SummaryCompanies Anglo iron ore unit's profit falls 17%Weaker prices, rail woes impact earningsJuly 25 (Reuters) - Anglo American's (AAL.L) South African iron ore unit said collaboration between private investors and government could help resolve mounting rail bottlenecks which are forcing it to stockpile more iron ore at its mines. Kumba has "seen an increase in terms of the challenges" on the iron ore line, Zikalala said on a conference call. The iron ore line also moves manganese and other minerals to South Africa's ports on the western coast. "Given complex and deep-rooted issues with South Africa's rail network, we think that a more permanent solution could be unfruitful for some time yet," the BofA analysts said. Still, Kumba's premium iron ore realized a price 4% above the benchmark price.

Source: The North Africa Journal July 25, 2023 16:31 UTC