Kumba Iron Ore released results, warning iron ore prices are expected to remain under pressure as Australian and Brazilian producers increase supply, and demand growth from China slows.
The Money Show’s Bruce Whitfield interviewed Kumba CEO Norman Mbazima.
Scroll down to listen to the audio.
Smaller producers will have to leave the market. We hope to stay in and benefit from this lower supply.— Norman Mbazima
We’re significantly reducing our capital expenditure and waste. We’re cost-cutting in every single department of the company.— Norman Mbazima
There are about 1200 jobs on the line.— Norman Mbazima
This article first appeared on 702 : Kumba expects iron prices to remain low on increased supply and slowing demand