Last year’s broad smile had left the face of Kumba Iron Ore CEO Norman Mbazima when this picture was taken at last week’s presentation of results, which saw the Anglo American group company’s earnings plunge, dividends jettisoned and 1 772 jobs put on the chopping block. Only two years ago, Kumba was riding the crest of a $135/t iron-ore price wave; now it is staring down the barrel of a $45/t breakeven price.