Thursday , February 25 2021

Eskom tariff increases to bomb gold, platinum industry, alert Minerals Council

The SA gold industry will be destroyed if Eskom receives the green light for annual increases of 15% over the next three years, says the Council of Minerals SA.

As the world's largest gold source, SA would be reduced to a gold mine of the 21 listed companies, with output dropping to just 20 tonnes per year from 140 tonnes in 2018, board executives said on Wednesday. The council refused to name the mine.

Three quarters of SA's platinum mines – the largest metal source in the world – would be marginalized or unprofitable – up from the current 52%.

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