South Africa’s overall mining profits slipped by more than $5 billion in the last financial year.
FILE - A closed-down goldmine shaft is shown on May 18, 2016 in Welkom, South Africa. South Africa's overall mining profits slipped by more than $5 billion in the last financial year, while the country that was once the world's largest gold producer might have less than 30 years of a viable gold industry left without renewed investment, according to a report by big four auditing firm PwC on Tuesday, Oct. 3, 2023.
It didn't mention whether environmental concerns played a role in lost investment as customers, governments and activists worldwide call for greater action to combat climate change. Mining operations account for some 4% to 7% of global greenhouse gas emissions,The stark predictions for South Africa's gold and iron ore industries — and to a lesser extent its platinum and coal — are extreme worst-case scenarios but highlight the need for miners to recommit.
"There’s a clear shortage of energy metals with committed mine production nowhere near projected demand," the report said. “This presents several opportunities for South Africa which could reshape industries, diversify the economy and drive future prosperity." South Africa was the world’s top gold producer until the mid-2000s and is now ranked No. 8. The output from South Africa’s 130-year-old gold mining industry has been slumping for more than 20 years.
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