal increased by 14 per cent compared to Q3 2013 and by four per cent compared to the previous quarter,” it said.
“Waste removal run rates are currently meeting targets. Additional contractor capacity has been secured and the waste backlog from the first half (H1) of 2014 is expected to be caught up during Q4 2014 and Q1 2015.”
[DATA KIO:Kumba Iron Ore] further indicated that Sishen mine is on track to produce 35 Mt, 36 Mt and 37 Mt in 2014, 2015, and 2016 respectively.
Its Kolomela mine continued to perform strongly and is expected to produce ~11 Mt in 2014 while production at Thabazimbi mine increased by 39 per cent compared to Q3 2013 and by 85 per cent compared to the previous quarter.
The company’s export sales volumes decreased by four per cent during the quarter to 9.1 Mt, compared to Q3 2013 and by 12 per cent compared to the previous quarter.
“The decrease is mainly attributable to the annual Transnet maintenance shutdown in August and a slow start up thereafter, and not due to market conditions. The logistics system is back to operating at normal run rates,” Kumba said.
(READ MORE: Kumba Iron Ore reports profitable H1)
“Total finished product stocks increased to 6.5 Mt as at 30 September 2014 compared to 3.6 Mt as at 30 June 2014 and 2.4 Mt as at 30 September 2013, due to the production ramp-up and the logistics constraints mentioned earlier.”
It added that domestic sales volumes of 1.1 Mt decreased by 14 per cent compared to Q3 2013 and by 18 per cent compared to the previous quarter.