Kumba appoints new CEO, H1 earnings rise 20%

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JOHANNESBURG (Reuters) – Kumba Iron Ore said on Tuesday that Themba Mkhwanazi would take the helm as chief executive from Sept 1, replacing┬áNorman Mbazima, who is stepping down to focus on his role as deputy chairman of Anglo American South Africa.

* Mkhwanazi, a former Rio Tinto manager, has been chief executive officer of Anglo American’s Coal South Africa business since May 2014.

* Kumba’s first-half results came in as expected, with the Anglo American unit posting a 20 percent rise in headline earnings per share to 9.41 rand.

* Kumba had flagged to the market that it expected first-half profit to increase between 14 and 23 percent because of a deferred tax asset in the comparative period.

 

(Reporting by Ed Stoddard; Editing by Joe Brock)

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