One of the JSE’s Cinderellas for many years, Kumba Iron Ore, transformed into 2016’s best performing constituent of the all share index. It started on a bleak note for Kumba in 2016 as it issued nearly 4,000 workers at its Sishen operation with Section 189 letters. A year ago, it looked inevitable that parent group Anglo American would dispose of its South African iron ore operations whose share price had been in free fall for three years. Over 2015, Kumba’s share price crashed 83%. That followed a 46% decline over 2014 and 22% drop in 2013. In 2016, Kumba finally rebounded with a 286% share price appreciation. The JSE all share index’s second best performing constituent in 2016 was another iron ore miner, Assore, which gained 282%. Assore similarly rebounded after three dismal years. Its share price declined 59% in 2015, 56% in 2014 and 16% in 2013. Both have to some extent tracked the iron ore price, which in dollars appreciated 28% in 2016 after falling 39% in 2015, 47% in 2014 a...
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