Capital expenditure in mining has historically focused on sustaining existing operations rather than expansion, but this appears to be changing. Moneyweb mining
SA’s mining sector is in rude health with commodity prices soaring, gearing levels falling 13% over the last year, and Ebitda margins holding steady at 40%, well above the long-term average of 27%. The PwC SA Mine Report 2022, based on a survey of nearly 30 of the largest mining companies, shows a 36% overall jump in capex over the last year to R72 billion, a level last seen in 2013.
Mining output dropped 11% in 2020 when hard lockdowns were announced, but increased 12% the following year when restrictions were relaxed. Mine output volumes were back to pre-pandemic levels by mid-2021, but fell 7% in the first half of 2022 due to labour strikes, high rainfall and supply chain bottlenecks. The recovery in mining output had a material impact on the country’s broader economic rebound, with minerals accounting for more than half of SA’s export revenues in 2021.
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