The illicit copper trade particularly impacts Eskom and Transnet and costs the country's economy billion of rand a year.
The financial hits from copper theft disclosed by Eskom and Transnet alone represent a significant economic blow to SAWorkers from Transnet fix a section of a railway in Springs, Ekurhuleni, where a 1km copper cable was stolen. Picture: THULANI MBELE
Transnet Freight Rail said copper thefts had climbed 177% over the past five years and had risen particularly sharply during the Covid-19 pandemic. The financial hits disclosed by Eskom and Transnet alone represent a significant economic blow to SA, where frequent rolling power cuts have stifled growth and dampened investor confidence.
Three of the sources said smugglers typically sent scrap to Asian markets, often using export codes for shoes or textiles to avoid detection. The PPS, introduced in 2013, forced scrap exporters to offer local manufacturers material at a discounted rate. The CDAA’s membership has almost halved in the last four years and thousands of jobs have been lost due to manufacturers not being able to access the scrap they need as a basic material for manufacturing.The government added an export levy onto the PPS in August to encourage more high quality scrap to stay in the country.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Illicit copper trade compounds SA’s economic woesThe illicit copper trade particularly impacts Eskom and Transnet and costs the country's economy billion of rand a year.
Read more »
Grit Real Estate buys Kenyan warehousing facilityThe deal comes after several SA firms left some African countries including Kenya, citing weak economic growth and difficulty repatriating money
Read more »
Durban residents bear the brunt of Thursday's hot weather after several power stations explodedThursday's hot and humid weather has compounded Durban's electricity problems
Read more »
Mediclinic bounces back to pre-Covid-19 level revenue in SARevenue in SA has risen more than 9% in SA from prepandemic levels, with the hospital group encouraged by a return of nonelective surgeries 🔒
Read more »
Poor pay, no breaks: ‘New’ SAA staff complain about ‘deplorable’ working conditionsThe National Union of Metalworkers of SA says there are major issues at SAA, prompting a picket protest by its members and the SA Cabin Crew Association.
Read more »
MARK BARNES: Tax-funded infrastructure would make SA eminently investableMARK BARNES: Tax-funded infrastructure would make SA eminently investable mark_barnes56
Read more »