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Good results for Kumba's new boss

By unknown | Jul 25, 2008 | COMMENTS [ 0 ]

Robert Laing

Robert Laing

Kumba Iron Ore's new chief executive officer Chris Griffith extends an Anglo American pattern under Cynthia Carroll of putting heads on bodies outside their sphere of expertise.

Anglo has replaced former Kumba head Ras Myburgh, who has been seconded to Eskom for two years, with an Anglo Platinum veteran, much like it picked gold mining veterans Ian Cockerill to head coal and Neville Nicolau to head platinum.

Iron ore and platinum don't seem to have much in common, aside from rocketing prices over the past few years.

Griffith said: "It's totally refreshing because iron ore is a whole new field for me."

Just three weeks into his new job, Griffith presented Kumba's first half results yesterday.

It looks like Myburgh has left with a hard act to follow. Revenue is up 67percent to R9billion and operating profit up 78percent to R5,8billion.

Kumba sells about a third of its iron ore to ArcelorMittal at a contracted rate of cost plus three percent.

The other two-thirds it exports to Asia and Europe with the price negotiated annually.


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