SA Diversified Miners | Earnings update
In this note we update our earnings for the diversified miners following the close of 2017. Miners enjoyed a robust 2017 as resources prices rallied and held above our expectations. This was driven by improved synchronised global growth and supply side reforms in China. On a total return basis, the diversified miners (+ c.36%) outperformed the JSE All Share (+ c.21%). KIO was the standout performer with a total return of c.159% (highest on the JSE), while BHP lagged the All Share index.
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