The twin tailwinds of rallying iron-ore prices and gold’s haven appeal have driven South African mining stocks to an almost 11-year high. Johannesburg’s FTSE/JSE Africa Mining Index gained as much as 2% Thursday to the highest since July 2008. Anglo American, BHP Group and AngloGold Ashanti have contributed most to this year’s 28% advance for the sector. The rand’s 3.4% decline against the dollar in the past month has also boosted the outlook for local miners.
