WhatsApp)
Today, the mining industry remains one of the biggest contributors to the countrys economy with an estimated worth of trillion (US trillion). It is the worlds fifth largest mining sector in terms of gross domestic product (GDP), contributing eight percent to South Africas GDP.
We take a look at a few highlights/low lights of South Africa''s mining industry as published by Statistics South Africa Exactly a week after delegates closed the 26 th Investing in African Mining Indaba, Stats SA released data on the performance of the mining industry in 2019. The level of production was 1,3% lower in 2019 than 2018, which in turn was 2,1% lower than 2017.
South Africas mining industry contracted by % in 2019, a trend that has been in place for more than a decade, the Minerals Council said on Monday 3 February.
#0183;#32;South Africas miners, gold and platinum in particular, are facing a toxic combination of weak metal prices, intensifying labour disputes and the increasing cost of everdeeper exploration.
#0183;#32;[56] South African Human Rights Commission, National Hearing on the Underlying Socioeconomic Challenges of Miningaffected Communities in South Africa, p. 68 70, https://
The mining industry plays a critical role within the South African economy. In 2013, the mining industry contributed % to the South African Gross Domestic Product (GDP) (Statssa, 2014). The mining sector employed % of the total workforce in South Africa (Statssa, 2014). The GDP and
Pravin Gordhan, South Africas Public Enterprises Minister, publicly threatened the coal mining industry of South Africa with what he calls serious conversations about the cost of coal. As Eskoms shocking yearend results were released, Gordhan was clearly distressed with the 17% increase in the cost of Eskoms primary energy, of which coal increased by over 14% per unit.
Economic activity in modernday South Africa has been centred on mining activities, their ancillary services and supplies. The countrys stock exchange in Johannesburg was established in 1887, a decade after the first diamonds were discovered on the banks of the Orange River, and almost simultaneously with the gold rush on the worldfamous Witwatersrand.
#0183;#32;South Africas mining sector and the cost of crime November 12, 2019 237 With illegal mining now costing the South African economy around R21 billion a year, according to the Institute of Security Studies (ISS), mine owners are under mounting pressure to tighten up security.
Mining in South Africa began with chance discovery of a diamond on the banks of the Orange River in 1867. By the 1880s, the mines around Kimberley produced around 95% of the world diamonds. In 1886, on the farm of Langlaagte, the rapidly growing diamond industry was eclipsed by the discovery of gold.
South Africas miners, gold and platinum in particular, are facing a toxic combination of weak metal prices, intensifying labour disputes and the increasing cost of everdeeper exploration.
According to their latest analysis, the allin sustaining cost of mining increased by 58 per ounce last year, and has maintained its high levels since. As a result, the allin sustaining costs for South Africa stand at 1,184 per ounce, as compared to 884 per ounce in the rest of the world.
Mining Cost Service is the industry standard reference for Mining Cost Estimation. This system places cost estimating data at your fingertips with conveniently indexed information to make your cost estimates faster, easier, and more credible. Monthly updates assure that you are working with the most current cost
South Africa (along with the USA) is out of step with other major mining countries, where public ownership of mineral rights has led to successful exploration and mining industries. Private ownership of mineral rights suppresses exploration activity as well as the opportunity for alternative views to be taken of the economics of mining an unexploited ore body.
South Africa is a world leader in mining. The country is famous for its abundance of mineral resources, accounting for a significant proportion of world production and reserves, and South African mining companies are key players in the global industry.
Ian Liddle discusses why the challenges in South African mining provide an interesting case study of the ''sunk cost fallacy'', a behavioural bias that sees us honouring sunk costs that are irrelevant to decisions which should be based on future costs and benefits.
WhatsApp)