SA’s mining sector’s financial performance exceeds expectations
Mining contributed about 6.7% to the country’s GDP last year and 7.6% this year, adding R803.3 billion and R985.3 billion to the GDP in the two yearsAccording to PwC’s annual mining report released this week, mining contributed about 6.7% to the country’s GDP last year and 7.6% this year, adding R803.3 billion and R985.3 billion to the GDP in the two years, respectively.
“The PGM and iron ore sectors profited from higher PGM basket and iron ore prices, which resulted in average increases of 71% and 48%, respectively. In addition, the weaker rand resulted in a strong year for these sectors,” he said.SA's economic freedom slumps, exacerbates unemployment crisis Rossouw said during March and April this year, the PGM prices exceeded pre-pandemic levels due to increased demand and production of industrial raw materials.
He added that increasing mining production would bring added benefits, including increasing the industry’s economic contribution. Maluleke said the current period saw mining sector production increase by 6% year-on-year, adding that although the overall production for the year to June was still marginally below 2019, monthly production levels over the last 6 months were above the 2019 levels.
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