Assore is a mining holding company

engaged principally in ventures involving base
minerals and metals.

The group’s principal investments consist of its 50% interest in Assmang, which it controls jointly with African Rainbow Minerals Limited (ARM) and its 100% interest in Dwarsrivier. The group, through its various joint venture entities and subsidiary companies, is involved in the mining of iron, manganese and chrome ores together with other industrial minerals and the production of manganese alloys. The group is also responsible for marketing all products produced by the Assore and Assmang groups, the bulk of which is exported and the remainder either used in the group’s beneficiation processes or sold locally.

The company was incorporated in 1950 and its shares are listed on the JSE Securities Exchange (JSE) under “Assore” in the general mining sector.

26,07% of the company’s shares are controlled by two broad-based black economic empowerment community trusts: the Boleng Trust (14,28%), and the Fricker Road Trust (11,79%). The Minerals and Petroleum Resources Development Act required that by 1 May 2014, 26% of mining companies’ shares are controlled by historically disadvantaged South Africans.

Group at a glance


Iron ore
  • Type of operation Mining, crushing and concentrating of ore

Iron ore is mined in the Northern Cape province in open-cast operations at the Khumani Iron Ore Mine which is located near Kathu in the Northern Cape and at the Beeshoek Iron Ore Mine which is located outside Postmasburg. The ore produced is sold both on the export market and locally.

R16 399, 0 million
(2016: R12 533,0 million)
R4 372,6 million
(2016: R2 440, 2million)


Group at glance

02best customer


04digital organisation
and culture

05our brand
and reputation

04digital organisation
and culture

Location of markets

Chairman's statement

  • Market recovery for all products
  • Record sales volumes of iron and chrome ores
  • Record earnings levels, exceeding R5 billion
  • Dwarsrivier generated cash in excess of R1 billion
  • Full year dividend at record level, R14 per share

Markets for the group's products for the past financial year were much stronger than initially anticipated due to improved levels of world economic growth. This led to increased demand for crude and stainless steel, which had a positive effect on demand and prices for steel-making commodities. Average prices for iron ore were 37% higher than during the previous financial year, while prices for manganese and chrome ores were approximately double those of 2016.

Operational review and commentary

The financial results of the Assore group are largely dependent on the level of global economic growth, as the majority of commodities produced are used in the production of crude and stainless steels, the consumption of which is intimately related to global capital spend.