PwC’s annual report on the South African mining industry said global drops in some commodity prices following the COVID-19 pandemic contributed to the reduced profits.
But so did South Africa’s local challenges of currency fluctuations, high inflation, power blackouts and logistical problems in exporting minerals because of deteriorating road, rail and port infrastructure.
South Africa has an opportunity to benefit from that demand, which also would need millions of dollars in investment, the report said.
“This presents several opportunities for South Africa which could reshape industries, diversify the economy and drive future prosperity."
The output from South Africa’s 130-year-old gold mining industry has been slumping for more than 20 years.
Persons:
Andries Rossouw, PwC, Rossouw
Organizations:
McKinsey & Company, ” Mining, South African Revenue Service, AP
Locations:
CAPE, South Africa, Ghana, South America, Africa, African, africa