Copy of getty-images-00-TrWi6TS0-unsplash_edited.jpg

Case Study
Kumba Iron Ore Ltd

Empowering Anglo American Kumba Iron Ore with financial analysis and corporate finance expertise

Company Overview

Kumba Iron Ore Limited (“Kumba”), a member of the Anglo American plc group, is a leading supplier of high-quality iron ore to the global steel industry. Headquartered in South Africa, Kumba is publicly listed and majority owned by Anglo American - one of the world’s largest diversified mining companies.

Our Partner at Kumba:

Johan Prins, Corporate Development & Strategic Projects, has held senior leadership roles at Kumba including interim CFO. He now oversees financial and commercial support for long-term strategic projects, business development, and the company’s energy transition programme.

TriFidus has worked with Kumba for almost two years, supporting major strategic initiatives in financial modelling, corporate finance, and financial planning & analysis.

Project 1: Capital Structure Optimisation

The Challenge

Kumba’s capital allocation strategy was challenged by exposure to a single global commodity price (iron ore) and fluctuating exchange rates. The company needed to reassess its capital structure and evaluate resilience under different market conditions.

Our Approach

TriFidus was engaged to design a capital structure and allocation model that:

Modelled foreign currency exposures and commodity price risk.
Tested multiple scenarios to demonstrate resilience during downturns.
Evaluated optimal funding scenarios from a debt and equity perspective.

The Outcome

TriFidus built a comprehensive model that remains in use more than two years later. The work provided:

A structured approach to capital allocation.
Board-level confidence in resilience and funding proposals.
Enduring value, with the model integrated into ongoing decision-making.

“TriFidus led the modelling, which enabled us to deal with the complexity. They understood the business quickly, interrogated details with accuracy, and translated outputs into board-ready insights.”

Johan Prins, Corporate Development & Strategic Projects

Project 2: Renewable Energy Transition

The Challenge

South Africa’s energy crisis was constraining operations, while Kumba also faced pressure to align with Anglo American’s decarbonisation and renewable energy strategy. The company required corporate finance support to assess and structure participation in a group-wide renewable energy project.

Our Approach

TriFidus provided corporate finance and modelling expertise to:

Evaluate commercial solutions that balanced sustainability and shareholder interests.
Assess the financial model underpinning the renewable energy agreement.
Engage stakeholders across Kumba and external parties to ensure robust governance.

The Outcome

The project delivered significant cost savings and positioned renewable energy as a core element of Kumba’s long-term business strategy. TriFidus’s role ensured:

Risks and opportunities were fully understood.
The financial model provided decision-ready outputs.
Board and management confidence in execution.

“TriFidus has the whole package. Their ability to combine corporate finance knowledge, modelling expertise, and stakeholder engagement is invaluable.”

Johan Prins, Corporate Development & Strategic Projects