In 2003, the market cap of the Top 40 mining companies was less than $400bn. Last year it was more than $1.2trn. Moneyweb Stocks
SA’s mining sector is barely recognisable from what it was 20 years ago. Back in the early 2000s, gold and platinum were the dominant metals, with coal and iron ore nipping at their heels. No one knew much or anything about ESG standards, de-carbonisation or sustainability. Eskom was a reliable and cheap energy supplier, and there was no need for solar panels. Read: Is SA’s mining sector investible? Fast-forward to 2023, and all that has changed.
The continued rise of ESG investor demands in the mining sector There is little sign that coal is going to disappear anytime soon from SA’s mining matrix. The Ukraine conflict, and the Covid disruptions to the global energy supply before that, ensured coal was the most significant contributor to the Top 40 revenue in 2022. The last time this happened was in 2013. Despite this, coal is clearly in long-term decline as the world goes through its faltering energy transition.
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