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 new...
CAPE TOWN, 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 new report by big four auditing firm PwC.
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, according to global consulting firm McKinsey & Company.
South Africa has an opportunity to benefit from that demand, which also would need millions of dollars in investment, the report said. “Considering these challenges and investors having investment options other than South Africa, an important question arises: How many years ... of mining can South Africa expect to have for certain key commodities; gold, coal, iron ore and platinum group metals?” the report said.
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