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Our Business: Our Business Our Business OUR BUSINESS: OUR BUSINESS OUR BUSINESS OUR VISION: To be a successful and sustainable African supplier of quality iron ore to global and local markets while delivering superior value to our stakeholders. WHO WE ARE WHAT WE DO Kumba is a supplier of high-quality iron ore (64.1% Fe) We produce high-grade iron ore, with a lump-to- to the global steel industry. We operate primarily in fine ratio of 64:36 in 2016. This ore is mined at our South Africa, with mining operations in the Northern two operations, all of which are managed by SIOC. Cape, a head office in Centurion, Gauteng, and a port Export ore is shipped to customers across the globe operation in Saldanha Bay, Western Cape. Kumba has from the port operation in Saldanha Bay. We also a 76.3% interest in Sishen Iron Ore Company (Pty) Ltd have a marketing office in Singapore, integrated with (SIOC), an entity which we manage. SIOC, in turn, owns Anglo American Marketing BU, and one in Luxembourg, the operating assets of the company. The remaining wholly owned by Kumba. In total, around 8% of our 23.7% interest in SIOC is held by our black economic product comprises domestic sales, and around 92% is empowerment (BEE) partners Exxaro Resources exported. The revenue generated from these sales is Limited (a leading BEE company listed on the JSE) and used to grow and sustain the business, which shares the SIOC Community Development Trust (a trust that its success with various stakeholders in many ways. funds projects in local communities). To learn more about our operations see page 64. Listed on the JSE Limited 41.5 Mt 187.3 Mt 39.1 Mt Production Export sales Waste mined BEING A PARTNER OF CHOICE (2015: 44.9 Mt) (2015: 267.9 Mt) (2015: 43.5 Mt) BUILDING LASTING BENEFICIAL RELATIONSHIPS IS CORE TO OUR SUCCESS. WE ARE A SIGNIFICANT EMPLOYER IN Customers in THE REGIONS IN WHICH WE OPERATE, AND WE WORK 3.4 Mt 8,332 South Africa, WITH COMMUNITIES AND LOCAL GOVERNMENTS TO Domestic sales employees China, India, CREATE LASTING CHANGE IN THESE AREAS. AT THE in 2016 Japan, South END OF 2016 WE EMPLOYED 8,332 PEOPLE, COMPRISING (2015: 4.3 Mt) (2015: 11,790) Korea, Europe 5,560 PERMANENT EMPLOYEES, 2,403 CONTRACTORS AND and the Middle East 369 LEARNERSHIPS. For more on these relationships see page 23 to 28 of the SR. KUMBA IRON ORE LIMITED OWNERSHIP STRUCTURE Public Investment Corporation South African fund managers Other South African shareholders Foreign shareholders 13.5% 10.7% 7.8% 68% Anglo American plc 100% Government Employee Public Investment Industrial Development Anglo South Africa Other South African Foreign Pension Fund Corporation Corporation Capital shareholders shareholders 2.5% 1.9% 12.9% 69.7% 2.8% 10.2% Kumba Iron Ore Anglo American Group companies 76.3% BEE partners 23.7% Empowerment partners* Government-related bodies SIOC South African shareholders Exxaro SIOC Community Resources Limited 20.6% Development Trust 3.1% Foreign shareholders Fund managers investing on behalf of eg pension funds * During November 2016, the SIOC employee participation scheme (Envision) concluded, which impacted the shareholding in SIOC held by Kumba, Exxaro and the SIOC Community Development Trust. 2 Kumba Iron Ore Limited Integrated Report 2016 Limpopo 4 WHERE WE OPERATE EXPORT RAIL LINE 1 ■■ Current capacity of 60 Mtpa of which Kumba North West Mpumalanga has 44 Mtpa allocation 2a Free State Corporate office 2b KwaZulu-Natal 1 Centurion SOUTH AFRICA Our business Mining operations 2a Sishen mine Northern Cape 2b Kolomela mine Port operations Eastern Cape 3 Saldanha Bay 3 Western Cape Discontinued operations 4 Thabazimbi mine SISHEN MINE KOLOMELA MINE SALDANHA BAY PORT THABAZIMBI MINE ■■ Opened in 1953 2a ■■ Opened in 2011 and 2b ■■ All Kumba export 3 ■■ Operating since 1931, 4 ■■ Located in Kathu produces high-grade direct volumes exported through producing primarily high-grade ■■ Reserve life: 17 years shipping ore (DSO) Saldanha Bay Port Operations, haematite ore ■■ Bulk of Kumba’s production ■■ Mine situated near the town the only dedicated iron ore ■■ Agreement reached to transfer ■■ One of the largest open- of Postmasburg export facility in South Africa ownership of the mine to pit mines in the world ■■ Reserve life: 18 years ■■ Operated by Transnet, ArcelorMittal SA ■■ All mining is done by opencast South African state-owned ■■ ArcelorMittal SA will take over methods enterprise the statutory obligation for ■■ Sishen is the only haematite 2016 performance the full rehabilitation ore producer in the world to ■■ 1 fatality; LTIFR of 0.48 liability (subject to DMR beneficiate all its product ■■ Production of 12.7 Mt 2016 performance approval) ■■ 64.0 Mt total tonnes mined ■■ Zero fatalities; LTIFR of 0 including ex-pit ore of 13.8 Mt ■■ Total volumes railed to 2016 performance and waste of 50.2 Mt Saldanha Bay: 39.8 Mt 2016 performance ■■ 1 fatality; LTIFR of 0.25 ■■ 13.0 Mt railed on the IOEC ■■ Total shipped volumes: 38.7 Mt ■■ Processing activities ceased ■■ Production of 28.4 Mt ■■ Unit cash cost: R201/tonne ■■ Export sales: 39.1 Mt in 2016 ■■ 178.3 Mt total tonnes mined, ■■ Stripping ratio: 3.7 ■■ Total CFR volumes: 27.3 Mt ■■ Mine closure progressing including ex-pit ore of 41.2 Mt ■■ 1,178 permanent full-time ■■ 24 permanent full-time according to plan and waste of 137.1 Mt employees and 932 full-time employees ■■ Zero fatalities; LTIFR of 0 ■■ 26.8 Mt railed on the Sishen/ contractors ■■ ISO/IEC 17025 accredited ■■ 0.4 Mt final product Kolomela-Saldanha iron ore ■■ R16.1 million invested in social QC laboratory ■■ 0.7 Mt railed domestically export channel (IOEC) and community projects to ArcelorMittal SA ■■ ■■ ISO 14001, ISO 9001 certified, ■■ 63 permanent full-time Unit cash cost: R296/tonne For more information on this ■■ and OHSAS 18001 compliant employees and 25 full-time Stripping ratio: 3.3 operation see page 69 of this ■■ contractors 4,040 permanent full-time report. employees and 1,426 full-time For more information on this ■■ R6.7 million invested in social contractors operation see page 66 of this and community projects ■■ R11.4 million invested in social report. ■■ ISO 14001, ISO 9001, and and community projects OHSAS 18001 certified ■■ ISO 14001, ISO 9001, and OHSAS 18001 certified For more information on this operation see page 68 of this For more information on this report. operation see page 64 of this report. Kumba Iron Ore Limited Integrated Report 2016 3 OUR BUSINESS: CHAIRMAN’S REVIEW CHAIRMAN’S REVIEW ■■ September saw a change in the Company’s executive leadership, with Themba Mkhwanazi (formerly Chief executive of Anglo American’s Coal South Africa business) appointed as Kumba Chief executive, replacing Norman Mbazima who stepped down to focus on his role as Deputy Chairman of Anglo American South Africa. ■■ In October, the Department of Mineral Resources (DMR) granted the residual 21.4% undivided share of the mining right for the Sishen mine to Kumba’s subsidiary, Sishen Iron Ore Company (Pty) Ltd (SIOC), which is now the sole and exclusive holder of the right to mine iron ore and quartzite at the Sishen mine. We appreciate the work of the Department of Mineral Resources in bringing this matter to a successful conclusion. Fani Titi Chairman These various changes were accompanied by further restructuring and a strong efficiency drive across the Company, This has been a particularly turbulent year, not only for Kumba the closure of the Thabazimbi mine and an agreement to transfer and the mining sector generally, but also globally at a geopolitical the mine to ArcelorMittal SA, as well as important progress level and across financial markets. Britain’s decision to leave the towards completing the relocation of the Dingleton community European Union, and the election of Donald Trump as president neighbouring our Sishen operation. All of these developments in the United States, are defining features of what is increasingly have been against the backdrop of uncertain and volatile iron ore becoming the new normal, namely high levels of volatility and prices. Although we saw a material improvement in iron ore prices increasing political and economic uncertainty. Brexit and Trump during the second half of the year, we remain cautious about the are symptomatic of a growing nationalism across most regions, market outlook, with fundamentals suggesting that prices will be reflecting popular disenchantment both with globalisation and subdued over the short and medium term. incumbent political institutions. In South Africa we have seen similar volatility, with persistent concerns around corruption and REPOSITIONING KUMBA FOR A LOW PRICE “state capture”, countrywide student demonstrations on the cost ENVIRONMENT and quality of education, and general political uncertainty in the In my letter to stakeholders last year, I highlighted the importance run up to the ANC National General Conference and leadership of Kumba introducing a refined operating model to significantly election in 2017. reset the Company’s cost base, and reviewed the Company’s progress in closing its operations at Thabazimbi, restructuring the It has also been a year of change for Kumba. Coming off the back Sishen pit to a lower cost shell, and increasing production at the of the recent dramatic downturn in the iron ore price, there have successful Kolomela operation. All of these initiatives have been been several significant developments this year, each of which implemented with the aim of repositioning Kumba on the global has important implications for the Company’s activities: cost curve. ■■ In February, Kumba commenced with the Sishen retrenchment process as part of a significant reconfiguration of the Sishen pit, regrettably culminating in a 32.5% reduction in headcount at the mine.
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